Related Ross scored a $157 million construction loan for Shorecrest, his second condo project in West Palm Beach.
The firm, headed by billionaire Steve Ross, landed the loan from Steven Tananbaum’s GoldenTree Asset Management, which also contributed to the $600 million construction financing for Ross’ other West Palm Beach condo project, South Flagler House.
Shorecrest is set to span 28 stories and 98 units at 1865 North Flagler Drive, the former site of West Palm Beach’s Temple Israel, according to a news release. Corcoran Sunshine Marketing is leading sales, with prices starting at $3 million and construction expected to finish next year.
The design team includes Roger Ferris + Partners, interiors firm Rottet Studio and landscape architect DS Boca. Roger Ferris + Partners leased West Palm Beach office space at the Ross-owned Phillips Point last year.
Related Ross launched Shorecrest in 2024 as a 26-story, 140-unit tower that would include a 21,500-square-foot house of worship and preschool on the ground floor for Temple Israel to use. The project was redesigned after the synagogue membership approved a $30 million sale of the site to the developer later that year.
In its current iteration, Shorecrest is set to have four units per floor spanning between two- and three-bedrooms, the release shows. Amenities in the tower will include a pool, spa facilities, a private dining room, game lounge, golf simulator and meeting spaces. The Related Companies-owned luxury fitness brand Equinox will oversee amenities and services in the building, the release shows.
Shorecrest is one of many condo developments rising on West Palm Beach’s waterfront. It is adjacent to Savanna’s Olara, at 1919 North Flagler Drive, the planned 26-story, two-tower complex slated for 275 condos and 170 apartments. While there are more than 2,000 condos in development in the city, Ross’ South Flagler House is the most expensive on the market. The median price is $15 million, and former Apple CEO John Sculley and his wife are buying a $40 million penthouse in the under-construction two-tower project.