West Palm Beach was slated to see hundreds more hotel rooms during the next couple of years. That timeline is starting to look iffy.
Russo’s Submarine Shop, the longtime, beloved eatery, closed in August in advance of the property’s sale and development. A Boca Raton developer was planning to build the Cosmopolitan, a 19-story, 201-room hotel and office complex.
But after paying $1.7 million for the Russo’s site in January, the owner isn’t going ahead with the Cosmopolitan after all. Instead, the property is for sale.
Meanwhile, plans for a hotel at the Palm Harbor Marina along the waterfront have hit rough seas. The neighboring condominium, Waterview Towers, just filed yet another legal action to stop the hotel’s development, a long-running battle that has spanned years.
Commercial real estate broker E. AnthonyHollis confirmed the Cosmopolitan property is being marketed for sale. He declined to elaborate. Officials at Boca Raton-based Privcap, the Cosmopolitan’s developer, did not return phone calls seeking comment.
But last year, the project was in the news because it was slated to take over the site of Russo’s Submarine Shop, at 415 S. Dixie, between Fern and Gardenia streets.
In its place was set to rise a $55 million, Class A luxury office and hotel tower, featuring a seven-story garage, 125,000 square feet of office space and 201 hotel rooms. Construction was slated to be completed by 2019.
Now it’s unclear what, if anything, will be built on the site, which still has the shuttered Russo’s shop on the property.
As for the Palm Harbor hotel, officials are reviewing a lawsuit’s effect on hotel plans.
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