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