Joseph Chetrit and his partners just made a sizable profit on their year old investment in half of a South Florida golf course.
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Chetrit Properties, owned by New York real estate developer Joseph Chetrit and Hollywood developer Ari Pearl, have sold 121 acres of the total land encompassed by the Bonaventure Country Club golf course in Weston, Florida, for $30 million to the Terra Group. The developers are said to be planning on constructing 125 single family homes.
David Martin, the COO of Terra Weston Residential, a firm created by Terra Group to operate the development, said that while no date has been set to begin construction, his firm expects the development to be completed by the end of 2017. They have also not yet announced the expected price ranges for the new homes.
He did reveal that his firm plans to include a wine cellar and smart home technology that can link all electronic functions, such as lighting, music and television, to a single device. The units will also offer a huge garage that can hold at least three cars. The homes will also have an outdoor playground, cabana and barbecue.
Martin told the Broward Sun Sentinel, “We’re hoping to target families for this development. We want to attract people to buy these homes who are going to live here for a while.”
Chetrit and Pearl first acquired the west half of the golf course after its former owner, Tavor Holdings, owned by Mordechai Boaziz, filed for Chapter 11 bankruptcy protection in 2012. That deal was closed with the approval of bankruptcy judge Laurel Isicoff in December of 2013 for $8.3 million.
Joseph Chetrit, an Orthodox Jew, was born into a wealthy Moroccan Jewish family which had become a success in textile and shipping. He moved to the US when he was an adult and went into real estate development.
Chetrit was the lead investor in a group that purchased the 110-story Sears Tower in Chicago for $840 million in 2004.
Ari Pearl is a partner with the Chetrit Group.