K
. Hovnanian Homes will develop 100 single-family homes at Brian Tuttle's Royal Palm Beach mixed-use project, known as Tuttle Royale. The Matawan, New Jersey-based homebuilder has a purchase option agreement for the homesites with Essential Housing Asset Management, which recently acquired the land from Tuttle. The development site is within the 200-acre Tuttle Royale project on the southwest corner of Southern Boulevard and U.S. 441.

    K. Hovnanian will build one- and two-story homes ranging from 2,000 to 3,700 square feet. Sales are expected to launch next fall, with prices yet to be determined. The development is part of a larger master-planned community that has faced financial challenges, including a foreclosure suit filed in July.

    Tuttle Royale's master plan includes a 400-unit apartment complex and 700,000 square feet of commercial space. Tuttle has signed a letter of intent with a $4 billion equity partner to build Main Street, which will resolve the foreclosure filing on the Main Street loan. The partner's name will be disclosed next year.

    Tuttle, who has spent two decades assembling and entitling land in Florida, plans to focus on developing the project himself after selling the 100 homesites to K. Hovnanian. He cited the complexity of the project as a reason for the sale, saying he doesn't have time to develop both Main Street and the single-family homes.