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Kenco Buys Farm Land for Potential Shelter Project

WEST PALM BEACH, FL-Kenco Communities at the Ranch paid $5.16 million or $1.81 per sf for a 62.5-acre tract in southwest Palm Beach County where the developer is considering a residential venture. First Union National Bank is advancing $11.55 million in development funds. The site is 90 miles north of Downtown Miami.

By Alex Finkelstein | Updated on November 24, 2000

WEST PALM BEACH, FL-There is no formal announcement yet but Kenco Communities at the Ranch is getting an $11.55 million construction loan from First Union National Bank for a so-far unidentified project on 62.5 acres at 16343 Frances Dodge Road in southwest Palm Beach County. The potentially residential development site is 90 miles north of Downtown Miami.

County real estate records show Kenco paid John F. Van Lennep Real Properties $5.16 milion or $1.81 per sf for the dirt. The collateral for the bank loan includes adjacent parcels Kenco acquired in 1999. The 62.5-acre tract was part of the seller’s Castletiny Farms, east of State Road 7.

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