Two prominent Lake County land developers, Pulte Homes and Richland Communities, have recently closed significant deals in the rapidly growing Wellness Way corridor. Both transactions involved Sun Terra Communities as a partner.
Pulte Homes made a splash by acquiring the residential portion of the 840-acre Schofield master-planned community for a record-breaking $90 million. This purchase, facilitated by Sun Terra Communities, marks the largest land sale in Lake County history.
The 549-acre Schofield property will be developed into a mixed-use community featuring Del Webb age-restricted living and a traditional all-ages residential neighborhood. Pulte Homes plans to break ground on the project later this year and begin sales in late 2025. The community will offer residents lakefront living, recreational amenities, and a unique lifestyle experience.
GT USA, the previous owner of Schofield, has also closed a deal with Sun Terra Communities. The company will develop a 326,000-square-foot commercial center on the remaining portion of the property. The project is expected to include an anchor tenant and several smaller retail and restaurant businesses.
In addition to the Schofield deals, GT USA has acquired a massive 2,500-acre parcel of land in the Wellness Way corridor. The company plans to develop this property into a mixed-use community, incorporating conservation areas and wildlife habitats.
Richland Communities has also expanded its presence in the area by purchasing 110 acres of land in the Hillcrest PUD. This acquisition will allow Richland to combine the property with its existing holdings to create a larger master-planned community.
The Wellness Way corridor continues to be a hotbed for development activity, attracting major homebuilders and developers. These recent transactions highlight the growing demand for residential and commercial properties in this desirable location.