Comeau Building in WPB set for auction

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The 85-year-old Comeau Building on Clematis Street in West Palm Beach
will be auctioned online May 27, after losing a foreclosure judgment
on a $15.2 million mortgage. The loan had $13.4 million outstanding
upon the building’s default. The Comeau is one of the oldest extant
office buildings in West Palm Beach, and in 2008, owner John Quinn announced that he would convert the building into a Renaissance hotel. The plan stalled when city commissioners rejected a financing plan for the conversion. Bank of America brought the foreclosure action in March 2009 against
Chicago-based Comeau NCP and NCP Holdings, according to records from
the Palm Beach County Circuit Court. [SFBJ]

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