|
Article Courtesy of The Palm
Beach Post
By GRETEL SARMIENTO
Published August 24, 2007
BOCA RATON — The countdown on the Eden
condo-conversion project may be reset to zero.
Four years after construction of the four-building
project began, the developer seems to be taking a new direction. Boca East
LLC, an affiliate of Ceebraid-Signal Corp., is now considering an adult
living facility.
At a recent Eden Condominium Association meeting,
Adam Schlesinger, the project's president, hinted that might be the fate
of what was intended to convert a 204-unit rental apartment complex
into a luxurious condominium.
Present at the meeting was attorney Steven K.
Platzek, who represents a dozen Eden unit owners.
Some unit owners have shown interest in the offer
Schlesinger mentioned of buying back the units for the contract price,
which started in the $300,000 range.
To others, getting the original price does not sound
so good.
For one, owners have put time and money into turning
their units into home. Also, with the changes in the market, getting back
the money they paid in 2003 would not guarantee them the unit they had in
mind.
Building permits for this project, which is across
from city hall and on Palmetto Park Road, have been extended twice.
The city may require a bond if, as it's expected,
Boca East LLC comes before the city council on Sept. 11 to request a third
extension.
City code allows up to a 24-month extension.
|