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 sellers 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.

Related Ross had initially planned to partner with the sellers, the Palm Beach Post reported, though the land acquisition suggests the developer has bought them out. 

“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.

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