The Palm Beach Post from West Palm Beach, Florida • Page 201

Th Post, Thursday, May 3, 1984-B5 SC Loan Ends Financial Trouble WPB Plaza Gets $81 Million Boost Armour said the $81 million loan will cover the entire cost of the project About $44 million was needed to complete the construction, he said. The 224-unit project, located at 525 S. Flagler Drive, will include units ranging in price from about $300,000 to $1.5 million. Though only about 74 of the units have been sold, Armour said he expects the sales to pick up again as a result of improvements in the economy and the fact that construction again is in progress. The bank agreed to continue funding the project because it is confident the units will be sold, Armour said.

Marketing for The Plaza has included an unusual advertising campaign that has informed prospective buyers that it will be "the only address that gives you a reason to look down on Palm Beach." The condominium is to include private clubs, food service to residences, maid service, limousine service, a private library and other facilities. By Ken Sanes Slttt Writer The downtown West Palm Beach waterfront condominium project known as The Plaza has resolved its financial problems and is again under construction, developer Robert Armour said yesterday. The Bank of New York, which had cut off funding as a result of slow sales and problems on the project, has provided an $81 million loan to complete the project, he said. "We have our problems behind us," Armour said yesterday after spending the past few months working out a solution to the project's financing problems. "We expect to have the first tower finished in about six months.

The second tower will be completed by the fall of 1985." Construction on the two 32-story towers began again Monday with a new project manager and a new construction firm, Armour said. The project manager is Weitz Properties of Des Moines, Iowa. Previously, there was no project manager. 'We have our problems behind developer Robert Armour said. He expects the first tower on the waterfront condominium will be finished in about six months, and the second by the fall of 1985.

Behind all the good news is an $81 million loan from the Bank of New York, which bad withdrawn financing because of slow sales. F. Benson Co. Inc. will handle construction in place of Perini because Armour and Perini Corp.

could not agree on a number of points, Armour said. "Perini and we were unable to work out a mutually satisfactory agreement on terms," for continuing work, he said. The project architects, Schwab Twitty, who had stopped work after they were not paid, have received what they were owed and are back on the job, he said. JUST CHAIRS INC I End-Of-Season Sale THURSDAY, FRIDAY SATURDAY QUALITY SWIVEL ROCKERS $16995 Rig. Iron 229ST NOW OR Juno Commissioners Have a condominium problem? Sunday Home columnist Jake Aronson may be able to help.

24 HR. TAXI 586-6606 FINN CAB 2FOR 29995 Accent Chairs, Boudoir Chairs, Folding Chairs, Bridge Sets, Desk Chairs, Boston Rocker. All Priced at Low, low Cash Request Inspection HAIR REPLACEMENT ACCENT CHAIRS uanus Of 34-Year-Old Pier For Men Women. Insurance Approved TYPES OF ATTACHMENT SELECTION Fusion TapGloe "New Clips" INTRODUCTORY OFFERS SOME STOCK UNITS $1 flfl LjRECLIHIKG CHAIRS tiSP IN THE AREA WW Brawn Gray Brown Salt With This Ad Pepper SAVE 1 5 TO 50 OFF REDI-MADE UNITS (Reg. M50 '360) "HC If on Selected Floor Models Now hair as thick as you want, in any style you choose.

Berkline Wall-Aways CUSTOM FIT R.a by "Mr. Job" 'Z 1000FF With This Ad (Offers Good Thru June 30, 1984) Iron I Stratolounger Hi-Back 100 Herculon from $27995 $21995 M4995 1 Peoplelounger One-of-a-kind, as is. mm mm mvuw 1 i 1 ivi 1 -si from SSL By Lynn Uhlfelder Start Writer JUNO BEACH Town officials have asked for an inspection of the Juno Beach Fishing Pier because they believe the 34-year-old structure may not be safe. "We're concerned there is a potential liability exposure to the town. I felt if there was any doubt at all then we should make an inspection," Town Atty.

Jim Adams said at the commission meeting last night. Police Chief Robert DiSavino, who resigned as the town's code enforcement officer last month, brought the pier's condition to officials' attention in a March 26 memo. Commissioners fear the 500-foot pier's rickety planks could cause liability problems. A letter calling for the inspection was sent to the Palm Beach County Building Department earlier this week, Town Clerk Gail Nelson said. The county handles all inspections for Juno Beach.

