search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountVornado, Rudin reveal plan for larger 350 Park Avenue projectVornado, Rudin reveal plan for larger 350 Park Avenue projectSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debt
South Florida

Developer wants more than double approved units at former 1515 Tower site

Implosion of the old 1515 Tower
Implosion of the old 1515 Tower

Terrace Mountain Investors III LLC has new plans for the West Palm Beach site that formerly housed the 1515 Tower condo.

The old 30-story tower was heavily damaged during the 2004 hurricane season and demolished in 2010. At the time, Trinity Development intended to build The Modern, a luxury condo that was opposed by area residents because it had three times the mass of the 1515 Tower. In 2011, Trinity sold the property to Frank Trabold’s Texas-based Terrace Mountain for $5.5 million.

Sign Up for the undefined Newsletter

Now, Terrace Mountain reportedly wants to build 187 apartment units on the Flagler Drive site instead of the approved 84.The developer also wants to change the building’s design because it now owns more of the surrounding property, according to the Palm Beach Post. The old name of The Modern would be jettisoned in favor of the new Fifteen 15 South Flagler.

But according to city spokesman Elliot Cohen, the developers were informed by a committee that the increased density is not permitted and that they can either redo their plans or seek a new waiver. Trabold didn’t respond to the Post’s request for comment. [Palm Beach Post] – Chris Guanche

Tags
West Palm Beach