Developer of Bristol condo in West Palm to put his next project in Palm Beach Gardens
As the Bristol nears completion near downtown West Palm Beach, Al Adelson is set to buy a 16-acre site in Palm Beach Gardens
Developer Al Adelson is planning a 16-acre development in Palm Beach Gardens as he finishes building the ultra-luxury Bristol condominium near downtown West Palm Beach.
Adelson told the Palm Beach Post that he will acquire property on Central Avenue between Hood Road and PGA Boulevard but has not decided how to develop the 16-acre site.
The Palm Beach Post also reported that Adelson bid for the PGA National Resort & Spa in Palm Beach Gardens but lost to Toronto-based Brookfield Asset Management, which bought the resort in December for $218 million.
Adelson is nearly done with the development of the Bristol condominium at 1112 South Flagler Drive in West Palm Beach. The 25-story condo is in the late stages of construction and expected to be completed by June.
With unit sale prices averaging $10 million, the Bristol is the most expensive condominium in Palm Beach County.
Adelson praised Palm Beach Gardens as “a secure, well-run city” with “tremendous growth potential,” the Post reported.
The success of nearby developments is one reason for his optimism about the 16-acre site he plans to develop in Palm Beach Gardens. He cited a 340-unit apartment complex next to his site, called The Quaye, which sold for $118 million in 2017. [Palm Beach Post] – Mike Seemuth