Massive Related Group Project in West Palm Handed Over
Better Living Through Better Thinking. That's what the website for CityPlace South promised future residents, but today it seems Better Unit Pricing might be in order. Apparently the Bank of Nova Scotia filed a foreclosure lawsuit earlier today in Palm Beach County against Related Group's CityPlace South Tower. At issue is the $135 million mortgage on the 420-unit project located in West Palm Beach. While 367 units were under contract during the housing boom, only 39 units have actually closed since the building was completed last summer. The transaction is being described as a "friendly foreclosure"...whatever that means.
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