The Kolter Group and Perko Development
Partners closed on the majority of condos at a Tequesta
building where they plan to develop a taller project.
Delray Beach-based Kolter and Jupiter-based Perko acquired
11 of 12 units at Beach Sound, at 19930 Beach Sound Road,
according to property records and information from the real
estate database Vizzda. The developers paid $25 million for
the units, or about $2.3 million per condo.
One remaining unit, owned by Edward and Karen Rado, is tied
up in litigation. The Rados sued the condo association and
the developers a year ago over the proposed buyout and
termination of the association. The total expected purchase,
including the Rados’ unit, is $27.3 million, according to
Vizzda.
The four-story building went up on a 1.5-acre property in
1984. The developers plan to knock the building down and
construct an eight-story, 12-unit condo project.
The plan also drew a legal challenge from neighbors.
Earlier this year, the adjacent Claridge Jupiter Island
Condominium Association filed a petition for writ of
certiorari against the developers and Palm Beach County over
the proposed project. The suit, filed Aug. 22, alleges the
county improperly approved a waiver requested for the
project, and seeks to nullify the decision.
Neighbors who oppose Kolter and Perko’s project refer to it
as “the Beast of Beach Sound” and claim it would “cast
shadows on the Claridge pool, spa, fountains, sunbathing
areas,” and lists the Claridge, Carlyle, Ocean Sound,
Passages, Landfall and Sea Watch as opposed to the
development.
Perko, led by Phil Perko, and Kolter, led by CEO Robert
Julien, are working on another planned condo project. This
summer, the partners paid $37.6 million to complete a condo
buyout in West Palm Beach, where they’re planning Flagler
House, a waterfront 18-story, 39-unit condo tower.
Condo buyouts can often take years, and they are notoriously
tricky to complete. But in the wake of the deadly Surfside
condo collapse and condo safety legislation requiring
significant investment in aging buildings, some condo
associations have opted to hire brokers to market their
buildings for sale to a developer or bulk buyer.