Frisbie Group Navigates Setbacks in Palm Beach County

Developers don’t always get what they want in South Florida, as the Frisbie Group has been reminded this year.

Months after redevelopment plans unraveled for a Palm Beach assemblage anchored by the former IberiaBank building at 180 Royal Palm Way, the firm and its partners sold the properties to CS Ventures for an undisclosed amount after paying $26 million for the site in 2021. The sale followed another setback earlier this year, when Boca Raton voters overwhelmingly rejected One Boca, the developer’s proposed government campus redevelopment with David Martin’s Terra.

In Palm Beach, Frisbie had proposed adding six luxury residences and renovating two existing buildings on the Royal Palm Way assemblage. But the project was pulled ahead of a March development review meeting amid mounting opposition from residents, the Palm Beach Daily News reported.

At the meeting, Frisbie partner Cody Crowell said Town Council President Pro-Tem Lew Crampton asked that the proposal be removed from the agenda because it had “spun out of control.”

The ownership group included FG Palm Beach Fund, a Frisbie-affiliated entity, along with entities tied to ophthalmologist Dr. Stephen Sullivan and his wife, Marcia.

The Palm Beach sale came months after another high-profile defeat.

One Boca was supposed to be a grand vision for Boca Raton. The 1.1 million-square-foot proposal was meant to transform the city with 847 resi units, a 180-key hotel, 120,000 square feet of office space, a grocery store and a government campus.

But the city’s land sale to Frisbie proved so unpopular that community backlash eventually led to political changes in the city. One Boca was crushed in a citywide election, pushed for by grassroots group Save Boca, as 74 percent of voters said “no.”

The same election seated Save Boca founder Jon Pearlman on the city council, which recently approved the “Save Boca” ordinance, ensuring that city leaders can’t sell off more than half an acre of public land without voter approval.

The recent stumbles stand out as the Frisbies have emerged as one of Palm Beach County’s influential real estate families, with projects across Palm Beach and West Palm Beach.

Even as some projects fizzled out, the firm embarked on other prominent endeavors. The Frisbies recently partnered with 1789 Capital, the investment firm co-founded by Omeed Malik and Chris Buskirk, with Donald Trump Jr. as a partner. They are launching a $1 billion real estate investment fund focused on opportunities in South Florida, including Palm Beach and Boca Raton, where the Frisbie Group already has a significant presence.

The move toward larger developments coincided with Frisbie’s generational transition. Rob Frisbie Jr. and his brother-in-law, Cody Crowell, now lead the firm founded by brothers Rob Sr., Rick and Dave Frisbie.

Rob Frisbie Jr. did not immediately respond to The Real Deal.

The first-generation Frisbies got their start renovating Boston brownstones while attending Harvard University in the 1970s. After pursuing separate careers, they reunited to launch the Frisbie Group in Palm Beach in 1996, initially focusing on spec homes on the island and redevelopment opportunities along West Palm Beach’s Clematis Street.

The family entered Florida’s pandemic-era boom with several high-profile projects. In 2020, the firm completed Via Flagler, a 1.3-acre mixed-use development at 221 Royal Poinciana Way that includes retail, restaurants, office space and six luxury condominiums.

That same year, the Frisbies completed Islands of Islamorada, an oceanfront resort in the Florida Keys that they later sold for $72 million. In Palm Beach, they followed with a four-unit luxury townhome development at 456 South Ocean Boulevard, where all units sold for a combined $109.1 million.

Today, the firm’s projects in the pipeline include Westgate Village, a planned 1,145-unit redevelopment of the former Palm Beach Kennel Club site in partnership with Terra. The company is also planning Forge Mountain Club, a resort community on 5,300 acres near Mountain City, Tennessee.

However, the road hasn’t always been smooth.

In 2021, the Frisbies partnered with Hines to acquire a waterfront development site at 1355 South Flagler Drive in West Palm Beach for what became South Flagler House, a luxury condo project designed by Robert A.M. Stern. The acquisition sparked a lawsuit from Two Roads Development, which alleged it had been cut out of the deal. The parties settled in 2023. A month later, Frisbie and Hines sold the project to billionaire Stephen Ross’ Related Companies for $194.6 million, though Suzanne Frisbie remained involved in overseeing sales.

“It can be scary, and it can be overwhelming to work on projects that do build a consensus,” Rob Frisbie Jr. previously told The Real Deal. “[It’s] not easy.”