As equestrians prepare for the highly anticipated Hampton Classic Horse Show during the Labor Day weekend, renowned developer Joe Farrell has recently finalized a deal within the prestigious Palm Beach Polo Golf & Country Club. With an impressive portfolio consisting of over 500 luxury homes for high-profile individuals such as Madonna, Farrell acquired 23 acres within the exclusive club for a whopping $13 million. Speaking about the acquisition, Farrell expressed his enthusiasm for the “private, protected community” and its appeal to discerning residents.
The plan for this prime real estate is to construct 27 exquisite homes, ranging in price from $6 million to $10 million. Construction is scheduled to commence in January, with the properties encompassing between 5,000 and 8,000 square feet on approximately half an acre of land each. Delivery of these magnificent homes is projected for October 2024, according to Farrell.
Situated in Wellington, Florida, Palm Beach Polo Golf & Country Club is renowned as the “equestrian capital of the world,” attracting affluent individuals from the Middle East and South America during the winter months. Esteemed personalities such as Bruce Springsteen’s daughter Jessica and Mike Bloomberg’s daughter Georgina have competed in this prestigious location and have their own properties within the vicinity. Notable figures like Laurene Powell Jobs and Bill Gates also own properties in this sought-after area.
Farrell is no stranger to ambitious projects, as he discloses additional ventures. He reveals plans to develop rental apartments in Stuart, Punta Gorda, and Ft. Pierce, Florida, with monthly rates ranging from $2,200 to $3,000. These apartments are intended to accommodate middle-class individuals who are struggling to find affordable housing in Miami, Ft. Lauderdale, and West Palm Beach due to the current scarcity of available properties. Commenting on the housing shortage, Farrell emphasizes the need for more housing options.
Further expanding his reach, Farrell divulges his upcoming venture of constructing 100 homes in White Plains, NY, next year. This notable developer’s ambition appears boundless, as he also announces his involvement in the creation of a remarkable $19.9 million waterfront spec house in Manalapan, Florida. Situated near the homes of legendary figures like Billy Joel and Tony Robbins, this modern 8,000-square-foot house on 1422 SE Atlantic Drive features a flat roof, a dock, and an impressive roof deck that offers breathtaking views of the water. This sophisticated property replaces a demolished $4.2 million structure on half an acre.
Amidst the pandemic, Farrell observes a surge in demand for properties within the East End, resulting in limited inventory after the lockdown. Consequently, Farrell’s business ventures have expanded beyond the Hamptons, with a focus on states like Florida. In fact, Farrell Companies now boasts an office in West Palm Beach to accommodate its growing presence in the Sunshine State.
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