Related Cos. Launches $194.57M Condo Project with 108 Units in West Palm Beach

Led by Stephen M. Ross, billionaire and owner of the Miami Dolphins, The Related Companies has commenced construction on the South Flagler House luxury condominium in West Palm Beach. This marks the company's first foray into luxury condos in South Florida under its own brand, although it has previously invested in similar projects in collaboration with other developers.

Location and Features

Situated on a 3.4-acre site along the Intracoastal Waterway at 1355 S. Flagler Drive, South Flagler House will consist of two 28-story towers housing a total of 108 units. The property, acquired for $194.57 million in August, underwent a redesign from a previous plan of 89 units. Sales commenced in November following the acquisition of the land, which was formerly owned by Palm Beach Atlantic University.

Sales and Construction Timeline

Bryan Cho, executive VP at Related Cos., revealed that the project's groundbreaking was moved up to April due to surpassing sales targets. Although Cho didn't disclose pre-sale figures, he mentioned that sales performance has exceeded expectations, prompting an acceleration in the construction schedule. Units range from 2,000 to over 13,000 square feet, with prices starting at $5.9 million and reaching up to $72.5 million.

Target Demographics and Market Reach

Cho emphasized the appeal of South Flagler House to buyers transitioning from single-family homes in Palm Beach to luxury condominium living. The project's marketing efforts, which initially targeted New Yorkers just a month prior, have yielded significant sales.

Design and Construction

Designed by New York-based Robert A.M. Stern Architects, with interior design by Pembrooke & Ives, the construction of South Flagler House is currently managed in-house by Related Cos. However, a general contractor will be hired later in the process. The project is slated for completion in spring 2027.

Amenities and Services

South Flagler House boasts an array of amenities, including a 25-meter lap pool, guest suites, various sports facilities, fitness and wellness centers, spa treatment rooms, children's play areas, and more, aiming to offer an unparalleled living experience.

Stephen M. Ross expressed confidence that South Flagler House will maintain the standard of excellence synonymous with Related's brand, offering innovative design, exceptional amenities, and curated experiences. Suzanne Frisbie, representing Frisbie Palm Beach and Corcoran Sunshine Marketing Group, leads the brokerage for the project.