Early history In 1974, which was located along the
Intracoastal Waterway. In 1980, Armour was planning the Flagler Plaza, a residential property consisting of two 32-story towers, to be built on . The project was expected to take two years to complete, and would be built on the site of The Greenhouse. Two other businesses owned by Armour, the Fish Thing restaurant and the Lodge on the Lake, would also be demolished to make room for the new project. By 1981, the project now known as The Plaza had received financing from The
Bank of New York. The project was to include of retail space, of office space, and a restaurant and lounge. Construction was scheduled to begin in summer 1981, with completion by early 1983. The Plaza would be the tallest building to be constructed along the Intracoastal Waterway, and would also be the largest development project in the city's history.
Construction and opening On October 1, 1981,
Perini Corporation was named as the general contractor for the $60 million project, with construction expected to begin a few weeks later. Demolition of The Greenhouse began in May 1982, to make room for The Plaza. Armour was surprised at how successful the restaurant had become during its operation. An early slogan for The Plaza during its construction was: "The only address in Florida that gives you a reason to look down on Palm Beach." In April 1984, after Armour spent several months devising a financial solution, The Bank of New York provided an $81 million loan to the project. Construction began again on April 30, 1984, with F. Benson & Co. Inc. as the new general contractor; Armour stated that, "Perini and we were unable to work out a mutually satisfactory agreement on terms." The first tower was expected to be completed in approximately six months, while the second tower would be completed by fall 1985. Construction on the second tower progressed at a rate of one new floor every three days. The second tower was
topped off in November 1984. Construction of the project was nearing completion in March 1985. The Plaza opened in October 1985, although Armour was only able to sell approximately six units in the property. The Bank of New York subsequently purchased the property for $43.2 million at a public auction in July 1986, to obtain the title to the land so it could be sold to a developer. The Plaza became the most expensive property ever sold at a public auction in
Palm Beach County, Florida. Although the condominium units were considered by local real estate analysts to be overpriced, Trump planned to raise prices by 15 to 20 percent within a few months after the building's grand opening, which was planned for November 1986. Trump, who planned to sell more than 200 remaining condominium units in the building within a year and a half, intended to add new apartment models, furnished apartments, a restaurant, and a hair salon. Part of Marine Midland Bank's $60 million loan was used to renovate the property. Less than 10 units were sold in 1989. As of April 1990, occupancy was still at 50 percent, while a planned restaurant and upscale shops had failed to materialize.
Auctions In September 1990, planning for an auction of the remaining 120 units was underway, No units had been sold that year up to that point. Low sales in the property were attributed to a poor location, in West Palm Beach rather than Palm Beach. The auctioning of 45 units occurred on December 16, 1990. An estimated $8.8 million profit for
The Trump Organization was generated from the auction, during which 35 units were sold at prices ranging between $185,000 and $265,000, which was half of their original sale price. Another auction, with 70 units, was set for April 28, 1991. A total of 63 units were ultimately put up for sale at the auction. Each of the units sold, for a combined total of $15.8 million. Trump and Marine Midland Bank had agreed to split the profits. Trump said about the building and the auction: "It's built to be sold. I'm de-leveraging. Things are working out well for me. The press doesn't like to write that." Actress
Deborah Raffin purchased a three-bedroom unit for $210,000 during the auction, The signs came down again in late 2017 as part of a planned exterior renovation. Upon completion in 2019, whether or not to reinstall the signs again became an issue. One consideration was that such signs were no longer "in vogue", with no other West Palm Beach condominium believed to have one. Cost was also a factor, as the original signs had not been salvageable and new signs could cost $75,000. In February 2020, residents voted 178-20 not to reinstall the signs. This did not change the name of the property, which officially remained Trump Plaza. In January 2021, following the
United States Capitol attack by Trump supporters, the condominium board voted unanimously to change the legal name. More than 67 percent of residents voted in May 2021 to restore the original name, The Plaza. The condo association president said that the residents preferred a name that was "generic, low-key and didn't attract attention of any kind. Our original name of 'The Plaza' filled that need". Two other names considered were Lakeview Plaza and La Vue. The "Trump" name had been damaging property values, as it deterred some prospective buyers. By the time of the proposed name change, a $6 million renovation had been carried out on the property, including the roof, balconies, lobby, and pools. ==See also==