Woodfield Buys West Palm Green Terrace Condos for $13.5M

Woodfield Development was the top bidder at $13.5 million for Green Terrace, an 84-unit condominium community at 2800 Georgia Ave. in West Palm Beach, after the complex was sold through a Chapter 11 bankruptcy auction. The association that ran it had fallen more than $1.4 million behind on city water bills.

Why it matters

The seller was not a developer. Green Terrace Condominium Association went into Chapter 11, and trustee Daniel J. Stermer sold every unit plus a roughly 0.32-acre clubhouse and pool parcel in one lot. That is the part that matters to a builder: a single buyer now controls an entire condo regime, which normally takes years of unit-by-unit buyouts.

CBS12 reported the closing buyer as Green Terrace Owner, LLC. Connect CRE names Woodfield Development as the winning bidder. We have not matched the LLC to Woodfield in a record, so treat that link as reported, not confirmed.

Existing MF-20 zoning allows up to 20 units per acre. The city’s future land use designation allows up to 32, and its affordable and workforce housing overlay can lift that to 40 for qualifying projects. The site sits near I-95, the Brightline station and downtown.

The numbers

• Winning bid: $13.5 million, about $160,700 per unit across 84 units in 13 buildings.
• Unpaid water bills: more than $1.4 million, per CBS12 (Connect CRE put it above $1.5 million).
• Land: a 0.32-acre clubhouse and pool parcel is included.
• Discount to the prior claim: not disclosed. The appraised value and the bankruptcy case number were not in the sources we could reach.

What’s next

Woodfield has not said what it will build. CBS12 reported it is unclear what the new owner plans for the property, and residents who are tenants still live there. Watch for a Palm Beach County deed recording and a West Palm Beach site plan or rezoning filing, which would show the density Woodfield is chasing. More on the market is on the South Florida hub.