Developer Al Adelson Secures $30M for New Condo in West Palm Beach

The developer behind The Bristol, the project that launched the recent luxury condo craze in West Palm Beach, Fla., has secured financing for his next project across town.

Developer Al Adelson obtained a $30 million construction loan from Windsor Private Capital for the Berkeley Palm Beach, property records show.

The 25-story condo development will house 193 units at 500 South Australian Avenue, facing Clear Lake, west of the City Place open-air complex. Units will range between 2,500 square feet for two-bedroom condos and 4,800 square feet for five-bedroom units, with prices averaging about $3.5 million.

Adelson assembled the nearly 2-acre site in 2021 and 2022, paying $13.8 million in total, according to records. The West Palm Beach-based developer broke ground in December. 

In 2019, Adelson completed The Bristol, a 25-story condominium that faces the Intracoastal Waterway and Palm Beach, one of the wealthiest towns in the country. The 69-unit building set records in West Palm Beach, including the sale of two penthouses for a combined $42 million.

Following the success of The Bristol, and as supply remains limited on Palm Beach island, other high-profile developers have launched projects along West Palm Beach’s waterfront, including Stephen Ross. 

The area surrounding the Berkeley will likely be redeveloped. Just last week, Ross and a few partners purchased the nearby WPTV news studio for $40 million. 

Next door, Jorge Pérez’s Related Group and BH Group are planning a 1.2 million-square-foot development on land owned by Palm Beach County, though the project appears to have stalled over a dispute about the price of the parcel.

Adelson could not be reached for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.