The Real Deal Miami

U.S. army buys land in Lake Park for $7M, plans reserve facility

August 05, 2011 04:16PM

The U.S. army has purchased a 13.5-acre parcel of land at Congress Avenue and Silver Beach Road in Lake Park, Palm Beach Country for $7 million, with the intention of developing the site into a U.S. Army Reserve Facility. Work on the development, which will include an office and training facility spanning 63,000 square feet, will begin immediately. The transaction took over three years to consummate, said NAI/Merin Hunter Codman, which represented the army in the deal. The army looked at almost a dozen potential sites. The seller of the parcel was McCraney Property Company, a South Florida real estate development company based in West Palm Beach. — Katherine Clarke