Related Group and BH Group have secured $200 million in construction financing from Madison Realty Capital for the Ritz-Carlton Residences project in West Palm Beach. The 27-story, 138-unit condominium tower is planned for 1717 North Flagler Drive.
According to a news release, the development is currently 70 percent pre-sold, with $150 million in sales achieved over the past six months. Sales for the Ritz-Carlton Residences began in 2024, following approval for a height bonus in October of that year.
The design team for the project includes Arquitectonica as architect, Rockwell Group handling interiors, and Naturalficial overseeing landscaping. Units will feature two-, three-, and four-bedroom floorplans ranging from 1,500 to 3,000 square feet. Amenities will include a pool, spa facilities, fitness center, coworking spaces, children’s playroom, gaming studio, and two guest suites. Residents will also receive complimentary membership to the Cove Club at Icon Marina Village.
A spokesperson confirmed that Douglas Elliman is managing sales and marketing efforts. Remaining units are priced starting at $3 million. Construction is scheduled for completion in 2028.
Madison Realty Capital has previously financed Related and BH projects; in 2024 it provided a $400 million loan for Residences at Six Fisher Island.
In addition to this project, Related and BH acquired another waterfront lot nearby for $34 million in 2024.
Market activity remains strong for new developments in West Palm Beach. In August of last year Tyko Capital issued a $285 million construction loan to Terra and Sympatico Real Estate’s Mr. C Hotel & Residences West Palm Beach project—also reportedly presold at about 70 percent at that time. Last month Canadian developer Great Gulf launched a Mandarin Oriental-branded waterfront condo project with prices beginning at $3.5 million.
