Housing Bubble

Boynton's Own Ghost Tower: An Empty Promenade

By Lisa Rab Thu., Oct. 22 2009 at 4:18 PM
Categories: Housing Bubble, Palm Beach
promenade 005 (Small).jpg
Lisa Rab
The Promenade is begging for residents.
​Boynton Beach is now giving Sunrise a run for its money in the competition for ghostly condo buildings. These 14-story cream-colored towers perched on the edge of the Intracoastal Waterway are part of a project known as Promenade, where just four years ago buyers camped out overnight to snatch units priced from $200,000 to $500,000.

Promenade was supposed to help revive downtown Boynton, and the developers negotiated a a deal to receive nearly half of the new tax revenue generated by the project that would normally go to the city's Community Redevelopment Agency.

Today, Promenade's 395 units are completely empty. According to the Palm Beach Post, not a single buyer has closed on a deal. That's worse than Tao Sawgrass in Sunrise, which has closed on about 54 of 396 units.

Congratulations, Boynton Beach.

Tags:

Boynton Beach, ghost towers, Housing crisis
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