Steve Ross’ Related plans waterfront condo tower on Temple Israel site in West Palm
Asking prices for luxury condos to start at $1.5M
Related Companies is moving forward with plans for a luxury condo tower on the site of a waterfront temple in West Palm Beach.
Related is proposing a 26-story, 140-unit building on the site of Temple Israel of West Palm Beach, at 1901 North Flagler Drive. The New York-based firm, led by billionaire founder and Chairman Steve Ross, will go before the city’s plats and permits review committee on Thursday.
The development, called Shorecrest, would include a 21,500-square-foot house of worship with a preschool on the 1.8-acre property. Connecticut architecture firm Roger Ferris & Partners is designing the project, according to the city.
Sales of the condos are expected to launch early this year, with prices starting at $1.5 million. The units will range from one to four bedrooms. Related tapped Corcoran Sunshine to lead sales.
Ross has been expanding his portfolio in West Palm Beach, where his company is the largest office landlord in the city.
Last year, Related launched sales of the two-tower South Flagler House condo project at 1355 South Flagler Drive, which marks the first condo development for Related in West Palm. Suzanne Frisbie of the Corcoran Group’s Frisbie Palm Beach team and the Corcoran Sunshine Marketing Group are leading sales of South Flagler House, where unit prices range from $5.9 million to $72.5 million for penthouses.
Related is also planning its seventh and eighth office towers in downtown West Palm that would total more than 740,000 square feet of offices and 64,000 square feet of retail space. The 24-story and 22-story towers will replace the existing AMC West Palm Beach 12 at 545 Hibiscus Street, the closed Brio Italian Grille at 550 South Rosemary Avenue and an existing garage.
Related has been investing in West Palm for more than two decades. It completed the mixed-use retail project, The Square, originally called CityPlace, on an 82-acre assemblage in 2000, parts of which have since been redeveloped.
Ross and Jorge Pérez, chairman and CEO of the Miami-based Related Group, separated about two years ago, allowing both of their firms to compete in each other’s territories across South Florida.