A deal to sellthe La Fontana condominium in West Palm Beach in bulk ended on Oct. 19 after residents opted not to extend a deadline to the property's suitor.
Unicorp National Development of Atlanta had offered $190 million to owners of the 144-unit condo at 2800 N. Flagler Dr. Owners were interested in selling the property in a bulk sale because their 65-year-old building needs expensive updates and repairs.
Christian Prakas, a managing partner with Serhant, led by celebrity Realtor Ryan Serhant, marketed the property.
On Oct. 20, Prakas confirmed the deal's demise but expressed optimism a new one could be struck for "this exceptional" waterfront property.
“The contract for La Fontana was mutually terminated after the parties were unable to reach
an agreement on certain terms requested by the buyer that the seller was not willing to accommodate," Prakas said.
"We are already in active discussions with multiple developers who have expressed interest in the site and are prepared to present offers. We encourage interested and qualified developers to contact our team directly to discuss pricing, terms, and the opportunity moving forward."
Real estate sources said Unicorp recently sought a months-long extension on the purchase, a move that residents did not agree to. This prompting Unicorp President Chuck Whittall to end the deal.
Now the prime, waterfront property once again is back on the market at a time when real estate developers are pouring into the city, hoping to scoop up prime sites for redevelopment. Some of the highest prices are being paid to properties along the waterfront, including old condo buildings that developers want to tear down so they can build new, pricier condo buildings.
La Fontana also is adjacent to the 125-unit Portofino condominium at 2600 North Flagler Dr., which previously rejected a $200 million offer from Unicorp, a board member said on Oct. 20.
Both properties take up five acres of rare land along the east side of North Flagler Drive, facing the Intracoastal Waterway. And unlike other condos being built along Flagler Drive, these properties provide permanently unobstructed views to the east facing Palm Beach, to the north facing a single-family home community and to the south facing Currie Park.
Unicorp had big plans for La Fontana site
In an Aug. 26 interview, Unicorp President Chuck Whittall said he wanted to build a luxury hotel to accompany a new condo at the site.
Whittall praised the La Fontana site because it is east of Flagler Drive, and directly on the Intracoastal Waterway, unlike other condos planned or being built along Flagler Drive on the west side of the road.
The La Fontana site also has riparian rights that allow for boat slips, Whittall said.
If completed, this would have marked the first ultra-luxury hotel brand to be built in the city, across the bridges from posh Palm Beach, which is home to The Breakers and Four Seasons resorts.
Whittall said he was talking to five different luxury brands, including The Edition, a modern brand owned by Marriott International. Another luxury brand being considered was the Intercontinental Hotel.
Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@pbpost.com. X: @acloughpbp. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Post: La Fontana's $190 million bulk sale dies. What's next? | Exclusive
