The Real Deal Miami

Jupiter development sells for discount

January 19, 2012 11:15AM

The site of a halted development in Jupiter has been sold for $2.7 million, a 72 percent discount from the price of its mortgage, the South Florida Business Journal reported. PNC Bank sold the site, which is located at 160 Mangrove Bay in Jupiter to Mangrove Bay Housing. The original developer, New Wave, paid $12 million for the site five years ago. [SFBJ]