Nicholas Mastroianni II cashed out of a portion of the waterfront Harbourside Place mixed-use complex in Jupiter for $57.6 million.
Voloridge, a data science, investment management and health care tech firm that’s headquartered at Harbourside Place, bought the properties at 110 and 115 Front Street, and 100 and 102 North Coastal Way, from an affiliate of Tequesta-based Summit Ventures, led by Mastroianni, according to records. Under an agreement between the seller and the buyer, Voloridge has the right of first offer to purchase a marina that may be built at 100 and 102 North Coastal Way.
Led by Barry Miller, Voloridge plans to develop a new building on part of its holdings, hinting at company expansion plans, including 100 to 200 new tech and other jobs, according to the firm’s news release on the purchase.
Voloridge consists of a quantitative investment management division, and a data-driven health and wellness tech division, according to the release.
The 1-acre 110 Front Street lot consists of a 51,600-square-foot building with offices, retail, restaurants and a garage. The 0.7-acre 115 Front Street property has a 42,300-square-foot office and retail building, property records show. The 100 North Coastal Way property is a 0.7-acre vacant lot, and the 0.5-acre lot at 102 North Coastal Way lot has a small commercial building.
Harbourside Place, which fronts the Intracoastal Waterway, was completed in 2014. Aside from offices, retail and restaurants, it also has a hotel. Part of the project was financed with about $99.5 million from 199 EB-5 investors, which led to now-settled litigation filed by some of the investors.
In a 2020 lawsuit, the investors claimed Mastroianni and others involved in the Harbourside Place development raised the EB-5 money for a construction loan that would be repaid but “had no intention of keeping their promise to repay.” They also claimed he purposefully was one investor short of the $100 million raise. Mastroianni and Harbourside Place denied the allegations, countersued the investors and the lawsuits later settled.
Mastroianni also leads U.S. Immigration Fund, an EB-5 regional center in Jupiter.
The EB-5 program gives foreign investors a path to green cards for them and their children in exchange for at least $800,000 in investment, which is higher than the previous EB-5 threshold of $500,000.
Voloridge’s planned expansion comes as Palm Beach County is becoming an epicenter for company relocations and growth, though much of it has focused on West Palm Beach due to billionaire Steve Ross’ hefty investment and development activity in the city.
Ross, through his West Palm-based Related Ross, has tapped his New York network to help lease up his new office towers. While most activity has been by financial service firms, Ross has pressed on lately with a vision for turning Palm Beach County into a tech hub.
In September, Fortune 500 cloud computing firm ServiceNow pre-leased 211,900 square feet at Related Ross’ 10 CityPlace that’s under construction in downtown West Palm.
Read more
More EB-5 investors allege fraud at Jupiter development
Chinese investors sue Nick Mastroianni over alleged EB-5 fraud
Steve Ross’ West Palm buildings dominate 2025 South Florida office leasing
