Two sites near Bristol condo in WPB sell for $10.85M

Two Roads Development bought the adjacent waterfront properties on South Flagler Drive and may develop a condominium there

Jan.January 13, 2018 11:00 AM

Reid Boren

A company affiliated with condominium developer Two Roads Development bought two adjacent waterfront properties on South Flagler Drive in West Palm Beach for $10.85 million.

The two properties, which span slightly less than an acre, are just south of the Bristol condo development, 25-story building under construction at 1100 South Flagler Drive.

The new owner of the two properties is Flagler Residential, a company managed by Reid Boren, managing partner of West Palm Beach-based Two Roads Development.

Flagler Residential paid $7 million for a 0.61-acre property at 1311 South Flagler Drive and $3.85 million for a 0.34-acre property at 1309 South Flagler Drive.

The sellers of the properties were companies managed by Yoram Izhak of North Miami-based IMC Equity Group.

The South Florida Business Journal reported that Boren declined to comment on plans for the side-by-side waterfront properties. But Carlos Segrera, chief investment officer of IMC, told the newspaper that Two Roads Development plans to build a high-rise condominium on the land.

The developers of the 69-unit Bristol condominium has presold nearly 70 percent of the units when they got a $206 million loan to finance its construction in March 2017. [South Florida Business Journal] Mike Seemuth

Related Articles

Daily Digest Miami

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

The Bristol and Thomas J. Healey

Financial mogul pays $6.5 million for unit at the Bristol in West Palm

2751 South Dixie Highway, Scott Sherman and Ben Mandell

Tricera reveals plans for redevelopment of Palm Beach Post building

Daily Digest Miami

The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest

James Harpel and The Bristol in West Palm Beach

South Florida developer pays $8M for condo at the Bristol

A rendering of The Bristol

NJ car dealer buys Bristol unit for $11M

The Bristol

Channel Islands businessman buys unit at The Bristol in West Palm