A major development project in Royal Palm Beach that WPTV has been following for months is facing significant financial challenges that could impact its future.
Tuttle Royale, a 200-acre project at the corner of U.S. 441 and Southern Boulevard designed to create a “city-place” type destination in the area, hit a major snag after Main Street at Tuttle Royale LLC, one of the companies tied to it, filed for bankruptcy.
Royal Palm Beach’s Tuttle Royale development faces bankruptcy amid $47 million debt crisis
Developer Brian Tuttle said the highly anticipated project ran into trouble after loans expired, leaving more than $47 million in debt.
“The loan expired approximately two years ago due to the high interest rates and the uneasiness in the capital markets; we weren’t able to refinance it,” Tuttle said…