The Real Deal Miami

Boutique hotel developer pays $15M for PH at the Bristol

Construction crews topped off the 69-unit condo tower in West Palm Beach in January
By Keith Larsen | March 13, 2019 09:45AM

The Bristol

South Florida boutique hotel developer Clifford Lane paid $14.7 million for a penthouse in the Bristol condominium in West Palm Beach.

Lane and his family’s trust purchased condo 2501 at 1100 South Flagler Drive from the development group, Flagler Investors, led by Al Adelson and Gene Golub, records show. The Bristol is still under construction and the unit’s square footage is not yet recorded in property records. Some buyers are purchasing raw units and are able to close on their condos and finish them themselves before the rest of the project is completed, Adelson said previously.

Units at the luxury condo building range from 3,600 square feet to 14,000 square feet, and are priced from about $5 million to more than $40 million.

Construction crews topped off the 69-unit Bristol in January. It broke ground in 2016 and secured a $206 million construction loan from the Blackstone Group in 2017.

Lane founded the Lane Organization in 2011, which owns the 139-room Waterstone Resort Marina in Boca Raton, according to the company’s website. He formerly headed Data Device Corp., a supplier of data interfaces for the aerospace, defense, space, and industrial sectors.

The Bristol is one of the few new luxury condo developments in West Palm Beach. Last year, former Wall Street honcho Donald C. Carter bought a condo at the Bristol for $6.75 million. Also last year, the former general counsel at Fidelity paid $6.85 million for a unit at the building.