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Kolter Group has purchased another piece of the Avenir master development in Palm Beach Gardens, Fla., for $73.6 million, property records show.
Called Lot 16, the 149-acre site sits along Northlake Boulevard at the northwest end of the 4,763-acre Avenir development, which is zoned to allow nearly 2,700 single-family homes and 1,000 age-restricted homes, plus 2 million square feet of offices as well as a retail center.
Documents filed in Palm Beach County suggest Kolter will build up to 491 residential units, likely single-family homes for those 55 and older, in addition to a tract center and club.
The seller, master developer Landstar Development Group, retains the right to approve any changes to the development plans. For each home sold, the Coral Gables-based developer will also receive a $16,620 cut.
Representatives for Kolter and Landstar did not immediately respond to requests for comment.
It’s the second purchase for Kolter at the Avenir development. In April, the Delray Beach-based developer purchased Lot 20, a 140-acre site, for $18.1 million, according to property records.
Avenir is one of many developers active in the area. In 2021, Centaur Group purchased 392 acres for $60 million with plans to build 218 luxury single-family homes and a golf course designed by sport legend Jack Nicklaus. The course opened in November.
Other homebuilders that bought into the project include Toll Brothers, GL Homes and Kenco Communities.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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