BGI Capital has finalized the $40.9 million purchase of a development site next to its Alba Palm Beach condominium project in West Palm Beach. The Miami-based firm, led by Kenneth Baboun and Robert Barthelmess, acquired properties at 4720, 4802, and 4804 North Flagler Drive from Justo Naranjo, Beatriz Corrales, and Nataly Nicole Corrales for $33 million.
The acquisition includes a waterfront single-family home and the remaining 11 units in the 4800 North Dixie condominium complex. BGI previously bought five units for $7.9 million in 2023. The combined sites cover about 2.2 acres with 200 feet of waterfront.
BGI’s Alba Palm Beach project is nearing completion and consists of a 22-story tower with 55 condominiums. According to Baboun, “Alba is 70 percent pre-sold.” He also confirmed that BGI financed the recent acquisition with a $25.6 million loan from an affiliate of Linkvest Capital.
Looking ahead, BGI is seeking approval for another residential tower on the newly acquired land. Tentatively named Alba Reserve, city planning documents indicate it would rise to 31 stories with 87 units designed by Carlos Ott and Spina O’Rourke + Partners. Baboun said the new building will be taller than Alba Palm Beach at approximately 360 feet and feature larger residences starting at around 3,000 square feet each.
“It’s early to know what it’s going to be,” Baboun stated regarding plans for branding or design details of the second tower. “I’m in concept design, this is the exciting part.”
Baboun noted that prices for Alba Palm Beach started at $2.5 million but expects higher pricing for Alba Reserve due to targeting wealthier buyers: “We’re going high end all the way,” he said while referencing strong demand above $6 million.
Records show Naranjo purchased the single-family home at 4720 North Flagler Drive for $1.7 million in 2014; he and his family subsequently bought additional condo units after BGI’s initial land acquisition nearby in anticipation of future developer interest.
West Palm Beach continues to see significant condo development activity with more than 2,000 new units planned across multiple projects citywide. Despite concerns about market saturation due to rapid growth, Baboun remains optimistic: “We’re conservative with our pipeline, we’re in no hurry to launch projects as we speak,” adding that sales on Alba Reserve are not expected for another year or two.
He also commented on local housing supply: “There’s a severe shortage of existing waterfront condos in the city.”
Other major developments underway include Huizenga Holdings and Integra Investments’ proposed $2 billion redevelopment near Rybovich Marina featuring four towers with over 660 residences as well as Great Gulf’s planned construction of a separate high-rise tower at nearby 5400 North Flagler Drive following their purchase of that site earlier this year.
