PALM BEACH, FL—The Related Group won the foreclosure auction for the Promenade at Palm Beach. The final price: $121 million. Related can now take title to the unsold residential and commercial inventory at the condo complex, which went into foreclosure in April.
According to Arden M. Karson, who oversees Related’s acquisitions, distressed debt, and strategic operations, the Promenade transaction demonstrates the renewed availability of bank financing and market confidence. Related began acquiring distressed real estate across South Florida in 2010. To date, the firm has invested more than $600 million in various types of assets, and is successfully repositioning distressed properties.
“We are in the process of rebranding the class A water front project and are preparing to open in January,” Karson tells GlobeSt.com. “We are commissioning our top local and international brokers, who have been major factors in contributing to the success of our residential projects in South Florida. We will be bringing in exciting retail and dining concepts to create a vibrant mixed-use community for our residents. “
Completed in 2009, the two-tower resort-style property overlooks the Intracoastal Waterway and is adjacent to the Ocean Avenue bridge to exclusive Ocean Ridge and Manalapan. The project includes 395 residential units and 20,000 square feet of commercial space.
The Promenade’s is five miles from Delray Beach, 10 miles from Boca Raton, and 10 miles from West Palm Beach. Class A amenities at The Promenade include concierge, valet parking, two pools, spa, putting green, club room, business center, and fitness center. The clubhouse and pool area offer WiFi, and there are men’s and women’s locker rooms, a steam shower, and sauna.