BOYNTON BEACH, Fla. — Lennar Homes' confirmation of its intent to buy the Boynton Beach Mall reflects a growing trend in which declining retail space is seen as an opportunity for housing developments.
In a statement, Lennar Homes says, “Lennar expects to complete the purchase of the Boynton Beach Mall site early next year with plans to develop a vibrant mixed-use community that helps alleviate Palm Beach County’s severe housing shortage.
Watch report from Matt Sczesny:
Although planning is in the early stages and we look forward to stakeholder feedback, our vision is to take advantage of this unique opportunity with a mix of single-family attached housing opportunities, complemented by retail, commercial, open space and civic uses that will create a walkable, connected environment.”
“In South Florida, we’re developed, there’s a need for housing and when we start looking for opportunities to do it, retail centers are an obvious choice to do that," says Eric Dumbaugh, at FAU's School of Urban and Regional Planning.
In Vero Beach the Indian River Mall is being transformed into a mix use development.
And in Palm Beach County, the unoccupied Nordstrom building at Wellington Mall is being viewed as a possible site for an apartment complex.
As for the Boynton Beach Mall site, Dumbaugh says the location seems ideal.
“I don’t know what affordable means in the South Florida market anymore but it's going to be a lot more affordable than what they expect to pay in a place like Delray or in Boca," Dumbaugh says.