Steve Ross, chairman of Related Companies, is planning his fourth condominium project in West Palm Beach, according to an April 9 report. The new development will be built through a partnership with Wexford Real Estate Investors, 13th Floor Investments, and L&L Holding Company.
The announcement follows the recent launch of sales for Edgeworth, Ross’s third planned condo tower in the city. The upcoming tower does not yet have a name and is set for a 2.2-acre site on South Dixie Highway. The project will feature between 100 and 130 condo units.
Wexford Real Estate Investors, 13th Floor Investments, and L&L Holding Company’s entity WPB Fern Holdings purchased the land for $26.1 million in 2021. The property includes several addresses on Fern Street, Gardenia Street, and South Dixie Highway. Initially, the group planned to build a 25-story apartment tower with 372 units on the site but did not move forward with those plans despite increased residential development activity in West Palm Beach over the past five years.
Ross has been active in West Palm Beach real estate development recently. His South Flagler House is noted as one of the most expensive new developments underway locally with a median unit price of $15 million; sales began last year for its two towers comprising a total of 105 units. Closings are expected to start next year. In February this year, Ross secured a $157 million construction loan for Shorecrest—a planned 28-story building with 98 units—and launched sales last month for Edgeworth’s two towers totaling another 168 units.
Earlier this year Related completed Laurel—a separate apartment complex consisting of twenty-one stories and three hundred twenty-two units within CityPlace.
A spokesperson said that Related Ross aims to reach $1 billion in pre-sales across its residential projects in West Palm Beach by season’s end.
Other developers are also active locally: David Martin’s Terra Group, Jorge Pérez’s Related Group, and Camilo Miguel Jr.’s Mast Capital are each planning additional residential projects that together could add more than two thousand new housing units throughout coastal West Palm Beach.
