Related Group and BH Group have obtained $200 million in construction financing from Madison Realty Capital for the Ritz-Carlton Residences, West Palm Beach. The planned development is a 27-story tower with 138 units located at 1717 North Flagler Drive.
According to the developers, sales for the project began in 2024, and it has reached 70 percent pre-sold status with $150 million in sales over the past six months. The project received approval for a height bonus last October.
The design team for the residences includes Arquitectonica as architect, Rockwell Group handling interiors, and landscaping by Naturalficial. Units will offer two-, three-, and four-bedroom floorplans ranging from 1,500 to 3,000 square feet. Planned amenities include a pool, spa facilities, fitness center, coworking spaces, children’s playroom, gaming studio, and two guest suites. Residents will also get complimentary membership to the Cove Club at Icon Marina Village.
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’s managing partners Josh Zegen, Brian Shatz and Adam Tantleff have previously financed projects by Related and BH Group. In 2024 they provided a $400 million construction loan for Residences at Six Fisher Island.
Related Group and BH Group continue to expand their presence in West Palm Beach; last year they purchased another waterfront lot nearby for $34 million.
Branded residential developments have seen strong demand in West Palm Beach recently. For example, Tyko Capital issued a $285 million loan last August for Terra and Sympatico Real Estate’s Mr. C Hotel & Residences West Palm Beach project when it was also about 70 percent presold. Additionally, Great Gulf launched a Mandarin Oriental-branded waterfront condo development last month with prices beginning at $3.5 million.
