Miami-based BGI Cos. has launched sales of Alba Palm Beach, a condo that will replace the former scuba training club along the Intracoastal Waterway in West Palm Beach.
Located on the 1.73-acre site at 4714 N. Flagler Drive, the Alba Palm Beach would rise 22 stories with 55 units. Starting at $2.5 million, units will range from 1,745 to just over 4,500 square feet. The builder requires 10% down at contract signing.
The developer said more than 30% of the condos have been pre-sold. It plans to break ground in the third quarter of 2022 and complete the building in 2025.
“As our first foray into residential development in the Palm Beaches, we are excited to officially launch sales with a more accessible luxury product in the Northwood area as the neighborhood continues to thrive and grow,” said Kenneth Baboun, principal of BGI.
This project follows the growing trend of high-end condo development along the water in the city. Many wealthy people are moving to the town of Palm Beach on the other side of the water, but Palm Beach hasn’t had a new condo tower in decades. Many buyers who prefer luxury condo living are turning to condos in West Palm Beach, where a slate of new buildings are planned.
The building could also attract employees from the financial firms moving to the city in recent years.
West Palm Beach-based Spina O’Rourke + Partners designed the condo. It would feature a six-floor amenity deck spanning 25,500 square feet, including two pools, a fitness center, conference spaces, a theater room, and multi-sport simulator rooms. The project will also have private docks.
Douglas Elliman is marketing the Alba Palm Beach for the developer.
The developer acquired the property for $5.8 million in 2020.
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