The land, also known as Bay Pines, is located in the city of Seminole.
Kitson & Partners, a Palm Beach Gardens-based developer, purchased 60 acres of land located in Seminole in an area known as Bay Pines, a release said.
Bay Pines' former owners sought to build 1,119 residential units in the area, but Kitson says it will pursue a more diverse mix of land uses when developing the property.
“It is rare to find property so well suited for a vibrant mix of services — from hotel and retail space to apartments, townhomes and assisted living components,” said Steve Messing, commercial division president at Kitson & Partners.
Kitson is also the developer of Babcock Ranch, a proposed 17,000-acre community in Charlotte County.
Founded in 1992, Kitson & Partners is led by CEO Syd Kitson.