BGI Companies kicked off sales of its planned West Palm Beach condo tower, betting on continued demand in the city’s limited new condo market.
The 22-story Alba Palm Beach is expected to have 55 luxury condos and four townhomes, with prices starting at $2.5 million, principal Kenneth Baboun told The Real Deal. The majority of units will average $3.5 million, and penthouses will be released at a later date.
Douglas Elliman was tapped to lead sales and marketing of the project. Buyers have reserved 30 percent of the building since reservations opened last week, Baboun said.
The Miami-based developer said the project is meant to appeal to buyers outpriced in the market, where the newest condos on the water are trading for roughly $8 million and up. Though few other new development condo buildings have launched in West Palm Beach, they include Two Roads Development and Alpha Blue Ventures’ Forté at 1309 South Florida Drive. Prices there range from $7.4 million to more than $30 million. (Elliman is also leading sales of Forté.)
“We saw a hole in the market and got [plans for Alba] approved in record timing,” Baboun said, adding that BGI secured entitlements for Alba in 14 months.
Listing inventory of condos in West Palm Beach fell 73 percent, year over year, in the fourth quarter to 281 condos on the market, according to the Douglas Elliman reports. The luxury sector, defined as the top 10 percent of sales, experienced a 68 percent decline in inventory in the fourth quarter, down to just 53 listings.
Alba, planned for the 1.7-acre site at 4714 North Flagler Drive, will include a private dock with boat slips for residents, as well as a 25,500-square-foot sixth floor of amenities with two pools, a grill and lounge area, fitness center and business center. It’s in the Northwood area of West Palm, overlooking the Intracoastal Waterway.
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