A joint venture between North American Development Group and Brock Development has purchased 28.3 acres of the Alton project for $22.75 million. The grouping also has an option to buy an additional 12.6 acres from the same vendor, Kolter Homes. The purchase was facilitated by a $11 million mortgage from Regions Bank.
Alton is one of the largest remaining development tracts along the Interstate 95 corridor in South Florida. The site has approvals for 2,000 homes, 700 apartments, 300 hotel rooms, 500,000 square feet of retail and 3.8 million square feet of office and biotech, as well as the future expansion of the Scripps Research Institute.
