Related Group and BH Group have secured $200 million in construction financing from Madison Realty Capital for their planned Ritz-Carlton Residences in West Palm Beach. The 27-story tower, set to rise at 1717 North Flagler Drive, will feature 138 units.
According to the developers, the project is currently 70 percent pre-sold, with $150 million in sales over the past six months. Sales for the Ritz-Carlton Residences began in 2024 after the project received a height bonus approval in October of that year.
The design team includes Arquitectonica as architect, Rockwell Group for interiors, and landscaping by Naturalficial. The units will offer two-, three-, and four-bedroom layouts 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.
A spokesperson confirmed that Douglas Elliman is overseeing sales and marketing efforts. Remaining units are priced starting at $3 million. Construction is scheduled for completion in 2028.
Madison Realty Capital previously provided Related and BH with a $400 million construction loan for another development—Residences at Six Fisher Island—in 2024. That same year, Related and BH acquired a waterfront lot near the Ritz-Carlton site for $34 million.
The West Palm Beach market has seen increased activity in new developments with branded residences attracting buyers. In August, Tyko Capital issued a $285 million construction loan for Terra and Sympatico Real Estate’s Mr. C Hotel & Residences West Palm Beach; this project was also reportedly 70 percent presold at that time. Last month, Great Gulf launched a Mandarin Oriental-branded waterfront condominium project with prices starting at $3.5 million.
