Developer acquires Chapel-to-condo site for $21M

First Baptist Church completed the sale of the Chapel-by-the-Lake condo development site in West Palm Beach.

The church received $21 million from Al Adelson’s G.A.K. Partners, which wants to construct a high-rise condo building on the property. Three legal actions involving the project are pending. The transaction originally had a $23 million sale price, but that was reduced after the developer scaled down the proposed project.

First Baptist plans to use the sale proceeds for its main campus on Flagler Drive and neighboring parcels it previously purchased and plans to develop, according to the Palm Beach Post. The church also intends to launch as many as 100 churches in South Florida over the next decade.

West Palm commissioners approved G.A.K.’s design of the public walkway around the church and the protection of a 100-foot-long submerged parcel north of the project last month. [Palm Beach Post] — Eric Kalis