Nicholas Mastroianni II has sold part of the Harbourside Place mixed-use complex in Jupiter for $57.6 million. The buyer, Voloridge, is a data science, investment management, and health care technology company headquartered at Harbourside Place. The properties involved in the transaction are located at 110 and 115 Front Street, as well as 100 and 102 North Coastal Way. These were sold by an affiliate of Summit Ventures, which is led by Mastroianni.
As part of the agreement between the two parties, Voloridge secured the right of first offer to purchase a marina that may be developed at 100 and 102 North Coastal Way. Barry Miller leads Voloridge, which plans to construct a new building on its recently acquired land. According to a news release from the company, this expansion could result in the creation of between 100 and 200 new jobs in technology and other sectors.
Voloridge operates both a quantitative investment management division and a data-driven health and wellness technology division.
The property at 110 Front Street covers one acre and includes a 51,600-square-foot building with offices, retail space, restaurants, and parking. The adjacent property at 115 Front Street spans 0.7 acres with a 42,300-square-foot office and retail building. At North Coastal Way, one lot is vacant while another holds a small commercial building.
Harbourside Place was completed in 2014 along the Intracoastal Waterway. In addition to offices, retail outlets, and restaurants, it also features a hotel. A portion of the project’s financing came from approximately $99.5 million raised from 199 EB-5 investors. This financing arrangement led to litigation that has since been settled; some investors alleged that Mastroianni and others had no intention of repaying their construction loan as promised and intentionally fell short of raising $100 million by one investor.
Mastroianni also heads U.S. Immigration Fund, an EB-5 regional center based in Jupiter. The EB-5 program allows foreign investors to obtain green cards for themselves and their children if they invest at least $800,000—a threshold that has increased from $500,000 previously.
The expansion plans by Voloridge occur amid broader business growth trends in Palm Beach County. Much recent activity has centered on West Palm Beach due to significant investments by billionaire Steve Ross through his firm Related Ross. Ross has worked with contacts from New York to fill office space in new towers he is developing locally; most interest so far has come from financial service companies but there is also an effort underway to develop Palm Beach County into a technology hub.
In September, ServiceNow—a Fortune 500 cloud computing company—pre-leased nearly 212,000 square feet at Related Ross’ under-construction tower called 10 CityPlace in downtown West Palm Beach.
