Palm Beach Post – Has the fat lady sung at Opera Place?<\/p>\n
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.<\/p>\n
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.<\/span><\/p>\n 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.<\/span><\/p>\n 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.”<\/span><\/p>\n 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.<\/span><\/p>\n 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.<\/span><\/p>\n