Frisbie Group sold a condo at its Palm Beach mixed-use project to one of the development group’s executives for $7 million.
Cody and Kristin Crowell bought unit 5 at Via Flagler by the Breakers at 221-231 Royal Poinciana Way from T3 Family Investments, which is tied to Frisbie Group, records show. Property records do not list the size of the unit, but marketing materials show the interior area will be 6,184 square feet, equating to a price of $1,131 per square foot.
Cody Crowell is the managing director of construction & asset management at Frisbie Group, according to LinkedIn.
The mixed-use project is still under construction. In early 2019, the Breakers Palm Beach paid $20 million for the retail and restaurant portion of the mixed-use project. Frisbie Group controls six condos on the second story of the development. The condos range from about 5,000 square feet to 6,000 square feet with four to five bedrooms. The condos have an underground parking garage and each one has a private elevator.
In April 2019, Dr. Stephen Sullivan, a Massachusetts ophthalmologist, bought two condos at the building for about $20 million.
The mixed-use project was previously occupied by Testa’s Restaurant, shops and a gas station before Frisbie bought it, according to the Palm Beach Daily News. Frisbie Group purchased the properties for $8.9 million in 2013, property records show.
Royal Poinciana Palm Beach is part of a revitalization of downtown Palm Beach. In April 2018, New England Development bought the nearby Bradley Park Hotel in Palm Beach for $15.4 million.