Palm Beach Post – Has the fat lady sung at Opera Place?
A New York-based hedge fund confirmed it has contracts to buy two troubled downtown properties, including land belonging to the still-unbuilt Opera Place condo, the largest private development planned downtown since CityPlace.
The proposed sale to Stillwater Capital Partners is the latest in a string of delays for a signature project that some city officials have touted as a key piece of the downtown’s ongoing redevelopment – along with the hotel and convention center, Clematis Street and the waterfront.
The area has been struggling in recent months as a growing number of condo units chase a shrinking number of buyers, and CityPlace merchants complain of sagging sales behind fewer shoppers.
But none of that seems to bother Stillwater Partners. In its pitch to investors, Stillwater characterized West Palm Beach as “perfectly situated to become the next major city in Florida.”
Stillwater has a contract to buy the vacant Opera Place parcel for $43.75 million and turn it into a mixed-use project including offices, stores, a hotel and some condos, according to documents being sent to potential investors of the hedge fund.
The hedge fund also has a contract to buy the troubled 1515 Tower condo on South Flagler Drive for $35 million, the documents stated. Stillwater wants to raze the storm-ravaged building and turn it into a luxury condo.
