WEST PALM BEACH -- Residents previously told CBS12 News they worried they could be forced to find new housing with little notice.

"This is something that you need a notice," tenant Gina Goulart previously told CBS12 in June. "So you say, 'You guys need to move to another property.' Don't just keep taking our money."

 

Green Terrace also filed for bankruptcy the previous year over unpaid bills. A last-minute payment at the time allowed residents to remain in their homes. The property, located just south of Downtown West Palm Beach, has significant redevelopment potential. It is currently zoned MF-20, allowing up to 20 residential units per acre. The city's Future Land Use designation allows up to 32 units per acre, while the Affordable and Workforce Housing Overlay could allow as many as 40 units per acre for qualifying projects. "This offering stood out because it combined scale, location and future development potential in a market where those opportunities have become increasingly scarce," Avison Young Principal John K. Crotty said. The property is near I-95, the Brightline station, Palm Beach Island, major employment centers and retail destinations. — A West Palm Beach condominium community that faced more than $1.4 million in unpaid water bills and potential foreclosure has been sold for $13.5 million through a court-approved bankruptcy sale.

After years of financial trouble and more than $1.4M in unpaid water bills, West Palm Beach’s Green Terrace has sold at a bankruptcy sale for $13.5M.

Green Terrace, an 84-unit community across 13 buildings at 2800 Georgia Ave., was sold to Green Terrace Owner, LLC, according to Avison Young and Fisher Auction.

The sale, completed on behalf of Chapter 11 Bankruptcy Trustee Daniel J. Stermer, included all condominium units and a roughly 0.32-acre clubhouse and pool parcel.

The sale is the latest development in a bankruptcy case that has left residents uncertain about the future of their homes.

The sale comes months after the City of West Palm Beach said the Green Terrace homeowners association owed more than $1.4 million in unpaid water bills. The city had been moving toward foreclosure, with officials saying proceeds from a future sale could help pay down the debt.

It remains unclear what plans the new owner has for the property or what the sale means for residents currently living there.