WEST PALM BEACH — Portofino South Condominium owners have decisions to make. They have received a $202 million offer to sell their 54-year-old building across the Intracoastal Waterway from Mar-a-Lago.

Condo buyouts have become more common amid the skyrocketing insurance costs and pricey repairs required after the 2021 collapse of Champlain Towers South in Surfside. Portofino South is just the latest building along Flagler Drive to catch the attention of a developer. At $202 million, the average purchase price of a unit would be $1.4 million. Here are five things to know about the effort to purchase 55-year old building near the intersection of Southern Boulevard and Flagler Drive. Who has made the offer to buy Portofino South? Immocorp Capital, a real estate investment and development firm, is the company that submitted "a letter of intent" to buy the 140 condominiums. It specializes in luxury high-rise residential and commercial mixed-use projects, so if it is successful, it is expected that it would tear down Portofino South and build a new structure. Immocorp is currently building The District at Northwood, a mixed-use project in West Palm Beach featuring 60,772 square feet of high-end restaurants and retail space.

The Portofino South Condominiums, right, at 3800 Washington Road on January 30, 2026, in West Palm Beach, Florida.

 

What are the individual offers?

The 140 owners have already received their offers. Some have been offered more than the average buyout of $1.4 million; others lower.

According to the offer letter, the amount depends on the unit's layout, floor level, square footage, and the view of the condo. Some units can see Mar-a-Lago, President Donald Trump’s estate in Palm Beach.

What is next?

According to the condo association, 95% of the owners must approve the buyout offer. The condo association would then be dissolved, allowing Immocorp to assume control of the building and do what it wants with it.

Immocrop's offer is contingent on every owner agreeing to sell. It can adjust the price based on how many owners reject the offer. Realtors representing Immocorp are expected to meet with owners to encourage them to accept the offer, as other condo buildings along Flagler Drive have done.

What are pros and cons of a sale?

For some owners, the offer is a financial lifeline. Jack Buyarski, who purchased his condo in 2009, sees the deal as a way out of mounting special assessments. Owners have already spent $12 million on safety and engineering upgrades, including fire sprinklers, and more assessments are expected for the 1971-era building. Annual maintenance fees already top $20,000 for many owners.

But many longtime elderly residents are reluctant to sell. They say they feel secure in the building, which has passed its structural inspections, and fear the stress of relocating. While owners could lease their units back at market rates, Immocorp could terminate those leases with just 60 days’ notice.

What is the market value of the condos?

As of Jan. 29, six units were listed for sale, priced from $499,000 for a one-bedroom to $1.9 million for a three-bedroom.

According to the county property appraiser, unit values have more than tripled for some of the units over the past decade, but most of that appreciation occurred between 2020 and 2023. Prices have largely plateaued since.