PALM BEACH GARDENS, Fla., Feb. 3, 2011 /PRNewswire/ -- Old Palm Holdings, LP, the owner of Old Palm Golf Club announces the closing and groundbreaking on two new model homes on half-acre home sites in the Grand Estates section of Old Palm Golf Club. The model groundbreaking is the result of an agreement between Old Palm Golf Club and Martin J. Hasey of Hasey Construction, Inc. for the purchase of 19 homesites within the community. In response to the strong first quarter home sales at Old Palm, Hasey Construction broke ground on the first two model homes immediately after the closing.  

The total value of the initial transaction and 19 home site bundle was just under $9 million, with the possible expansion from 19 to 31 homesites priced at just over $14 million. The custom residences that will be built on these homesites will range in price from $2.5 million to $4 million.

Hasey shared, "Old Palm stands alone in its category. Making the decision to take a significant position in the club's growth was easy.  There simply isn't anything else like it available. To the affluent country club purchaser, Old Palm is the standard. There is no competition."

This agreement is a continuation of Hasey Construction's ongoing relationship with Old Palm Golf Club as Marty Hasey was the first builder to buy a home site in Old Palm Golf Club.  Hasey Construction, which has been in operation for more than 30 years, was founded by Marty Hasey of Pinetree Homes, after Hasey's sons, Patrick and W.J., joined him to continue in the tradition of building first established by Hasey.

The start of construction and sale of a lot bundle in Old Palm Golf Club to Hasey Construction comes after a very successful 2010 which included 38 sales transactions and in the first three weeks of 2011 Old Palm has experienced five sales totaling approximately $16 million within the community.  

About Old Palm Golf Club –

Old Palm Golf Club, located in the heart of Palm Beach Gardens, FL, is a private member equity golf club community of 651 acres with 302 luxury estate residences, a Raymond Floyd Signature golf course featuring a 33-acre golf learning studio and a clubhouse and spa. Old Palm is controlled by Clarion Partners, one of the largest real estate investment managers, through its Clarion Development Ventures Fund III. The community is managed by an experienced team of club operations professionals.  For more information about Old Palm Golf Club, please visit OldPalmGC.com.

About Hasey Construction  -

Hasey Construction is a highly regarded custom home builder with more than 30 years of experience in South Florida.  Managed and operated by Martin J. Hasey, founder of award-winning Pinetree Homes, the firm was established to include Hasey's sons, Patrick and W.J., who bring additional experience to the family tradition of home building first established by Mr. Hasey in 1980.

SOURCE Old Palm Golf Club

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http://www.OldPalmGC.com