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Three prominent Palm Beach County properties have fallen into foreclosure. Their future is uncertain, caught up in the morass of complex bank litigation.
They are the former 1515 condominium on Flagler Drive in West Palm Beach, the Omphoy Ocean Resort in Palm Beach and the Gulfstream Hotel in Lake Worth.
The 30-story, 1515 condo was demolished in a 10-second spectacle in February. In its place, the property’s developer, Trinity Development, planned The Modern, a 24-story, $150 million condo.
But on Aug. 10, Trinity 1515, the entity that owns the property, was sued for foreclosure by First Commonwealth Bank of Pennsylvania. The Palm Beach County Circuit Court lawsuit alleges that Trinity 1515 has failed to repay a $36 million loan. The lawsuit seeks repayment of the loan and foreclosure.
Read more from the Palm Beach Post
