Minto SPW purchases 3,700 acres of agricultural lands in Palm Beach County for residential, commercial, and recreational development
Clients Minto Florida Developments, LLC
Jones Day advised Minto Florida Developments, LLC, through its wholly owned subsidiary Minto SPW, LLC, in connection with its $51 million purchase of more than 3,700 acres of agricultural lands in northern Palm Beach County, with the expectation that the land will ultimately be developed into residential, commercial, and recreational projects. The seller is Callery-Judge Grove, L.P., and the closing occurred just days before the scheduled date of a final foreclosure hearing in respect to the property. The parcel is essentially an island of former citrus groves that is now surrounded by development and is one of the largest remaining contiguous properties in Palm Beach County. The transaction includes new financing from The Prudential Insurance Company of America. Minto is a privately held home builder and community developer with significant operations in Canada and Florida.