The Real Deal Miami

Kolter pays $112M for vacant PB County site

Land approved for biotech, retail, office construction
December 27, 2013 12:00PM

Scripps Research Institute

Scripps Florida campus

Developer Kolter Group waited until the end of 2013 to complete the year’s most expensive property acquisition in Palm Beach County.

Kolter paid $112 million in three transactions for more than 600 vacant acres along I-95 in Palm Beach Gardens, the Palm Beach Post reported. The company is proposing residential construction on a portion of the Briger property south of Donald Ross Road. The site also has zoning for retail, offices and biotech space.

Lester Family Investments was the seller.

The land acquired by Kolter is located across the street from Florida Atlantic University’s Jupiter campus, Scripps Florida and Max Planck Florida. The area is considered vital for the region’s biotech industry. [Palm Beach Post]Eric Kalis