The project, being developed by Related and BH Group, is the latest standalone branded residential project in the booming region.
WEST PALM
BEACH, Florida — Miami-based Related Group and Aventura, Florida-based BH Group
have secured $200 million in construction financing for 138-key The
Ritz-Carlton Residences, West Palm Beach, in the latest branded residential
project to be announced in the bustling hotel market of South Florida.
Construction
is now underway for the 27-story waterfront tower, scheduled for completion in
2028, and 70% of the units have already been sold. The financing was provided by New York
City-based Madison Realty Capital.
This
financing comes amid West Palm Beach’s rapid rise as a luxury housing hotspot.
A “Trump Bump” has been transforming the tourism scene as President Donald
Trump’s frequent visits to his Mar-a-Lago estate have thrust the coastal
destination into the international spotlight.
There have
been a number of notable branded residential projects announced in the past
year in South Florida, including:
- Mandarin
Oriental and Great Gulf out of Toronto are developing the 87-key Mandarin
Oriental Residences, West Palm Beach, the company’s first standalone
residential offering in South Florida.
- MICL and Admire Capital have announced the development of The Ritz-Carlton Residences, Fort Lauderdale Beach, a dual-tower development comprising just 83 private homes between the Atlantic Ocean and Intracoastal Waterway.
- CMC Group
and Fort Partners are developing the Four Seasons Private Residences Coconut
Grove, a 20-story waterfront residential tower in Miami’s Coconut Grove
neighborhood, which will be Florida’s first standalone Four Seasons-branded
residential development.
- Miami-based Property Markets Group recently proposed a second skyscraper
development down the block from its Waldorf Astoria-branded condo tower (which
would be the city’s tallest building) in Miami that would include a Delano
hotel branded residence.
- Vlad Doronin’s OKO Group, which owns the Aman brand, has teamed up with South Florida PE firm Oak Row Equities to close on the $520 million purchase of Aimco’s 4.25-acre waterfront parcel in Miami’s Brickell neighborhood with 485 feet of continuous Biscayne Bay frontage – the single largest land acquisition in Florida – to develop a new hotel concept and branded condo residences.
- In January, a joint venture between Constellation Hotels Holding, Raycliff Capital, Miami Design District Associates and Fort Partners announced a development proposal in Miami's Design District for a luxury hotel and a high-end condominium tower positioned between two buildings. The project would include 143 condominium residences and 105 hotel units, comprising 85 traditional hotel rooms and 20 condo-hotel units.
- Another
notable project is the Viceroy Brickell in Miami, which is currently under
construction.
“In just six
months, we have driven over $150 million in sales for this project,” said Nick
Pérez, president of Related Group’s Condominium Division. “The pace has truly
been remarkable, and it speaks volumes about buyers' confidence in the thriving
West Palm Beach market. It’s been incredible to witness such strong conviction
and genuine excitement for a waterfront lifestyle that only Ritz-Carlton can
deliver.”
“West Palm
Beach has one of the nation’s most dynamic luxury residential markets – with
record growth in luxury home prices and global attention as a premier
waterfront destination,” said Isaac Toledano, principal at BH Group. “Securing
this financing brings us one step closer to delivering this extraordinary
building during a moment of unparalleled demand.”
“The Ritz-Carlton Residences, West Palm Beach is a marquee asset in one of South Florida's most sought-after submarkets, and our track record working with Related Group — one of Florida's most prolific and accomplished developers — made this a particularly compelling opportunity for Madison,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital.