BGI Capital completes $41M West Palm Beach dev site acquisition

Developer BGI Capital completed a $40.9 million acquisition of a development site adjacent to its nearly completed waterfront West Palm Beach condo tower, Alba Palm Beach. Records show the Miami-based developer, led by Kenneth Baboun and Robert Barthelmess, bought the properties at 4720, 4802 and 4804 North Flagler Drive from Justo Naranjo, Beatriz Corrales, and Nataly Nicole Corrales for $33 million.  The purchase includes a waterfront single-family home and the 11 remaining units in the 4800 North Dixie condominium complex. That’s in addition to the five units BGI bought for $7.9 million in 2023, according to property records.  The property […]This article originally appeared on The Real Deal. Click here to read the full story.