Orlando developer Chuck Whittall’s roughly $200 million buyout of a waterfront co-op building in West Palm Beach is dead in the water, according to sources.
Whittall, founder and CEO of Unicorp National Developments, terminated the contract for the 140-unit La Fontana at 2800 North Flagler Drive, on the eve of his deposit becoming non-refundable, according to sources. He sought an extension on the deal.
The co-op hired Christian Prakas of Ryan Serhant’s firm, Serhant, to market the building for a bulk sale last year. Owners signed a letter of intent with an unnamed developer in November, and The Real Deal reported in July the buyer was Whittall.
Prakas said in a statement that the contract for La Fontana was “mutually terminated after the parties were unable to reach an agreement on certain terms requested by the buyer that the seller was not willing to accommodate.”
“While we were hopeful the transaction would move forward, we respect the decision and remain extremely confident in the value and development potential of this exceptional waterfront property,” Prakas wrote, adding that multiple developers are interested in the site and ready to make offers.
The 10-story building was completed in 1961, meaning it’s about 65 years old. The property’s $200 million asking price breaks down to about $1.4 million per unit.
Whittall and his firm have developed projects that include the Residences at the St. Regis Resort on Longboat Key and O-Town West, a 350-acre master-planned community in southwest Orlando with commercial centers, luxury apartments and an entertainment center.
Developers are increasingly considering buyouts of condo and co-op buildings across South Florida in part due to a lack of undeveloped waterfront land and an increasing willingness among unit owners to sell. But the deals can be very complex, time consuming and difficult to close.
Following the Surfside condo collapse that killed 98 people in 2021, state lawmakers passed major condo safety laws that require associations repair and maintain their buildings and fund financial reserves for the future, propelling some owners to sell as a result of prohibitive costs.
Earlier this month, a West Palm Beach condo complex sold via bankruptcy for $13.5 million. 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. A property management firm and law firm were also owed money.
More than a dozen luxury condo projects are in the works in West Palm Beach totaling over 2,000 units; many of the developers are Miami-based, including Related Group, Terra and BH Group. Billionaire developer Steve Ross of Related Ross has spearheaded development in the city’s downtown.
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