Stephen Ross Lands $157M Loan for Third Luxury Condo Tower in West Palm Beach

Stephen Ross's Related Ross has secured a $157 million construction loan from GoldenTree Asset Management for Shorecrest, a 28-story luxury condominium tower at 1865 North Flagler Drive in West Palm Beach — the developer's third condo project underway in the city.

The 98-unit building, designed by Connecticut-based Roger Ferris + Partners with interiors by Rottet Studio, will offer one- to four-bedroom residences starting at approximately $3 million. Demolition is underway and vertical construction is slated to begin this spring, with completion expected in 2027.

Equinox-Managed Amenities

Shorecrest will feature 18,355 square feet of amenity space managed by Equinox, the luxury fitness brand in which Ross holds an ownership stake. Amenities include a 75-foot rooftop lap pool, private dining room, cocktail lounge, coworking space, and fitness center. Corcoran Sunshine Marketing Group is handling sales.

The waterfront site was acquired from Temple Israel of West Palm Beach for $30 million. The synagogue, which had operated on the 1.5-acre site since 1953, is relocating elsewhere within the city.

Ross's Growing West Palm Empire

Shorecrest joins an expanding portfolio of Related Ross projects reshaping West Palm Beach's skyline. The developer's flagship South Flagler House — two 28-story towers with 105 residences priced from $7.9 million to $72.5 million — is topped out and roughly 50% presold. Former Apple CEO John Sculley purchased a $40 million unit.

South Flagler House was backed by a $600 million financing package — the largest condo construction loan in South Florida history — consisting of a $475 million senior mortgage from Bank OZK and $125 million in mezzanine debt from GoldenTree, which is now a repeat lender to Ross.

Related Ross is also quietly assembling a third site at 3915 South Flagler Drive, having acquired 45 of 63 units in the aging Southbridge complex for approximately $37.3 million, with a likely luxury redevelopment in mind.

Beyond residential, Ross is building two CityPlace office towers totaling nearly 1 million square feet, backed by a record $772 million construction loan. All told, Related Ross is investing an estimated $10 billion across West Palm Beach in housing, office, healthcare, education, and entertainment.

Market Context

West Palm Beach now has more than a dozen condo projects in its pipeline totaling over 2,000 units, with construction loans on four projects alone approaching $1.4 billion. The luxury boom is being driven by more than 250 financial firms that have established a presence in the city since 2020, fueling the "Wall Street South" migration from the Northeast.