West Palm Beach's downtown could see eight luxury condominium towers opening in the next couple of years.
The downtown won't quite become Miami, where high-rises mostly wall of the coast. But West Palm Beach's surging wealth profile, combined with its water views, are ushering in a new style of living: luxurious, exclusive and expensive.
New condo units generally range from $1.5 million to $10 million, or more, for penthouses. Interested? Here are eight condo towers under construction or about to start building in the city.
The first new condo downtown set to open this year is Alba Palm Beach, a 22-story tower at North Flagler Drive and 4 7th Street. Alba is set to open in late spring.
The high-rise sits on a slim, 1.71-acre site along the Intracoastal Waterway.
Of six Intracoastal condos being built in the Flagler Drive corridor, Alba is the only one east of Flagler Drive.
Alba is a boutique property with only 55 units ranging in price from $2.5 million to about $7.5 million. The project also recently released six penthouses for sale, starting at $6.95 million. These penthouses feature only two units per floor, plus private elevators and both sunrise and sunset views.
Four years after sales began in February 2022, Alba is about 70% pre-sold, said Kenneth Baboun, principal developer of Alba Palm Beach.
Baboun said the project is attracting buyers who want to move into a new West Palm Beach residence soon without a lengthy wait for construction.
These buyers also include people from the Northeast who want to move to South Florida but don't like the crowds in Miami, as well as locals wanting something new, he said.
Alba is an EB-5 investment project, a means by which foreign investors and their family members can become U.S. residents by investing in domestic companies that create jobs.
Baboun said some Latin American investors not only put money into the project to get their green cards but they were so impressed by the condo's finishes, they also bought units to live in, too. "It's the quality of life," Baboun said.
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