South Florida billionaire and one-time U.S. Senate hopeful Jeff Greene has purchased the planned Soho condominium conversion site at 62 Wooster Street for $26.27 million, according to Real Estate Weekly. Developers Trinity Development Group and Stillwater Capital had once envisioned the building, also known as 476 Broome Street, as a five-unit luxury residence whose apartments would average 7,500 square feet apiece and come with private rooftop swimming pools. But Stillwater later ran into financial trouble, and the building went into foreclosure. [more]

1515 Flager in West Palm Beach, Fla. was demolished through a controlled implosion on Valentine’s Day

Neighbors were delighted to finally see the dilapidated 30-story condominium tower along South Flagler Drive in West Palm Beach come crumbling down on Valentine’s Day.

But real estate analysts and property appraisers say they shouldn’t expect the implosion at 1515 S. Flagler Drive to immediately boost their property values.

Donald Sarley, president of the Appraisal Institute’s South Florida chapter, said: “My best guess is there will be no effect on area properties.”

Sarley, a 30-year residential property appraiser and real estate agent in Florida, said because the building was vacant for five years “any effect probably is already absorbed in the marketplace.’’

Trinity Development Group, the Boston-based developer of the collapsed tower, wants to replace it with a $150 million condo building called the Modern. Plans call for a new 24-story glass tower with 84 luxury condo units, according to Trinity’s Web site. Trinity couldn’t immediately be reached for comment. [more]

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]