Billionaire Related Ross chairman Steve Ross is planning his fourth condo project in West Palm Beach.
The news comes on the heels of Ross launching sales for his third planned condo tower, Edgeworth, last month. The yet-to-be-named fourth tower is slated for a 2.2-acre site on South Dixie Highway, the Palm Beach Post reported. The project will have between 100 and 130 condo units, according to the outlet.
Ross is joining an existing slate of partners who have sought to build a residential complex on the site since at least 2021. Wexford Real Estate Investors, 13th Floor Investments and L&L Holding Company’s entity WPB Fern Holdings bought the land for $26.1 million in 2021. The addresses are 430, 440, 450, 460 and 464 Fern Street, 419 and 435 Gardenia Street, and 415, 417 and 421 South Dixie Highway.
The trio initially planned a 25-story, 372-unit apartment tower, but that never materialized, despite the city’s residential development boom over the last five years.
Ross’ South Flagler House is the most expensive new development tower in the pipeline in West Palm Beach, with a median unit price of $15 million. Sales launched for the two-tower, 105-unit project in 2023, and closings are expected to begin next year. In February, Ross scored a $157 million construction loan for the planned 28-story, 98-unit Shorecrest, and last month he launched sales for the planned two-tower, 168-unit Edgeworth.
In 2024, his firm completed the Laurel, a 21-story, 322-unit apartment complex in the heart of Related’s CityPlace development.
Related Ross is on track to reach $1 billion in pre-sales across its West Palm Beach residential portfolio by the end of this season, according to a spokesperson for the developer.
While Ross is a dominant force in West Palm Beach development, he’s not the only developer in town. David Martin’s Terra, Jorge Pérez’s Related Group and Camilo Miguel Jr.’s Mast Capital are among the firms planning more than 2,000 units throughout the coastal city.
–– Kate Hinsche