A similar request was made several years ago, but building officials recommended a structural engineer would be more qualified to inspect the pier. Penny and Wally Sheltz, who have owned the pier for seven years, don't understand why officials are worried. "We are a private business and we carry the proper liability insurance," Sheltz said last night from his home. "We've never had anybody injured on that pier as long as we've owned it." Sheltz and his son Wally Jr. make repairs on a continuing basis, he said.

The family has spent thousands of dollars repairing the pier, Mrs. Sheltz said. The structure's concrete-and-steel-based pilings have survived storms in the late 1970s and early 1980s that forced Lake Worth and Pompano Beach piers to close, they said. The pier at the end of Mercury Road is the only fishing pier between Cape Canaveral and Lake Worth. The pier's $150 occupational license expires Sept.

30. "Sure it's weathered and the boards have turned a little gray, but it's just like a mom or dad," Sheltz said. "Their skin wrinkles a little bit and their hair turns gray but you still love them the same." In other business last night, commissioners said they supported a cool-ing-off period for handgun purchases. Adams presented a proposed ordinance be has prepared for Lake Worth calling for a 10-day period between the sale and delivery of handguns. Gun buyers also would be required to file an application with the Police Department under the proposed ordinance.

Last month there were two murder-' suicides in Lake Worth involving weapons that were purchased just before the incidents. "It just may be that if West Palm Beach has a cooling-off period and Boca Raton doesn't in the course of driving to Boca Raton the person might have an opportunity to change his mind," Adams said. "If one life is saved then (the ordinance) is worth it" 1 All NEWVOfiK PABIS Shop Early, QuontrNet Are limited. Delivery on special Sale hems Available at a Minimum Charge. ft ev II ICT rUAIDC Home of 1h World's JUDI VrlHIK INC Smallest Recliner 1481 So.

Military Trail, W.P.B. jft HAIR DESIGNERS 6505 So. Dixie W.P.B. (2 bM 6M) 585-2593 Evenings by appt. An Appointment Palma Plaza 965-7672 (2 blocks north of Forest Hill Blvd.) Ifsa Grand Opening Officials Rule Arson in LW Fire LAKE WORTH A fire that destroyed an unoccupied house at 1736 Second Ave.

N. early yesterday was the result of arson, fire officials said. The fire was started with gasoline, newspapers and rags in at least four locations, Deputy Fire Chief Al Lewis said. Officials have no suspects, he said. The house, estimated to be worth $35,000, was owned by Leocadio Sar- ria, 56, of 4166 Fern who sometimes stayed in the home, Police Sgt.

Stu Winterson said. About $2,500 in furniture and appliances also were destroyed. The fire was found at about 1:37 a.m. by firefighters who noticed smoke as they were returning from a car accident on 10th Avenue North, Fire Capt. James Mertes said.

No one was hurt, he said. 'M Mo uiji I i mhlllijl Our newest Domino's Pizza has just opened our second store in the West Palm area. Come join in the Grand Opening Celebration of our newest store in Green Acres City at 6548 Lake Worth Road. 433-1122 6548 Lake Worth Rd. Crossroads Plaza Don't miss The celebration begins Saturday, May 5.

From 2 p.m. to 5 p.m. we'll be giving away prizes, free pizza and free Cokes! Saturday, May 5 2 p.m. to 5 p.m. Drawings held every half hour for Manhattan Glasses, T-shirts and Free Pizza Gift Certificates! Live Music! Painter's Caps, Discus Flyers, Balloons, Clowns, Free Pizza, and Cokes! Free Pizza and Coke For Everyone GOWNS JEANS SKIRTS SKIRT SETS ALL SIZES JUNIORS' MISSES' WOMEN'S HEW 1 PRICE CONCEPT THOUSANDS OF DRESSES 14.99 NONE HIGHER THOUSANDS OF TOPS NONE HIGHER THOUSANDS OF PANTS 1 1.99 NONE HIGHER ALL FIRST QUALITY WE REFUND IN 7 DAYS OFF PRICE FASHIONS COMPARE! mmmwr 1.