A New York development group has received final governmental approval to construct a 24-story luxury condominium on a 2.5 acre-site in downtown West Palm Beach that overlooks the Intracoastal Waterway.
Trinity Development Group LLC's project, the 84-unit Modern condominium at 1515 S. Flagler Drive, was approved Monday with a 3-2 vote by the West Palm Beach city commission, according to the Palm Beach Post.
The city commission vote clears the way for Trinity Development to raze the vacant 1515 Tower - a 31-story, 119-unit condominium destroyed by the 2004 hurricane season - that currently stands on the site.
In order to obtain the final approval, the developer agreed to demolish the boarded-up tower within the next six months, according to the article.
Prices at the Modern condominium start at $3 million for units that are proposed to range in size from 3,000 square feet to 9,000 square feet, according to the company's website.
It is unclear when the tower is scheduled to be complete or even when construction could begin.
Originally, the project was supposed to be delivered in Spring 2010 but local opposition to the project and changing market conditions hampered those plans.
Stillwater Capital Partners, a New York hedge-fund with assets of more than $800 million, is a joint-venture partner in the project with Trinity Development, according to the company's website.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
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