Related Group and BH Group have secured $200 million in construction financing from Madison Realty Capital for the Ritz-Carlton Residences, West Palm Beach. The planned 27-story tower will include 138 units at 1717 North Flagler Drive.
According to a news release, the project is currently 70 percent pre-sold, with $150 million in sales recorded over the past six months. Sales for the development began in 2024 after Related, led by the Pérez family, and Isaac Toledano’s BH Group received 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 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 receive complimentary membership to the Cove Club at Icon Marina Village.
Douglas Elliman is managing sales and marketing for the project. A spokesperson confirmed that remaining units start at $3 million. Construction is expected to be completed in 2028.
Madison Realty Capital has previously financed projects for Related and BH Group. In 2024, Madison provided a $400 million construction loan for their planned Residences at Six Fisher Island.
The developers are also pursuing other projects in West Palm Beach. In 2024, they acquired another waterfront lot near the Ritz-Carlton site for $34 million.
Market activity remains high in West Palm Beach’s new development sector. Branded residential projects continue to attract buyers; Tyko Capital recently issued a $285 million construction loan for Terra and Sympatico Real Estate’s Mr. C Hotel & Residences West Palm Beach when it was also 70 percent presold. Last month saw Canadian developer Great Gulf launch a Mandarin Oriental-branded waterfront condo project with prices starting at $3.5 million.
