BGI Capital has completed the $40.9 million purchase of a development site in West Palm Beach, located next to its nearly finished Alba Palm Beach condominium tower. The Miami-based developer, headed 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 transaction covers a waterfront single-family home as well as the remaining 11 units in the 4800 North Dixie condominium complex. This adds to five units BGI previously bought for $7.9 million in 2023. In total, the sites comprise 2.2 acres with about 200 feet of waterfront access.
The newly acquired property is adjacent to Alba Palm Beach, a 22-story condo building featuring 55 units that is expected to be completed this spring. According to Baboun, Alba is already 70 percent pre-sold.
To finance the acquisition, BGI secured a $25.6 million loan from an affiliate of Linkvest Capital.
BGI Capital is currently seeking approval for another project on the site called Alba Reserve. Plans call for a 31-story tower with 87 residential units designed by Carlos Ott and Spina O’Rourke + Partners. The new building would reach up to 360 feet in height with residences starting at around 3,000 square feet—larger than those in Alba Palm Beach—and Baboun said he may brand the project but has not finalized plans yet.
“It’s early to know what it’s going to be,” Baboun said regarding details of the new project. “I’m in concept design, this is the exciting part.”
Baboun indicated that prices will target higher-end buyers compared to Alba Palm Beach’s initial pricing which started at $2.5 million: “We’re going high end all the way,” he said, noting strong demand for homes priced above $6 million.
Seller Justo Naranjo and his wife Beatriz Corrales had owned one of the key parcels since buying it for $1.7 million in 2014; they subsequently acquired several neighboring condo units after BGI bought its original site nearby in anticipation of future development interest.
These two planned towers are among several major developments underway or proposed along West Palm Beach’s waterfront corridor—a market now seeing over 2,000 new condos planned or under construction across multiple projects.
Despite concerns about possible oversupply due to rapid growth, Baboun remains cautious: “We’re conservative with our pipeline, we’re in no hurry to launch projects as we speak,” he said. He added that sales for Alba Reserve will likely not begin until at least another year or two from now.
Baboun also commented on local market conditions: “There’s a severe shortage of existing waterfront condos in the city.”
Other developers are pursuing large-scale projects nearby as well: Huizenga Holdings and Integra Investments are moving forward with a $2 billion redevelopment plan around Rybovich Marina at 4200 North Flagler Drive, including four towers totaling more than 660 residential units; meanwhile Toronto-based Great Gulf recently purchased 5400 North Flagler Drive for $28.5 million where it intends to build a separate tower containing approximately 97 condos over thirty-two stories.
