BGI Cos. and Blue Road Group broke ground on Alba Palm Beach, a condo that will rise along the Intracoastal Waterway in West Palm Beach.
Located on the 1.73-acre site at 4714 N. Flagler Dr., the project will feature 55 condos in 22 stories. Units range from 2,364-square-foot condos to townhouses of 6,091 square feet. Prices start at $3 million.
The developers said Alba Palm Beach is 40% pre-sold, with an average price per square foot over $2,000.
“It’s a monumental day, not only for myself and partners that brought this moment into reality, but also our residents who will call Alba home,” stated Kenneth Baboun, principal of BGI.
Alba Palm Beach will have more than 25,000 square feet of amenities, include conference space, a fitness room with a yoga studio, private workspace, a multi-sport simulator room, a theater room, a private dining room with wine storage, and a pool deck. There will also be a private dock.
West Palm Beach-based Spina O’Rourke + Partners designed the project and local planning firm Schmidt Nichols also worked on the development. Miami-based Ortega Construction Co. is the general contractor. The developer expects to complete the condo in 2025.
Douglas Elliman is brokering sales for the developer.
The developer acquired the property for $5.8 million in 2020. It previously had a scuba training club. It secured an $82 million construction loan in 2022.
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.
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