A West Palm Beach condo complex sold via bankruptcy for $13.5 million, signaling for potential redevelopment on a rare piece of land in the booming town.
An entity linked to Woodfield Development partner Ross Abramson purchased all 84 units at the Green Terrace condo through an auction. The community encompasses 13 buildings and a clubhouse at 2800 Georgia Avenue, about a mile east of the regional airport.
The condo association filed for bankruptcy in April 2025, records show, following the city’s claim that the association owes it $1.4 million in unpaid water bills and $1.5 million in code enforcement violations. The city intended on shutting off the community’s water access the same month.
The association also owed $89,500 to a property-management company and $36,750 to a Hollywood-based law firm, court records show.
Residents occupied 45 of the units at the time of the bankruptcy filing, according to court records. The federal government seized the remaining units in 2023 as part of a forfeiture after a former unit owner was convicted of a health care fraud scheme operated out of the community.
The community had a previous bankruptcy case that was resolved in 2017.
A bidder known as Big Bear Enterprises showed interest in buying the property early this year. That entity later transferred its rights to the sale to the Woodfield-linked buying entity, Green Terrace Owner, LLC. Â
The group reported more than 75 percent of condo owners were willing to sell as of April, according to court records. The buyers needed at least three-quarters agreement to finish a complete buyout.
Toronto-based real estate company Avison Young and Pompano Beach-based Fisher Auction secured the court-approved sale.
The condos were built in 1983 on about 4.7 acres. The residential buildings total about 97,500 square feet, with units ranging from 1,000 to 1,300 square feet, plus a 900-square-foot clubhouse.
Downtown West Palm Beach is booming with development. Billionaire Steve Ross’s Related Ross is planning at least four condo projects, alongside the in-construction Mr. C tower by Terra and Sympatico. Mast Capital and Curated JCZM Development are also planning the Banyan Tree Residences condo tower, replacing an office building.
Read more
Steve Ross’ next West Palm Beach condo spawns from Wexford, 13th Floor, L&L partnership
Tyko lends $285M to Terra, Sympatico for Mr. C West Palm Beach project
Mast Capital enters West Palm Beach market with branded condo project
Â
