Ken Stiles and The Westerra development site in Sunrise (Credit: Stiles Corp.)

Stiles Corp. sold 29 acres in Sunrise for $34 million where it had planned to build a mixed-use project with more than 750 residential units.

Sunrise-based GL Homes bought the vacant land off West Sunrise Boulevard for $1.1 million per acre, records show. Sawgrass Tech Land Associates, which is tied to Stiles Corp., sold the property.

GL Homes secured a $13.6 million loan from City National Bank of Florida to finance the acquisition, records show.

Stiles had paid $15.6 million for the property in 2005, records show.

Fort Lauderdale-based Stiles planned to build 750 residential units, 750,000 square feet of office space, and 50,000 square feet of commercial space on the property as part of a project known as Westerra. Stiles also planned 1.6 acres of park and open space at the development.

Stiles Corp. and GL Homes did not immediately respond to a request for a comment.

GL Homes focuses on building homes across the east and west coasts of Florida. It has three communities in Boca Raton, including Berkeley Collection, a 57-home community with prices starting in the $850,000’s, according to its website.

Sunrise is home to Sawgrass Mills, which is owned by Simon Property Group and is one of the most valuable malls in the country owned by real estate investment trusts. According to a report last year, the mall brings in $1,149 per square foot and is worth $4.1 billion.

The west Broward city is also home to American Express’ regional headquarters. Nearby, Joseph Kavana’s Metropica Development LLC is building the $1.5 billion Metropica project. It will include a hotel, 2,250 residences, 485,000 square feet of retail space and 650,000 square feet of office space.

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