Related Ross Set to Build West Palm Beach Condos With $157M in Financing

Related Ross has secured a $157 million construction loan from GoldenTree Asset Management for the development of Shorecrest, a 98-unit luxury waterfront condominium project in West Palm Beach, Fla. It is Related Ross’s third residential development in the South Florida city and part of the firm’s $10 billion-plus investment in West Palm Beach.

The 28-story condo development will be located at 1865 N. Flagler Drive in the North Flagler neighborhood, and will offer views of the Intracoastal Waterway and Palm Beach Island. The location also provides easy connectivity to downtown West Palm Beach and Related Ross’ CityPlace, an open-air lifestyle center and mixed-use district in the city’s downtown.

Demolition and site preparation will begin this month. Groundbreaking for the tower is expected in the spring. The project is slated for completion in 2027.

Corcoran Sunshine Marketing Group is handling sales at Shorecrest, with condo pricing set to start at $3 million.

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Shorecrest is designed by Roger Ferris + Partners and Rottet Studio is drawing up the interiors. DS Boca is the landscape architecture firm for the property. The architect of Record is Revuelta Architecture International.

Shorecrest will have four two- to three-bedroom residences per floor. Floor-to-ceiling glass will provide panoramic views of the water and ample light for each residence. The apartments will have white oak wood plank flooring throughout the main rooms.

Kitchen features will include Gaggenau appliances including refrigerators, freezers, ovens, cooktops, microwave ovens and dishwashers in addition to custom white oak European millwork, marble backsplashes and perimeter countertops as well as a full-height wine refrigerator and Dornbracht fixtures. Primary bathrooms will have limestone flooring, white marble walls and custom vanities with double sinks and freestanding soaking tubs.

The project will have 18,355 square feet of  amenity space, anchored by a partnership with Equinox. Offerings will include a golf simulator, executive meeting spaces, an on-site residents-only lifestyle director, a game lounge and a private dining room. Shorecrest will also have a rooftop pool deck featuring a 75-foot lap pool, a hot tub, a cold plunge and his-and-hers spas with dedicated sauna and steam rooms.

The community will also have a 24-hour attended lobby. Other services will include refrigerated storage for deliveries, a package room, a dog washing room and bicycle storage.

The property will have a five-story podium with 204 parking spaces and EV charging stations. The ground floor will include a large residential drop-off area, double-height lobby, widened sidewalks, enhanced landscaping and a publicly accessible park.

Related Ross’ development focus

Billionaire developer Stephen Ross, who now runs Related Ross, has a long-term vision for West Palm Beach that includes building approximately 1.4 million square feet of condos. The firm recently topped out South Flagler House, a two-tower, ultra-luxury waterfront condominium located 2 miles south of Shorecrest that is expected to open in 2027. Located at 1355 S. Flagler Drive, the condo property will have just under 100 units, with prices ranging from nearly $8 million to $73 million.

Related Ross has already completed the lease-up of The Laurel, a 322-unit luxury rental community that is part of the firm’s CityPlace development.

West Palm Beach is also seeing several other high-end residential projects besides those offered by Related Ross. The city’s current pipeline comprises 174 prospective, planned or under-construction apartment developments that will add about 43,000 units to the area, according to Yardi Matrix. There are at least 4,085 units across 16 properties under construction.

In March of last year, Savanna secured a $380 million construction loan from a consortium of lenders including One Investment Management, Sculptor Real Estate, Octo Capital and Zeckendorf Development to develop Olara at 1919 N. Flagler Drive. Olara will have two towers: one with 287 condos and a second with 170 rental apartments. The development is slated for completion in late 2027 or early 2028.