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