FRIS­BIE

Palm Beach Daily News - - TODAY -

sin­gle-fam­ily house.

Real es­tate bro­ker John D. Pin­son, im­me­di­ate past pres­i­dent of the Palm Beach Board of Realtors, said he was un­fa­mil­iar with the Fris­bie Group’s re­de­vel­op­ment pro­posal and couldn’t com­ment on specifics un­til the plans take shape. But he was op­ti­mistic that new beach­front town­houses on Mid­town’s Con­do­minium Row would be a mar­ketable ad­di­tion to the is­land’s real es­tate scene.

“I think it’s highly sal­able,” Pin­son said. “I think it will be well thought out and qual­ity con­struc­tion, and it will match the mar­ket.”

Cor­co­ran Group agent Suzanne Fris­bie, a Fris­bie Group prin­ci­pal, also is pres­i­dent of the Realtors board. She con­firmed that town­houses were un­der con­sid­er­a­tion for the restau­rant site, which is zoned res­i­den­tial and stretches be­tween Gulf­stream Road and Ham­mon Av­enue.

No time frame has been re­leased for re­de­vel­op­ing the site. The com­pany is work­ing with an ar­chi­tect and engi­neers to “de­velop a crit­i­cal path sched­ule” for the project, Fris­bie said Tues­day.

The prop­erty had been home to a restau­rant since the 1920s and was “grand­fa­thered” into the res­i­den­tial dis­trict with bind­ing re­stric­tions that it could not al­ter its foot­print un­der town zon­ing rules.

But the new owner will be start­ing from scratch, which al­lows it to pur­sue ei­ther a town­house or con­do­minium build­ing, ac­cord­ing to the town’s zon­ing depart­ment. Any plans would have to pass muster with the town, in­clud­ing a re­view by the Ar­chi­tec­tural Com­mis­sion.

Be­fore it closed April 2, Charley’s Crab had been in busi­ness nearly 40 years in the build­ing, which was pre­vi­ously the long­time home of Wert’s restau­rant.

The prop­erty was sold by a lim­ited li­a­bil­ity part­ner­ship as­so­ci­ated in court­house records with Barry, Charles and David Lei­want. The com­pany had owned it since 1992. The prop­erty had been in their fam­ily prior to that own­er­ship trans­fer, prop­erty records show.

On the north side of the site is a small rental apart­ment build­ing at 106 Ham­mon Ave. and, across the street, the much larger Winthrop House condo build­ing.

Run by the Fris­bie fam­ily, the Fris­bie Group’s plans to de­velop town­houses on spec­u­la­tion echo the Curie Group’s Las Ven­tanas project next door.

Las Ven­tanas, which re­placed a 13-unit apart­ment build­ing, is a con­do­minium, although its two-res­i­dence lay­out re­calls a town­house de­vel­op­ment. Plans for that project gen­er­ated con­tro­versy in 2003 when the Town Coun­cil de­manded that its de­vel­oper down­scale the project and re­duce its res­i­den­tial den­sity.

The Charley’s Crab site mea­sures about three times the size of the Las Ven­tanas land, prop­erty records show.

In late Septem­ber 2016, a com­pany con­trolled by Palm Beach home­builder Zack Ciomek sold his second-floor unit there, ad­dressed as 102 Gulf­stream Road, for a recorded $13.9 mil­lion. That price set what was at the time an ocean­front condo price record in town. Bev­erly and Ge­orge Rawlings of Welling­ton bought the three-bed­room unit, which has 6,531 square feet of liv­ing space, in­side and out. They were rep­re­sented by bro­ker Diane Jenk­ins of Jenk­ins Real Es­tate.

On the up­per floor of Las Ven­tanas, the three-bed­room unit known as 104 Gulf­stream Road sold in 2012 for $8 mil­lion. It has re­turned to the mar­ket, priced at $16.9 mil­lion by bro­ker Chris­tian An­gle of Chris­tian An­gle Real Es­tate, who bro­kered both sides of the 2012 sale. The unit, with 7,700 to­tal square feet, has an el­e­va­tor, wine room, li­brary and a two-car garage. The apart­ment oc­cu­pies all of the top floor and some of the first floor of the build­ing.

Court­house records show the Mo­ras­sutti fam­ily trust that owns 104 Gulf­stream Road has the same Toronto ad­dress as the Mo­ras­sutti Group, a real es­tate com­pany. Last week, a com­pany as­so­ci­ated with de­vel­oper Larry Mo­ras­sutti paid $18.25 mil­lion for a four-bed­room land­marked sea­side house at 89 Mid­dle Road in a deal han­dled on both sides by An­gle.

Fris­bie Group is re­de­vel­op­ing the former Testa’s Restau­rant prop­erty on Royal Poin­ciana Way, where it also owns other build­ings at the east end of the street. And in Oc­to­ber, the Fris­bie Group bought an of­fice-and-re­tail build­ing at 125 Worth Ave. for a recorded $30.7 mil­lion. The com­pany has also de­vel­oped homes in town since the 1990s.

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