DiVosta Homes buys 260 acres in Jupiter

DiVosta Homes paid $47.99 million for 259.6 acres of vacant land in Jupiter that it likely intends to develop.

Jupiter 19 Park LLC, a Palm Beach Gardens-based company managed byJudith M. Galui, sold the property to DiVosta, a subsidiary of national homebuilder Pulte Homes (NYSE: PHM).

DiVosta is already selling homes in nearby Abacoa.

“This is the last parcel of this size available in the Jupiter area and one of the few remaining in all of northern Palm Beach County,” Richard McCormick, president of parent company PulteGroup’s South Florida division, said in a news release. “The town of Jupiter has a great reputation as one of the premier cities to live, work and play in South Florida and we are excited about this new opportunity.”

The land is located on the north side of Indiantown Road just west of the Florida Turnpike. It can be accessed from Marsala Court. The property last traded for just $6 million in 2011 when it was acquired from WCI Communities.

In 2014, the property was approved by Jupiter for 275 single-family homes, a 14,750-square-foot drugstore, and a 5,000-square-foot restaurant. Pulte said 15 acres will be dedicated for commercial uses.

“The strong demand in the area and very low future inventory, simply adds to the uniqueness of Jupiter as a desirable, prestigious, and convenient place to live,” McCormicksaid. “This site is in close proximity to jobs, entertainment, major transportation corridors, and the beach.”

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Story by: Brian Bandell – Jan 29, 2015, 5:35pm EST
Photo Courtesy: Thinkstock

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