The Real Deal Miami

The Breakers pays $20M for Royal Poinciana Way project

The Frisbie Group sold the property
By Keith Larsen | January 03, 2019 09:45AM

Breakers CEO Paul Leone and the Royal Poinciana Way project (Credit: Kentucky Monthly and Royal Poinciana Palm Beach)

The Breakers Palm Beach just paid $20 million for the retail and restaurant portion of a mixed-use project under construction at Royal Poinciana Way.

Flagler Holdings North Carolina, a company tied to The Breakers, purchased properties at 221 Royal Poinciana Way and 231 Royal Poinciana Way as well as 216 Sunset Avenue, 214 Sunset Avenue and 212 Sunset Avenue. It bought the 1.3 acre site from T3 Family Investments, which is an affiliate of the Frisbie Group.

Property records show that the Frisbie Group will keep control of six condos on the second floor of the two-story project. The planned sale to the Breakers was initially announced in October 2017 and would include the project’s retail and restaurant portion along with the common areas, courtyards and an underground parking garage, according to the Palm Beach Daily News.

The project broke ground in 2017.

The property was previously occupied by Testa’s Restaurant, shops and a gas station before the Frisbie Group bought it, according to the Palm Beach Daily News. The Frisbie Group purchased the properties for $8.9 million in 2013, property records show.

The Breakers is a luxury resort originally founded by Henry Flagler. It has 538 guest rooms and suites and a 36-hole golf course. It also has half a mile of private beach, according to its website.