Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm

NY developer plans 25-story high-rise in the Okeechobee Business District

Miami /
Jul.July 27, 2021 04:43 PM
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)

Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)

The Related Companies closed on the site of a planned 25-story office tower in downtown West Palm Beach, marking progress for a project that is years in the making.

The First Church of Christ, Scientist in West Palm sold the property at 134 and 142 Lakeview Avenue and 809 South Flagler Drive to Related’s RUD 1 Flagler LLC for $20.1 million, records show.

The sale includes the church, which was built in 1928 and designed by architect Julian Abele, and nearby land totaling about 2.5 acres.

The New York developer, led by Miami Dolphins owner Stephen Ross, is planning a 266,000-square-foot Class A tower on the site, designed by architect David Childs of Skidmore, Owens & Merrill LLP.

The project, called One Flagler, will include 250,000 square feet of office, 11,000 square feet for a flagship restaurant, 5,000 square feet of retail, nearly 1.3 acres of green space, and a reading room that will be open to the public, as well as members of the church, according to Related’s website. Related will keep the church.

Construction is expected to begin in the fall, according to a statement from Related Southeast partner Gopal Rajegowda. The office building could be delivered in late 2023. The site overlooks the Lake Worth Lagoon and the island of Palm Beach.

Related had proposed building One Flagler prior to the city approving an Okeechobee Business District in 2018. Before that, zoning in the area limited height to five stories.

Related has doubled down on West Palm Beach. The company made two big office purchases in the city this year, including the $175 million acquisition of CityPlace Tower and the $282 million acquisition of the Phillips Point office towers.

Last year, it scored a $140 million construction loan from MSD Capital in 2020 to finish the 20-story 360 Rosemary, which topped off in September.





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