The Real Deal Miami

Pricey land grabs point to a healthy Palm Beach County market

Kolter Group, Minto Communities and Landstar Development among top buyers in 2013

February 18, 2014 02:00PM

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From left: proposed development for Vavrus ranch and the Briger tract

From left: Rendering of proposed development for Vavrus Ranch and the Briger tract

Palm Beach County has had several expensive land deals lately, a sign of strength in its real estate market.

Development firm Kolter Group completed with the most expensive property acquisition of 2013, a $112 million Briger tract purchase of 600 acres across the highway from Florida Atlantic University’s Jupiter campus in Palm Beach Gardens. The vacant property south of Donald Ross Road could be developed for residential and commercial tenants, including biotech firms, according to the Palm Beach Post.

Other big buys include the $51 million Minto Communities doled out in September for Callery-Judge Grove, a 3,800-acre parcel where the firm plans to build 6,500 homes, and the $30 million Landstar Development Group plunked down for the 4,753-acre Vavrus Ranch.

South Florida itself has come a long way from the Great Recession, boasting a number of record deals for high-end homes and condominiums in 2013, as The Real Deal previously reported. [Palm Beach Post] — Angela Hunt

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