Portofino, situated just north of Currie Park in West Palm Beach along the intracoastal, is facing a $150 million offer from developer Al Adelson, who built The Bristol and wants to rebuild on the waterfront. But there’s a twist: The deal only happens if both Portofino and the neighboring La Fontana agree to sell—plus, Adelson needs approval from the City of West Palm Beach to build higher. Here’s the lowdown:
- The Offer: Adelson is offering $150 million for each building, but the deal hinges on both condos agreeing to sell. He also needs zoning approval to build a 25-story tower.
- Financial Impact: If it goes through, owners could see around $1.2 million each. But some units—especially those with larger units and/or better water views—may be worth more than others, causing some residents to hesitate.
- Aging Buildings and Repairs: Portofino faces costly repairs like a new roof and fire safety upgrades. For many, selling now seems like a way to avoid hefty assessments and future repair costs.
- Conflict and Uncertainty: With respect to the Portofino, about 92 owners want to sell, but around 25% are against it, worried about finding new homes in a rapidly appreciating market.
- Bigger Trend: This is part of a wider movement in West Palm Beach, where older waterfront condos are being targeted by developers looking to capitalize on the luxury boom. There are a handful of condos that have already turned over to new ownership in WPB, just north of Southern Boulevard and across the intracoastal from Mar-a-Lago.
Portofino and La Fontana owners are at a crossroads, balancing financial gain with the uncertainty of the future. Decisions need to be made soon—watch this space!
