Stephen Ross Pays $55M for Downtown West Palm Beach Dev Site to Build Condo

Stephen Ross has bought yet another development site in West Palm Beach, Fla.

The billionaire’s firm, Related Ross, paid $55 million for a full block in the city’s downtown, where a residential tower is planned, property records show. The developer is expected to build a condo project with 100 to 130 units. 

The 2.6-acre site is sandwiched between Dixie Highway and South Quadrille Boulevard as well as Fern and Gardenia streets. The owners had assembled the site for a combined $27.2 million, between 2021 and 2022.

That partnership was made up of three high-profile developers: Miami-based 13th Floor Investments, West Palm Beach-based Wexford Real Estate Investors, and an affiliate of New York-based L&L Holding Company. The joint venture had filed a proposal to build a 25-story, 372-unit multifamily tower, but construction never started. The three firms will retain equity in the upcoming project, per a representative for L&L Holding Company.

“With its proximity to CityPlace and a highly walkable setting, this site presents a distinct offering from our waterfront residences, broadening the lifestyle options we can provide to buyers,” a representative for Related Ross told the Palm Beach Post last month. (CityPlace, which Related Ross owns, is a popular West Palm Beach shopping drag.) 

The project marks Ross’s fourth condo project in the city. In February, the developer obtained a $157 million construction loan for a 98-unit, 28-story waterfront tower at 1865 North Flagler Drive, about a mile and a half north of the city’s downtown. The following month, he launched sales for the two-tower, 168-unit Edgeworth development at 1155 South Flagler Drive.

Ross’s RAMSA-designed, 108-unit development at 1355 South Flagler Drive remains under construction after landing a $600 million debt package last year.

The moves are all part of Ross’s broader plan to turn West Palm Beach into a business hub and accommodate the city’s growing, wealthy employee base, as high-profile financial institutions such as Wells Fargo, J.P. Morgan Chase and Goldman Sachs open offices at property owned by Ross.

A representative for the developer did not immediately respond to a request for comment.

Update: The story was updated to reflect that the original owners of the site are remaining and will have equity in the upcoming project. A previous version of this article intimated that Related Ross had bought them out. 

Julia Echikson can be reached at jechikson@commercialobserver.com.