Kolter purchases Harbor Point

POSTED ON March 23, 2015 - 5000 North Ocean

The Kolter Group last week paid $15 million for the Harbor Point condominium in Riviera Beach.

Kolter plans to tear down the 37-unit building at 5000 N. Ocean Drive and replace it with luxury condos, said Chip Armstrong, a real estate broker who arranged the deal.

Armstrong represented the seller, Harbor Point Association Inc., a group of more than 20 unit owners. At one point during the housing boom, the association fielded a $35 million offer, but the deal fell through, said Armstrong, of the Keyes Co.

Kolter still must get city approval for any redevelopment, Armstrong said. The developer built One City Plaza and Two City Plaza, both in West Palm Beach, and is working on other projects across South Florida, including the Water Club luxury condo in North Palm Beach.