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.
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