The remains of a demolished condo tower called the Modern are the subject of a
foreclosure action filed by First Commonwealth Bank against New
York-based Trinity 1515 and managing member Edmund Abramson. The suit
concerns the 2.4-acre site along the Intracoastal, where the 24-story
condo tower was intended to be built. After hurricanes
made the former 1515 Tower on the site uninhabitable, Abramson bought
the units and imploded it in February. Now, the full $36 million loan on
the property is outstanding, the bank says. [SFBJ]

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After a lengthy process to determine whether a 30-story West Palm Beach condominium tower could be torn down without violating federal asbestos standards, the demolition may still be far off. The last obstacle to the implosion of the 1515 S. Flagler Drive building, badly damaged in the 2005 hurricane season, is for Trinity Development Group to take out $50 million worth of insurance, after which the demolition could take place as early as Sunday. Trinity, which wants to replace the tower with a $150 million condo called the Modern, has enough insurance for a conventional wrecking ball demolition, but the company balked at the $300,000 price tag for the increased insurance that the city is requiring. [Palm Beach Post]   [more]

The U.S. Environmental Protection Agency said a developer must remove
the asbestos-contaminated exterior stucco from the 30-story tower at
1515 S. Flagler Drive in West Palm Beach before it demolishes the
building. Trinity Development Group, which wants to build a $150
million luxury tower called the Modern in the tower’s place, contested
earlier recommendations regarding the asbestos, saying there was not
enough asbestos to prevent a simple demolition. [more]