Kolter drops $22M for Delray Beach dev site, amid its South Florida resi construction spree

Kolter Group scooped up an asphalt paving business’s headquarters in Delray Beach for $21.9 million as a potential development site. 

Delray Beach-based Kolter bought the 12.3-acre site at 2101 South Congress Avenue from George T. Elmore, trustee of the George T. Elmore Trust, according to records and real estate database Vizzda. The buyer took out $18 million in seller financing.

The property consists of five buildings completed from 1969 to 1997, spanning a combined 37,300 square feet, records show. It is zoned industrial. 

Led by CEO Bobby Julien, Kolter is a condo, apartment and hotel development firm that also invests in land and provides mortgages, according to its website. A company representative declined to provide details on Kolter’s planned project on the Delray Beach site. 

Across South Florida, Kolter has been a hefty investor in residential development sites. In Palm Beach Gardens, Kolter dropped $73.6 million in January for 491 homesites on the northwest corner of the master-planned Avenir community. That came on the heels of Kolter’s $18.1 million purchase of 144 single-family home lots at Avenir last year. 

Delray Beach has caught residential developers’ eyes. Spear Group launched sales in May of 15 planned luxury single-family homes at 6671 Morikami Park Road. Prices range from $2.3 million to $2.8 million.