As winter departs, loyal St. Louis Cardinals fans begin annual treks to sunny Jupiter, Florida, to watch the team begin spring training at Busch Stadium. Upon their arrival, visitors may notice that this picturesque seaside town has undergone some changes since last season. Jupiter, like many other Palm Beach County communities, has recently seen its fair share of real estate activity. According to some, the town has reached its maximum housing limit, raising the question: Has Jupiter, Florida, reached its “built out” capacity?
Developments in Jupiter, Florida Real Estate
Late last year, it was reported that 82-acres of prime Jupiter vacant property, the “Hawkeye,” went on the market, with an asking price of $38 million. The land sits at the entrance point to the town, is zoned for industrial use, and can accommodate up to one million square feet of office space. Although the Hawkeye remains on the market, it’s anticipated that this rare piece of undeveloped property will have a buyer soon. The reason being is that Jupiter, like the rest of Palm Beach County, is experiencing unprecedented residential and commercial real estate growth. With its rapid expansion and several unconventional buyers competing for premier real estate, Jupiter properties are moving fast.
A recent article reported that, between 2010 and 2018, Jupiter’s population grew quicker than any other city in Palm Beach County. According to some local citizens, the community has already been “built-out,” leaving few residential options. Recently, Jupiter high schools have reportedly had serious overcrowding problems that have resulted in busing issues and strained educational resources.
With its desirable living conditions, top-rated schools, and Florida’s tax-friendly and pro-business climate, Jupiter continues to be a hot real estate market. However, as with any area, there is only so much acreage of land that can be developed. Further, the town’s zoning laws prohibit buildings from being constructed above a certain height. When land is taken, and properties are built, Jupiter may not be capable of expanding, at least for a while. In the future, the city’s population growth may depend more on the redevelopment of existing properties rather than new construction.
Contact the Florida Board Certified Real Estate Attorneys of Rabideau Klein
At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end residential and commercial real estate in Palm Beach County. Guy Rabideau, Esq. and David E. Klein, Esq. are also Florida Board-Certified Real Estate attorneys with the expertise and experience you need to protect your interests during your Palm Beach County luxury real estate matter. Contact Rabideau Klein today to discuss your Palm Beach County real estate legal needs.