Kenneth Baboun of BGI Companies is spearheading a major transformation in West Palm Beach's long-neglected Northwood neighborhood. The developer is orchestrating multiple projects that will reshape the corridor from residential to mixed-use luxury.
GL Homes is constructing new single-family houses throughout the area, while luxury condo towers are planned near the Rybovich marina district. The flagship project, Alba Palm Beach, is a 22-story residential tower at 4714 North that represents the first major vertical construction to launch in the revitalization effort.
The Northwood neighborhood has remained relatively dormant for decades despite its prime West Palm Beach location. Baboun's BGI Companies is betting that coordinated development across housing typologies will unlock the area's latent value. The strategy combines entry-level new construction homes with high-end multifamily towers, creating a mixed-income neighborhood rather than a single-demographic enclave.
For buyers, this means new housing options at various price points entering a historically undervalued market. Single-family home purchasers gain access to newly built properties in an established neighborhood poised for infrastructure upgrades. Condo buyers will compete for waterfront-adjacent luxury units as the Rybovich marina precinct develops.
Sellers of older Northwood properties face a shifting landscape. Rising development activity and completed luxury projects will inflate comparable values, benefiting those exiting before major construction noise peaks. Landlords of rental properties should anticipate property appreciation as neighborhood amenities expand and visibility increases.
Tenants in rental units may experience pressure as landlords cash out or convert properties to condos. Rent increases typically follow neighborhood gentrification, making early lease renewal negotiations critical for cost-conscious renters.
The project sequence matters. Alba Palm Beach's completion will serve as proof of concept, potentially attracting additional institutional investment and accelerating condo