The Related Group has continued its ambitious expansion plans by starting construction on a luxury community in West Palm Beach, Fla. The developer’s market-rate division, Related Development LLC, broke ground on a luxury rental community with an expected completion date set for late 2022.
Dubbed Icon Marina Village, the projectill have 399 units split between two 24-story towers. The community will offer one-, two- and three-bed floorplans that have an average size of 1,150 square feet, as well as penthouse options that reach up to 3,000 square feet, two of which will have their own private rooftop pools. Residents will also get access to the community’s amenities that will include an outdoor kitchen, yoga space, heated pool, fitness center, beach club and outdoor bar.
The Arquitectonica-designed community is being constructed by Balfour Beatty, with interiors designed by V Starr.
Arturo Peña, vice president for Related and lead developer for Icon Marina Village, told Multi-Housing News that the company is very bullish on West Palm Beach’s potential due to several factors driving up the residential demand in the area.
“Families, young professionals, and empty nesters are relocating here due to the incredible weather and ample lifestyle opportunities,” Peña told MHN. “Major businesses are also moving their entire operation here to what some are calling ‘Wall Street South.’”
A Year of Groundbreakings
The groundbreaking of Icon Marina Village will be one of many for Related before the end of 2021. The developer is expecting to have more than 5,000 units under construction valued at more than $2 billion in new markets as well as ones Related is already established in.
The company’s expansion efforts started back in 2015 with developments in South and Central Florida, and has led to Related developing communities in more than 20 cities. Steve Patterson, CEO of Related’s market-rate rental division, said in prepared remarks that the company is seeing strong leasing activity across all of its active properties with a recent spike of interest from the northeastern U.S. and the West Coast. Related is also looking to expand into the Rocky Mountain and Carolinas regions of the U.S.
And in March of 2020, Related Urban Development Group—Related’s affordable housing program—opened an 87-unit senior housing community in West Palm Beach.