Compliments of The Palm Beach Post.
The Palm Beach Post released the “priciest real estate deal of the year in Palm Beach county” was to a substantial developer this week. The Kolter Group paid $112 million for a prime tract of land located in Palm Beach Gardens known as Briger Forest.
Briger Forest is a near 700-acre parcel of land located, across the street from Scripps Florida and Max Planck on Donald Ross Road in the Abacoa development and slated to become the biotech research hub of Palm Beach County. This is the largest piece of undeveloped land along Interstate 95 in Palm Beach County.
Kolter Group is a well-known and respected developer. They are a “diversified real estate development and investment firm that has invested in projects with expected values over $10 billion.” Kolter Group is local, and headquartered in Palm Beach County, with a southeast “operational footprint” and established on emerging trends nationwide in real estate. They will be a complementary partner with the community.
According to deeds filed with Palm Beach County on Monday, Kotler Group purchased as much as 603 acres. The Briger Forest property is zoned for 1.2 million square feet of office, 500,000 square feet of retail space, and a hotel with 300 rooms. The tract of land is also zoned for 600 single-family homes, 1,400 multi-family homes, and 700 apartments. The single-family homes would have three, four and five bedrooms, and the three bedroom townhomes. All approvals were issued in 2010 for mixed-use development.