Related Cos., the New York-based real estate development company, has recently acquired a rare Intracoastal Waterway land in West Palm Beach for nearly $200 million. This piece of land, once home to two old Palm Beach Atlantic University dormitories, is now set to become the site of luxury condominium towers known as the South Flagler House in early 2026. This ambitious project, initially planned by the Frisbie Group of Palm Beach, will now be developed by Related, a significant player in West Palm Beach's real estate scene.
Stephen Ross, the Chairman of Related Cos. and owner of the Miami Dolphins, discussed the rationale behind the $195 million purchase in an exclusive interview. He expressed confidence in the future of West Palm Beach and its potential for growth, even in the face of economic uncertainties such as high-interest rates.
This acquisition is part of Related's broader strategy to expand its presence in West Palm Beach, where the company has already invested heavily in various projects over the past two decades. They are not only focusing on high-rise office towers but also on high-rise residences, aiming to contribute to the city's evolving skyline.
The South Flagler House project had faced legal challenges that hindered its development, but a recent settlement has now paved the way for the luxury twin-tower complex. With Related's involvement, the project is set to proceed smoothly, and sales of the condo units are expected to commence in the fall.
One highlight of the South Flagler House project is its collaboration with renowned architect Robert A.M. Stern Architects (RAMSA), which marks the firm's first venture into luxury residential high-rises in Florida. Stephen Ross emphasized his belief in the project's potential to contribute positively to the city's landscape.
The plans for South Flagler House initially included 82 units and seven ground-floor townhouses, but adjustments are being made due to parking space requirements. Despite these changes, Related has announced that prices for the condominium units will start at $7.5 million.
Related Cos.'s involvement in West Palm Beach has significantly contributed to the city's transformation from a quiet locale into a flourishing luxury enclave. The company's ventures have attracted not only residents but also businesses, with notable migration trends observed during the pandemic. While West Palm Beach's growth is expected to continue, Stephen Ross emphasized that the city's expansion has its limits, and it is not aiming to replicate the scale and identity of Miami.
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