BGI Companies and Blue Road Buy Out Condo in West Palm Beach for Next Development

BGI Companies and Blue Road bought out two neighboring waterfront condominiums in West Palm Beach, Fla., to make way for their second development in the city. 

The joint venture paid $33 million for 11 condo units within the Forty-Eight Hundred North Dixie Condominium at 4800 North Flagler Drive and the Flagler Cove building at 4804 North Flagler Drive. Both structures were built in 1964.

Justo Naranjo, Beatrix Corrales and Nataly Nicole Corrales sold the units. The transaction also included a single-family house at 4720 North Flagler Drive. LV Lending supplied a $25.6 million acquisition loan. 

In 2023, the joint venture purchased for units for about $7 million.

The recent purchase gives the developers control over a 2.2-acre site in the Northwood neighborhood, where they plan to build an unit luxury waterfront condo development with as many as 90 units, according to a representative for the developers. A year ago, the developers filed with the city to build a 31-story project that would total 405,780 square feet and include 226 parking spots.

The project would be the second luxury condo development in West Palm Beach from BGI Capital and Blue Road. Next door to their recent acquisition, the pair are building the Alba Palm Beach development. The 22-story, 55-unit development is scheduled to be completed this year after securing a $82 million construction loan from Trez Capital in 2022. 

West Palm Beach has seen a rush of new luxury development since the pandemic, when wealthy Northerners relocated to Florida, and housing supply on the nearby, uber-wealthy Palm Beach island town dried up.

Update: The story was updated to reflect that BGI Companies — not BGI Capital, as originally reported — purchased the units and to add the condo acquisition from 2023. 

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