Kolter Homes began construction of a residential project that eventually could put 1,300 homes and townhomes across the street from the Scripps Research Institute in northern Palm Beach County.
Kolter plans to build as many as 1,300 homes and townhomes over the next eight years on a 270-acre site near Interstate 95 and Donald Ross Road. Prices initially will range from $400,000 to more than a $1 million at the development, called Alton.
The company expect to finish building 10 models and the first 37 single-family homes and townhomes by November. The remainder of the 330-unit first phase will be done by mid-2016, said Richard Covell, president of Kolter Homes. In the second phase of the Alton development, Kolter plans to build 385 single-family homes and sell them for $1 million each or more.
Anthony Trella, a home construction consultant in Deerfield Beach, said Kolter’s Alton development appears promising due to pent-up demand for new homes in northern Palm Beach County: “It’s very strong location, and there’s a lot of low-hanging fruit in that market. I think they should do very well as long as they stay reasonable with the price ranges.”
The 270-acre site of Alton was part of a larger tract of land that Kolter bought almost two years ago. In late 2013, Kolter bought over 600 acres known as the Birger property for $127.5 million and subsequently sold parcels of the land to other entities for such commercial developments as shops, offices and a hotel.
A sister division of Kolter Homes, which is part of Kolter Group, is building the Water Club, a luxury condo with 166 units in North Palm Beach. Presales have reached $129 million, and Kolter plans to build 30 more units in a third tower that would open by 2019.
Kolter projects in Boca Raton include Hyatt Place Boca Raton, a 13-story hotel under construction at 120 East Palmetto Park Road, and Ravella Townhomes, a 75-unit development at Military Trail and Spanish River Drive. [Sun-Sentinel] – Mike Seemuth