**West Palm Beach Investors Buy Out Condo Owners for Waterfront Redevelopment**
In a major redevelopment move along the Intracoastal Waterway in West Palm Beach, the joint venture team of Kolter Group and Perko Group has acquired a 38-unit condominium property for $37.6 million. The existing condos, built in 1985, were purchased well above market value, with the deal focusing on the prime 1.43-acre waterfront location rather than the outdated structure itself.
The development team plans to replace the older complex with an 18-story luxury residential tower named Flagler House. The new project is set to include 39 spacious condo units, along with nearly 1,000 square feet of retail space on the ground floor.
Residences at Flagler House will range from 2,770 square feet up to an expansive 10,150-square-foot penthouse. Planned amenities include a fitness center, a third-floor pool deck, a movie room, a club room, a lounge, a news café, a spa treatment room, and 87 parking spaces.
The project has been designed by SB Architects, based in Coral Gables.
