BGI Capital has completed the purchase of a development site in West Palm Beach for $40.9 million. The site is next to its nearly finished waterfront condominium tower, Alba Palm Beach.
According to property records, BGI Capital, based in Miami and led by Kenneth Baboun and Robert Barthelmess, acquired the properties at 4720, 4802, and 4804 North Flagler Drive from Justo Naranjo, Beatriz Corrales, and Nataly Nicole Corrales for $33 million. The acquisition includes a waterfront single-family home and the remaining 11 units in the 4800 North Dixie condominium complex. Previously, BGI bought five other units for $7.9 million in 2023.
The new property is adjacent to Alba Palm Beach, a 22-story building with 55 condominiums scheduled for completion this spring. Baboun stated that Alba is already 70 percent pre-sold. BGI financed this latest acquisition with a $25.6 million loan from an affiliate of Linkvest Capital.
Baboun confirmed that the combined sites span about 2.2 acres with roughly 200 feet of waterfront access.
BGI is currently seeking approval for another condo project on the newly acquired land. Tentatively named Alba Reserve, plans call for a 31-story tower with 87 units designed by Carlos Ott and Spina O’Rourke + Partners. The proposed building would rise to 360 feet tall and feature larger residences than those at Alba Palm Beach, starting at around 3,000 square feet each.
“It’s early to know what it’s going to be,” Baboun said regarding details of the project’s branding or final concept design. “I’m in concept design, this is the exciting part.”
Baboun indicated that pricing will target wealthier buyers compared to their first West Palm Beach tower: “We’re going high end all the way,” he said while noting strong demand in the market above $6 million.
Naranjo has been investing locally since buying the single-family home at 4720 North Flagler Drive for $1.7 million in 2014; he later homesteaded it. After BGI purchased its initial Alba site in 2020 for $5.8 million, Naranjo and his family acquired nearby condo units anticipating future developer interest—a strategy that saw them spend approximately $2 million on these purchases.
The two planned towers are among several major residential projects underway or proposed along West Palm Beach’s waterfront—an area where more than 2,000 new condo units are being developed or considered across multiple sites amid rapid growth in local real estate activity.
Despite speculation about possible oversupply due to so many projects coming online at once, Baboun expressed confidence: “We’re conservative with our pipeline, we’re in no hurry to launch projects as we speak,” adding that sales efforts for their second tower may not begin until one or two years from now.
He also pointed out ongoing demand: “There’s a severe shortage of existing waterfront condos in the city.”
Other developers have similar plans nearby; Huizenga Holdings and Integra Investments are planning a redevelopment valued at around $2 billion near Rybovich Marina (4200 North Flagler Drive), which would include four towers containing over 660 residential units. Meanwhile Great Gulf from Toronto intends to build a separate tower with 97 condos at another site (5400 North Flagler Drive) purchased last year for $28.5 million.
