A rendering of the condo tower planned for 1515 South Flagler Drive.

Great Gulf has purchased a $24 million stake in a 2.4 acre development site at 1515 South Flagler Drive in West Palm Beach, and now plans to develop a 27-story luxury tower on the property.

The South Flagler Drive site’s previous 30-story condo was demolished in 2010, and plans to build a 24-story condo on the site by another developer fell apart during the Great Recession. Terrace Mountain Investors III bought the site out of foreclosure for $5.5 million in 2012 and maintains an interest in the coming development.

If approved, the new tower will contain 84 units, which will range in size from 1,800 to 2,500 square feet. Pricing will begin at $1 million, and the initial deposit requirement would be 25 to 30%. The pricing and deposit requirements have been set in order to attract local buyers, according to Sean Stewart-Mintz of the South Florida Business Journal.

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