BGI Companies Locks In Construction Financing For 22-Story Alba Palm Beach In Northwood, West Palm Beach

BGI Companies has closed on an $82 million construction loan from Trez Capital, a private real estate lender helping to build better communities across North America. The loan was arranged by BGI Capital  for the construction of Alba Palm Beach, a new 22-story waterfront residential condominium development in collaboration with Blue Road Group located at 4714 North Flagler Drive, directly facing the Intracoastal Waterway in the emerging and growing Northwood neighborhood of West Palm Beach. The development is designed by Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect, and is comprised of a collection of 55 luxury condominiums and 4 two- and three-story townhomes.  The development has received a strong response with more than 30 percent of the building reserved since launching sales in February 2022.

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Last Prime Waterfront Development Site In Brickell Where Two Supertalls Were Planned Sells For A Record-Breaking $363 Million

Florida East Coast Realty (FECR), the developer behind Miami’s current tallest skyscraper, the 85-story Panorama Tower, has sold the last remaining prime waterfront development site in Brickell for a record breaking $363 million to 1201 Brickell Bay LLC, managed by Randall Davis in Chicago. FECR, led by real estate visionary Tibor Hollo and his family, held ownership of the property since around October 2000, which according to city records was originally purchased for $15.5 million. The property is addressed as 1201 Brickell Bay Drive, a 2.5-acre site bound by Southeast 12th Street on the north and Brickell Bay Drive on the west intersecting Southeast 12th Terrace. In 2016, FECR along with Corigin Real Estate Group and McCourt Global properties, announced plans for two 1,049-foot supertall mixed-use towers with 660 units designed by Foster + Partners dubbed ‘The Tower by Foster + Partners’, but those plans were never realized.

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Fortune International Group And Blue Road Launch 15-Story Nexo Residences In North Miami Beach

Fortune International Group, one of South Florida’s preeminent leaders in residential real estate development, in partnership with Bay Harbor Islands-based Blue Road, have launched Nexo Residences, a 15-story residential building planned for 13899 Biscayne Boulevard in North Miami Beach. Designed by Frankel Benayoun Architects Inc. with consultation from internationally-renowned architect Carlos Ott and Urban Robot Associates handling landscaping and interiors, the structure will yield 254 move-in ready condominium residences with short-term rental capability, one of the first of this kind for North Miami Beach. The developers, who are reportedly under contract to purchase the property, hope to break ground later this year on the triangular 1.74-acre site, bound by Northeast 139th Street on the north, Biscayne Boulevard on the west, Highland Drive on the south and Northeast 20th Place on the east. Fortune Development Sales is exclusively handling sales and marketing, with units starting from $400,000. 

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