Updated Jul 8, 2025
Related Cos Acquires West Palm Beach Waterfront Site For $195M From Hines & Frisbie Group
1355 S Flagler Dr West Palm Beach, FL 33401, USA
$195,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 21, 2023
About this deal
AI
Related Cos., led by billionaire Stephen Ross, has purchased a West Palm Beach waterfront site for $195 million from Hines and Frisbie Group. The site, located at 1355 South Flagler Drive, will be the future home of the luxury condo project South Flagler House. Designed by renowned architects Robert A.M. Stern, the project will comprise two 28-story towers with stepped gardens.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $195,000,000
- Address: 1355 South Flagler Drive, West Palm Beach
- Buyer: Related Cos - Stephen Ross
- Seller: Hines & Frisbie Group
The acquisition of the waterfront site by Related Cos., spearheaded by Stephen Ross, marks a significant milestone in their real estate portfolio. Collaborating with architects Robert A.M. Stern, they aim to create a remarkable living experience in the form of South Flagler House. The two 28-story towers with stepped gardens are set to redefine luxury condominium living in West Palm Beach.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93