Steve Ross’ Related Companies launched pre-leasing of a 322-unit multifamily building that the firm is developing in downtown West Palm Beach.
The 21-story project, called The Laurel, will have one-bedroom to three-bedroom apartments, ranging from 636 square feet to 1,825 square feet, with rents starting at $3,400 a month, according to a Related news release. The penthouses, which will span from 1,505 square feet to 2,487 square feet, start at $9,600 a month. Apartments will be furnished and unfurnished, with the monthly rent for one furnished three-bedroom penthouse starting at $20,000.
New York-based Related is developing The Laurel at 635 Hibiscus Street at the firm’s The Square mixed-use complex. The first move-ins are expected in May, shortly after the project is completed, a Related spokesperson said.
The Laurel’s 38,000 square feet of amenities will include a Pilates studio, a golf simulator, outdoor fitness pavilion, co-working spaces, as well as private cabanas and hot and cold plunge pools atop the fourth-level pool deck.
The project marks Related’s first luxury multifamily development in Florida, though hardly the company’s first bet on the state.
Ross has amassed an office empire in downtown West Palm Beach. In 2021, Related bought two towers and an ownership stake in a third, and completed and fully leased the 360 Rosemary office building. Related is developing the 25-story One Flagler tower at the foot of the Royal Park Bridge, overlooking Lake Worth Lagoon; and plans the 25-story 515 Fern on the northwest corner of Fern Street and the Florida East Coast Railway tracks, as well as the East Tower and West Tower at The Square.
To lease its office towers, Related has in part tapped its network in New York. The Laurel could attract employees from the firms leasing at Related’s offices.
Though Related has had a hefty downtown West Palm focus in recent years, the firm has been a player in the area since 2000 when it developed the 72-acre The Square with restaurants and retail. The project was originally christened CityPlace.
As a whole, the firm has 1.3 million square feet of commercial real estate in downtown West Palm, with 2 million in the pipeline. It also is developing two waterfront condo projects, the 26-story, 140-unit Shorecrest building at 1901 North Flagler Drive, and the 28-story, 108-unit South Flagler House at 1355 South Flagler Drive.
Last month, Shorecrest sales launched, with unit prices ranging from $1.3 million to $9 million.