Palm Beach Post: Plans to implode the 30-story 1515 condo tower in West Palm Beach on hold until owner can get $50M insurance
Oct 14, 2009
The Palm Beach Post published this article on October 13, 2009
Palm Beach Post Staff Writer
Tuesday, October 13, 2009
WEST PALM BEACH – The walls will come tumbling down, but it might not take two seconds and it might not be this year.
After several months spent winning assurances that the 30-story 1515 S. Flagler Drive condo building could be safely detonated without violating federal asbestos standards, the city’s biggest eyesore might not be explosively collapsed after all. A disagreement with the city over how much demolition insurance the developer must carry could delay the project into 2010.
Trinity Development Group, which plans to collapse the 1515 Tower and replace it with a $150 million condo called “The Modern,” initially told residents of neighboring buildings that the implosion would take place either on Sunday or Oct. 25. Officials say the 1515 Tower would be the tallest building ever imploded in the city and one of the tallest in the state.
But Trinity can’t get its demolition permit until it meets a city requirement to buy $50 million of insurance coverage, which would cost the company about $300,000. Trinity said it doesn’t need that much coverage.
The wait is angering neighboring residents, who have tolerated the empty and decrepit building since hurricanes ravaged it four years ago. Terri Shapleigh, property manager of Norton Park Place Condo on 1501 S. Flagler, said seasonal residents are in limbo, deciding whether or not to come back this winter.
“If you look at the size and age of the buildings next door, if something happened and it was all wiped out, that wouldn’t cost $50 million,” said Candace Jorritsma, the developer’s spokeswoman. “Even if the building were to fall forward and fall across Flagler, it’s not going to fall on anything.”
But Doug Wise, West Palm Beach’s construction services department director, said the Rapallo North Condo Apartments, at 1701 S. Flagler Drive, is valued at $37 million, and that the $50 million will also cover potential damage to infrastructure like water, power, telephone and cable.
“We don’t believe it’s an unreasonable amount we asked for, based on the value of the surrounding properties,” Wise said. “This building is tall and narrow and from our perspective it imposes significant risk if something goes wrong.”
Trinity already has enough insurance for conventional wrecking ball demolition, which would require $20 million of coverage, he said. The city preferred a conventional demolition, though that take around a month to complete, as opposed to the seconds it takes to explode support columns to have the building collapse on itself, he said.
However, the city doesn’t have a say in how the building comes down; That’s up to the developer and demolition group, he said. Trinity has already received one extension to delay demolition, and currently has until Dec. 18 to complete the project. However, Wise said the city commission could grant another extension.