WELLINGTON, Fla. — A highly anticipated development project named Tuttle Royale has filed for bankruptcy, leaving residents uncertain about the future of what was promised to be Royal Palm Beach's version of City Place.
WATCH BELOW: 'Supposedly, they're struggling to find financing,' Manuel Hernandez tells WPTV
Main Street at Tuttle Royale, a major development of shops and restaurants, is now in the hands of bankruptcy court as they work through a reorganization plan. Two potential buyers have offered upwards of $60 million for the property, according to court documents.
The project site currently sits as an empty dirt field separated from nearby homes by a chain-link fence, despite years of development promises. Within the project are apartment communities which have been completed, single family homes are still under construction.
"It's nice to have a bunch of neighbors but it would be nice to have some social settings as well to do stuff with people," Alycia Emmons said. "It's disappointing, we moved over here literally for this."
Emmons and Darnell Cinevert have been watching the stalled project with growing frustration.
"I think they've been working on it for three? Five years?" Cinevert said. "I don't think it's ever going to get built."
Real Estate News
Tuttle Royale project files for bankruptcy over $47M debt in Royal Palm Beach
Manuel Hernandez, who moved to a neighboring community last month, said he was excited about the walkable shopping and dining options the development promised.
"It was exciting to be able to walk over there," Hernandez said. "Supposedly that there's been a bankruptcy and that they're struggling to find financing."
Residents said developers have not contacted them about the delays, leaving them to rely on rumors and speculation.
"What's the outlook? If it's not happening at all it would be nice to know," Emmons said.
WATCH BELOW: Royal Palm Beach's Tuttle Royale faces $47 million debt crisis
I turned to developer Brian Tuttle for answers who released a statement expressing confidence in the bankruptcy proceedings.
"I'm 100% confident the court will approve one of the two plans because there's two resolutions. We're very happy with the plan, because it guarantees Tuttle Royale gets built as designed."
Tuttle acknowledged that some original tenants have backed out but said 90% remain committed to the project.
"They just talked about a lot of stuff that looked really nice... but I don't know, bankruptcy isn't a good look," Emmons said. "I think they're losing a lot of really good businesses."
The bankruptcy court is expected to make a decision by Feb. 24.
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