Two Streets Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House (Two Roadways Progress, Frisbie Group, The Boundary with Noe & Associates, Getty)
When Frisbie Team introduced its higher-close West Palm Beach condominium challenge this year, the buzz was around deafening. Unit asking selling prices arrived at $75 million, promising a new amount of luxury residing in the city.
The challenge marks Robert A.M. Stern Architects’ first luxe household tower in Florida.
But a lawsuit submitted by Two Roads Development, which experienced required to develop on the similar site, has manufactured construction creditors and prospective potential buyers cautious of betting on Frisbie’s undertaking, The Palm Beach Write-up documented, citing court docket documents submitted by Frisbie. Not only are financiers anxious about backing the project, but customers who have collectively put in $480 million in unit reservations are on the fence about turning them into contracts.
“If this authorized uncertainty can’t be eradicated immediately, we are possibly at threat of losing hundreds of millions of dollars of product sales and deposits from customers,” Robert Frisbie Jr., 1 of the founders of the family members firm, mentioned in a federal court docket affidavit, according to The Post.
Palm Seashore-centered Frisbie has partnered with Houston-primarily based Hines on the two 28-story South Flagler House towers with 82 condos and 7 townhouses on the northeast corner of South Flagler Generate and Diana Put. Costs commence at $10 million.
Two Roadways Enhancement, which experienced needed to acquire and redevelop the house, very last December sued the property’s vendor, Palm Beach Atlantic University, and Frisbie, alleging civil racketeering to “steal” Two Roads’ task plans for the waterfront web-site. PBAU and Frisbie have denied the statements, contacting Two Streets a “failed” bidder in courtroom information.
Frisbie and Hines, led by Jeffrey Hines and Laura Hines-Pierce, shut on their $41.5 million invest in of the 3-acre home in July. But Two Streets is pushing in court docket to obtain the land — threatening to upend Frisbie and Hines’ ownership.
“There’s generally a possibility a courtroom will establish the existing owner is not the operator,” attorney Steven Wallace, who is not associated in the litigation, explained to The Article.
The lawsuit arrives as numerous developers have zeroed in on West Palm Seaside with programs for significant-conclude rental assignments. Two Streets, based in Miami and West Palm, is making the 25-tale Forté, the place most of the 41 models have been presold, next to the South Flagler Home web page.
In the north part of the town, Jeff Greene would like to establish a pair of 30-story condos following to Currie Park. Preliminary ideas for the Herzog & de Meuron-developed task contact for 182 models at 2121 North Flagler Generate.
— Lidia Dinkova
