Related Ross has successfully secured a $157 million construction loan for its Shorecrest condominium project in West Palm Beach. This significant financial backing from GoldenTree Asset Management paves the way for the commencement of construction on the upscale waterfront tower, a key element in Related Ross’s broader development strategy for the city.
Key Takeaways
- A $157 million construction loan has been finalized for the Shorecrest condominium project.
- GoldenTree Asset Management is providing the financing.
- Construction is set to begin soon, with completion anticipated in 2027.
- Residences will be priced from $3 million.
Shorecrest Project Details
Shorecrest, located at 1865 North Flagler Drive, will be a 28-story tower featuring 98 luxury waterfront residences. Designed by Roger Ferris + Partners, the building will offer stunning views of the Intracoastal Waterway, the Atlantic Ocean, and Palm Beach Island. The interiors and amenities are designed by Rottet Studio, aiming to provide a refined living experience deeply connected to the coastal environment. Each floor will have only four residences, ensuring privacy and exclusivity.
Wellness-Focused Amenities and Lifestyle
A significant aspect of Shorecrest is its partnership with Equinox, which will curate a wellness-infused lifestyle for residents. The project boasts 18,355 square feet of amenities designed for a South Florida experience. These include a golf simulator, executive meeting spaces, a dedicated residents-only Lifestyle Director, a game lounge, a private dining room, and an expansive rooftop pool deck. The deck features a 75-foot lap pool, hot tub, cold plunge, and separate spa facilities with sauna and steam rooms.
Related Ross’s Growing Presence in West Palm Beach
The Shorecrest loan underscores Related Ross’s substantial investment and ongoing development in West Palm Beach. The firm is actively involved in transforming the city’s waterfront and urban core. Recent projects include the topping out of the ultra-luxury South Flagler House and the successful lease-up of The Laurel rental community at CityPlace. Shorecrest is positioned as a cornerstone of Related Ross’s vision to establish the North Flagler neighborhood as a premier luxury destination, enhancing the city’s global profile through economic growth and urban vitality.
Demolition and site preparation are scheduled to begin this month, with groundbreaking for the tower planned for the spring. Sales for Shorecrest are being managed by Corcoran Sunshine Marketing Group.