Trump Plaza (West Palm Beach) facts for kids

Trump Plaza, also known as Trump Plaza of the Palm Beaches, is a tall building with two towers. It is located in West Palm Beach, Florida, right next to the Intracoastal Waterway. This building is made up of many individual homes called condominiums.

The project started in 1981 and was first called The Plaza. It was built by a company named Armour Guider Development Corporation. The building opened in October 1985. However, it was hard to sell all the homes at first.

In 1986, a businessman named Donald Trump bought the property. He fixed it up and changed its name to Trump Plaza. Sales of the homes got better after he bought it. Even so, many homes were still unsold by 1990. The remaining homes were then sold through special sales called auctions.

Building History

Early Plans for The Plaza

In 1974, a man named Robert Armour bought the land where Trump Plaza now stands. He first opened a popular restaurant there called The Greenhouse. But his main plan was always to build a tall residential building. This building would be right on the Intracoastal Waterway.

By 1980, Armour was planning a big project. It would have two 32-story towers. These towers would be built where his restaurant and other businesses were. The project was expected to take about two years to finish.

In 1981, the project, now called The Plaza, got money from The Bank of New York. The plan included shops, offices, and a restaurant. Construction was set to begin in the summer of 1981. It was designed by Schwab & Twitty Architects Inc. This was going to be the tallest building along the Intracoastal Waterway. It was also the biggest building project in the city's history at that time.

Building and Opening Challenges

Construction on The Plaza officially started in late 1981. The old restaurant was torn down in May 1982 to make space. The project faced some problems, including disagreements over payments to the architects.

By October 1983, sales of the homes were slow. Only a small number of units had been sold. An early advertisement for The Plaza said it was "The only address in Florida that gives you a reason to look down on Palm Beach." This was to show its good location in West Palm Beach.

In January 1984, the bank stopped giving money because sales were so low. This caused construction to stop. After some time, the bank provided a large loan, and construction started again in April 1984. A new main contractor took over the work. The first tower was expected to be done quickly, and the second tower by fall 1985.

The second tower was finished in November 1984. The whole building was almost done by March 1985. The Plaza officially opened in October 1985. However, very few homes were sold by the original developer. Because of this, The Bank of New York took over the property in January 1986.

Trump Takes Over

In March 1986, Donald Trump looked at the property. The Bank of New York bought the building at a public sale in July 1986. This allowed them to sell it to a new developer. Trump then bought the property later that month for about $40 million. He planned to rename it Trump Plaza.

When Trump bought it, there were 224 homes available. They were priced from $275,000 to $960,000. Trump planned to raise prices even more. He also wanted to add new features like furnished homes and a restaurant. Sales of the homes got much better after the building was renamed Trump Plaza.

By May 1988, about half of the homes had been sold. Prices ranged from $300,000 to $500,000. A very expensive penthouse was offered for $1.8 million. However, sales slowed down again in 1989 and 1990.

Selling Homes at Auction

In September 1990, plans were made to sell the remaining 120 homes through an auction. No homes had been sold that year. The location in West Palm Beach, rather than the more famous Palm Beach, was thought to be a reason for slow sales. Also, the prices were considered too high.

The first auction happened on December 16, 1990. Thirty-five homes were sold at lower prices, about half of their original cost. This auction brought in a good amount of money for Trump's company.

Another auction for 70 homes was set for April 28, 1991. Trump said he wanted to sell the homes quickly. Sixty-three homes were sold at this auction, bringing in a total of $15.8 million. Each home sold, which was a success. Famous people, like actress Deborah Raffin, bought homes at this auction.

Changes Over the Years

In 1993, the large letters spelling "Trump Plaza" on top of the buildings were taken down for repairs. People living there wondered if the name would be removed forever. But residents voted to put the letters back up. Donald Trump even offered to pay for the cost of restoring the signs.

In December 2015, some residents started a petition to change the building's name back to The Plaza. This happened during a time of public discussion about Donald Trump. However, the building's board of directors decided not to change the name. They said that buildings with the Trump name often sold for higher prices. They also wanted to keep politics out of their community.

The signs came down again in late 2017 for planned outside renovations. When the work was finished in 2019, residents voted not to put the signs back up. They felt that such large signs were no longer popular. Also, new signs would be very expensive. Even without the signs, the building's official name remained Trump Plaza.

In June 2020, the ground floor Trump Plaza signs were removed for safety reasons during a time of public events. After more public events in January 2021, the building's board voted to officially change the legal name of the condominium.