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

Terrace Mountain proposed 103 additional apartments

Nov.November 25, 2014 03:10 PM

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

Related Articles

Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Howard Lorber and Barry Zubrow with unit 1601 at The Bristol (Credit: Getty Images)

Howard Lorber flips condo at the Bristol to investment banker Barry Zubrow

From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach

South Florida properties involved in $85M debt relief scheme head to auction

603 Village Boulevard (Credit: Google Maps)

AmTrust Bank building in West Palm sells for $8M

Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Al Adelson and the Bristol

High on his own supply: The Bristol developer buys a unit at his condo tower

Jason Hochman, Greg Miller, Scott O'Donnell, Michael Ciadella and 901 Northpoint Parkway 

West Palm office parks sells for $12M in tight market