The Related Group is moving forward with the development of the Ritz-Carlton Residences, a 28-story luxury condominium tower on West Palm Beach's waterfront at 1717 N. Flagler Dr. This exclusive residential property, a collaboration with BH Group, will feature 144 units priced between $2.5 million and over $6 million, marking a significant investment in the area's luxury real estate market. The Ritz-Carlton Residences distinguishes itself by offering a level of service akin to the luxury hotel brand, including pool attendants, valet service, and personalized concierge services, without including any hotel accommodations.
Jorge Pérez, Chairman and CEO of Related, highlighted West Palm Beach's rapid growth and its attractiveness to high-earning professionals and second-home buyers as key drivers for this development. The project is designed to cater to a mix of investors and part-time residents, with a focus on attracting buyers previously concentrated in Miami, including South American clientele. Pérez expressed optimism about the project's success, underpinned by Related's long-term market view and financial resilience.
The Ritz-Carlton Residences will offer two to four-bedroom units, featuring Italian cabinetry, spacious balconies, and high ceilings, alongside amenities such as a pool, spa, and summer kitchens. Unique to this project, all units will have east-facing views, ensuring unobstructed vistas of the water. The development joins a wave of luxury condo projects in North Flagler Drive, transforming the area into a high-rise corridor that rivals Miami's skyline. Despite the competitive landscape, Pérez is confident in the project's differentiation and appeal, backed by the Ritz-Carlton's reputation for luxury and service.
Currently, Related Group is taking $50,000 refundable deposits, with formal sales pending city approval of the project's site plan. The city has recently adapted zoning laws to accommodate the building's height, with the approval process ongoing. If approved, this would be West Palm Beach's first Ritz-Carlton branded residence, adding a prestigious option for luxury living in the city. Construction is anticipated to start in early 2025, with completion expected by 2027. This venture is part of Related's broader strategy to expand its footprint in Florida's luxury condo market, leveraging its history of successful developments in West Palm Beach and beyond.
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