A developer who specializes in building luxury Four Seasons resorts and residences paid $20 million for waterfront land in West Palm Beach across from President-elect Donald Trump’s private home and club, Mar-a-Lago .

The purchase by a limited liability company linked to Miami-based Fort Partners includes two properties in an area of West Palm Beach that has recently seen a spike in interest after being largely ignored for decades.

The land totals about 1 acre combined and sits at the foot of the Southern Boulevard bridge about a half mile from Mar-a-Lago and between Flagler Drive and Washington Road.

On it currently are two aging apartment buildings — 3906 Washington Road and 3907 South Flagler Drive — built in 1955 and 1972, respectively. The properties had most recently sold in May 2015 for $4.2 million, making the sale to Fort Partners a 370% increase in price.

Nadim Ashi, who leads Fort Partners, didn’t return messages for comment, but Realtors said they are not surprised by the price or sudden popularity of a neighborhood that has become increasingly walkable, with new restaurants, shops and views of Palm Beach.

“The proximity to Mar-a-Lago makes that section highly desirable,” said Douglas Elliman agent Randi Binder, who is listing a $1.1 million unit in the Harbor Towers condominium just north of the buildings that were bought by Fort Partners.

“The south end of Flagler is catching up to what’s happening on the north end, and there’s a limited amount of waterfront property along Flagler between the south bridge and north bridge.”

Recent high-end construction on Flagler Drive south of downtown West Palm Beach includes luxury condominiums such as La Clara , Forte, and the South Flagler House, which broke ground in April. Two high-rise condos are also being pitched for property that Family Church, formerly First Baptist Church, would lease to developers.

But all of that is north of West Palm Beach’s lauded, waterfront-hugging, historic neighborhoods of El Cid, Prospect Park, Southland Park, and Central Park. The recent $20 million purchase is on property just east of Central Park’s community of mostly single-family homes.

In December, billionaire resort and casino tycoon Steve Wynn paid $12.9 million for a waterfront teardown in Prospect Park at 2916 Washington Road through an LLC managed by his stepson, Alexander Hissom. Just south of that at 3030 Washington Road, a newly built 8,000-square-foot home is on the market for $34.9 million.

In 2022, the leader of mortgage lender NewDay USA bought the entire 7-story Crystal condominium at 3611 South Flagler for $16.9 million. The newly built condominium replaced an old single-story apartment complex.

"This is like waterfront gold," Douglas Elliman Palm Beach agent Chris Leavitt said at the time. Leavitt was the lead agent representing the buyer and the seller, with assistance from Ashley McIntosh, also of Douglas Elliman.

Will the developer build a high-end property?

Also, all of the owners at the 1960s-era Flagler House condominium at 3705 South Flagler Drive have sold to developers who want to build an 18-story luxury condominium at the site.

It’s unknown what Ashi has planned for his new properties, but previous projects have included the multiple Four Seasons Private Residences in Coconut Grove, Fort Lauderdale, Miami, Telluride, Colorado, and Marbella, Spain. Four Seasons Residences are luxury homes that offer similar amenities to the resorts and are sometimes on the same property as the resort.

Ashi also built the Four Seasons Resort Palm Beach .

“If they bring an ultra-high end product, it will do a lot for the neighborhood,” said Jefferson Kiely, broker owner of Kiely Real Estate.

Kiely said he worries a little about new construction on South Flagler getting too tall and overshadowing the neighborhoods to the west, but understands the old condominiums and apartments are nearing their expiration dates.

“How they managed to survive in that awesome location this long is amazing,” he said. “It was just a matter of time.”

Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to Help support our local journalism; subscribe today.