Related Ross, led by billionaire Steve Ross, has secured a $157 million construction loan for the Shorecrest condominium project in West Palm Beach. The financing comes from Steven Tananbaum’s GoldenTree Asset Management, which also contributed to the $600 million funding for another of Ross’ projects in the city, South Flagler House.
Shorecrest will be located at 1865 North Flagler Drive, on the former site of Temple Israel. According to the release, Corcoran Sunshine Marketing is managing sales for the 28-story development that will offer 98 units starting at $3 million. Construction is scheduled to be completed next year.
The project’s design team includes Roger Ferris + Partners, Rottet Studio for interiors, and DS Boca as landscape architect. Roger Ferris + Partners previously leased office space at Phillips Point, a property owned by Ross.
Originally announced in 2024 as a 26-story building with 140 units and a ground-floor house of worship and preschool for Temple Israel, Shorecrest was redesigned after synagogue members approved selling the site to Related Ross for $30 million later that year.
The current plans feature four residences per floor with two- and three-bedroom layouts. Amenities will include a pool, spa facilities, private dining room, game lounge, golf simulator, and meeting spaces. Equinox, a luxury fitness brand owned by The Related Companies, will manage amenities and services in the building.
Shorecrest joins several other waterfront condo developments in West Palm Beach. It sits next to Savanna’s Olara at 1919 North Flagler Drive—a planned two-tower complex with 275 condos and 170 apartments. While over 2,000 condos are being developed across the city according to https://therealdeal.com/miami/2024/01/17/west-palm-condo-boom-hits-2k-units/, South Flagler House stands out as the priciest currently available. Its median price is $15 million; former Apple CEO John Sculley and his wife are set to purchase a $40 million penthouse there.
