Two months after receiving its certificate of occupancy, no deals have closed at The Promenade
The Promenade, Boynton Beach’s newest condo, boasts a luxurious lobby decorated in tones of cream and mahogany. Its two pools are filled, and the gym is stuffed with equipment.
But nearly two months after receiving a certificate of occupancy from the city of Boynton Beach, the downtown property has not closed any sales of its 395 units.
“My clients have not heard one thing – not one thing – from the developer. It’s a big building sitting there doing nothing,” said June Dunlea of Tauriello & Co. Real Estate in Delray Beach. Dunlea represents several buyers with contracts in the Promenade.
An associate in the condo’s sales office said the building is set to start closings in January.
However, it appears that only one of the two towers will open then. The developer is trying to get buyers with contracts in the south tower to move their contracts to the north tower, so that at least one tower can be filled and opened, according to Lisa Bright, president of Boynton Beach’s Community Redevelopment Agency.
The reason for the change: To comply with Fannie Mae requirements that 51 percent of a condo be pre-sold before Fannie Mae will buy mortgages made to that condo.
via Two months after receiving its certificate of occupancy, no deals have closed at The Promenade.