West Palm condo project gets second chance with new partner

Miami /
Sep.September 09, 2016 11:15 AM

Great Gulf has purchased a $24 million stake in a once-troubled piece of a West Palm Beach development with plans to build a new 27-story luxury tower.

According to the South Florida Business Journal, Great Gulf is taking on the role of lead developer for a 2.4-acre site at 1515 South Flagler Drive that fronts the Intracoastal Waterway.

The land is owned by Frank Trabold’s Terrace Mountain Investors III, which picked up the site out of foreclosure for $5.5 million in 2012 and unsuccessfully lobbied for higher density. Terrace has kept an interest in the property as part of Great Gulf’s buy-in.

It was previously the home of a 30-story condo that was demolished in 2010 after being badly damaged by hurricanes several years earlier, according to the Business Journal. A developer came along and sought to develop a 24-story there, but the land fell into foreclosure during the crash.

Now, Great Gulf and Terrace Mountain Investors are seeking approvals for a new 27-story tower with 84 units. Their first hurdle: a meeting on Wednesday with the city’s Plans and Plats Review Committee.

The units would range in size from 1,800 to 2,500 square feet with asking prices starting around $1 million, the Business Journal reported. Unlike most of Miami’s newer condo buildings, the deposit requirement would be 25 to 30 percent. Both the pricing and deposits are meant to open the project up for domestic buyers like Canadian snowbirds and local empty nesters. [South Florida Business Journal]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
West Palm Beach spec home sells for $9M in record non-waterfront deal
West Palm Beach spec home sells for $9M in record non-waterfront deal
West Palm Beach spec home sells for $9M in record non-waterfront deal
Starwood snaps up Palm Beach County apartment complexes for $176M
Starwood snaps up Palm Beach County apartment complexes for $176M
Starwood snaps up Palm Beach County apartment complexes for $176M
Redfearn Capital nabs West Palm Beach retail/office property for $18M
Redfearn Capital nabs West Palm Beach retail/office property for $18M
Redfearn Capital nabs West Palm Beach retail/office property for $18M
Estate Companies plans apartments in downtown West Palm, paid $16M for dev site
Estate Companies plans apartments in downtown West Palm, paid $16M for dev site
Estate Companies plans apartments in downtown West Palm, paid $16M for dev site
Anna Kournikova’s mother aces West Palm Beach home sale for $6M
Anna Kournikova’s mother aces West Palm Beach home sale for $6M
Anna Kournikova’s mother aces West Palm Beach home sale for $6M
Tortoise Properties pays $19M for downtown West Palm multifamily dev site
Tortoise Properties pays $19M for downtown West Palm multifamily dev site
Tortoise Properties pays $19M for downtown West Palm multifamily dev site
Clockwise from top left: Lancaster Apartments at 1210 Palm Beach Lakes Boulevard, The Charmer at 345 30th Street and Sunset Place at 1001 36th Street in West Palm Beach. Inset: Kingdom Development’s William Leach (Google Maps, Kingdom Development)
California firm pays $59M for West Palm Beach apartment portfolio
California firm pays $59M for West Palm Beach apartment portfolio
JV buys West Palm Beach office building for $13M
JV buys West Palm Beach office building for $13M
JV buys West Palm Beach office building for $13M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...