Inside Steve Ross's $600M Bet on West Palm Beach

Before the $600 million construction loan and Related Ross takeover, this waterfront project had been quietly developing behind the scenes since 2022. Today, we break down every stage of South Flagler House—from the original plans by Frisbie and Hines to Steve Ross's massive investment in West Palm Beach luxury real estate.

What do a $73 million penthouse, twin 28-story towers, and South Florida's biggest condo loan have in common? One man: Steve Ross. And he’s betting big that luxury condos in West Palm Beach are just getting started.

What Is South Flagler House?

South Flagler House sits on a prime waterfront parcel at 1355 South Flagler Drive, covering approximately 3.4 acres. This site, formerly owned by Palm Beach Atlantic University, enjoys panoramic views of the Intracoastal Waterway and Palm Beach Island. Its location makes it a crown jewel in the evolving skyline of West Palm Beach condos.

Who’s Behind It: From Frisbie & Hines to Related Ross

The project was originally announced in 2022 by Frisbie Group and Hines. But in 2023, Related Companies stepped in, acquiring both the development and the land for $195 million. Today, the project is managed by Related Ross, the Florida-based division led by billionaire developer Steve Ross.

Ross's vision has expanded beyond one building—South Flagler House is now the cornerstone of a $10 billion push to transform West Palm into "Wall Street South."

The Timeline Behind South Flagler House

April 2022: Initial Vision by Frisbie & Hines

The initial unveiling included two 27-story towers designed by renowned New York-based Robert A.M. Stern Architects. The plan immediately captured attention with its classically inspired limestone architecture and premium location.

May 2022: Sales Launch with Sky-High Prices

Units hit the market starting around $10 million. The crown jewel? Penthouses listed between $72 million and $73 million, setting a new bar for luxury in West Palm Beach.

July 2022: Land Acquired for $41.5 Million

Frisbie and Hines secured the land from Palm Beach Atlantic University for $41.5 million, paving the way for construction.

2023: Related Acquires Project for $195 Million

Steve Ross and Related Companies acquire both the land and development rights, bringing new vision, resources, and leadership to the table.

April 2024: Official Groundbreaking

Related Ross breaks ground on the site, signaling serious momentum for the development.

June 2025: $600 Million Construction Loan Secured

In a tight lending environment, Ross secures the largest condo construction loan in South Florida this year. The financing is led by MSD Partners, Bank OZK, and JPMorgan Chase.

South flager house twin towers

The Design: Twin Towers of Ultra-Luxury

South Flagler House, designed by renowned Robert A.M. Stern Architects (RAMSA)—marking their first high-rise in Florida—and featuring interiors by Pembrooke & Ives, blends timeless elegance with modern luxury. The twin towers, named Park and Lake, will each rise 28 stories and include 105 to 108 residences ranging from 2 to 5 bedrooms and 2,200 to over 15,500 square feet.

Each unit is thoughtfully crafted to showcase sweeping water and skyline views. Prices begin at $5.9 million, with penthouses reaching up to $73 million, placing them among the most expensive condos ever listed in West Palm Beach and attracting wealthy buyers from around the world.

Amenity Lineup That Rivals Five-Star Resorts

Wellness, Fitness, and Spa Offerings

25-meter lap pool, whirlpools, and cold plunge
Steam room, sauna, and private spa treatment rooms
State-of-the-art fitness center with yoga and Pilates studios

Entertainment and Lifestyle Amenities

Golf simulator and pickleball court
Private dining areas and wine cellar
Media lounge, library, and game rooms

Family-Friendly Features and Outdoor Spaces

Children’s playroom and teen lounge
Dog run, sculpture garden, and green open spaces

These features are not just luxurious—they're designed to support long-term residency and community living.

Hummingbird South Flager House

Why It Matters: The “Wall Street South” Strategy

Steve Ross isn’t just building condos—he’s creating a full-scale luxury real estate ecosystem in West Palm Beach. His vision spans office towers, hospitality projects, and higher education initiatives, all designed to attract top-tier talent from cities like New York and Chicago. Through Related Ross, the company is leading a $10 billion investment across downtown West Palm Beach, with South Flagler House serving as the flagship residential development. The record-breaking $600 million construction loan secured for the project highlights a strong institutional commitment and growing confidence in the long-term future of West Palm Beach luxury real estate.

Can the Market Absorb This Level of Luxury?

West Palm Beach has over 6,000 new residential units in the pipeline, from condo towers to mixed-use projects, increasing competition across the market. Despite this, South Flagler House is targeting the very top tier of buyers. While higher interest rates have cooled some luxury demand, many high-end buyers continue to pay cash or use alternative financing. The $600 million construction loan—secured amid tighter lending conditions—shows strong confidence from major lenders. Drawing from the success of past RAMSA-designed buildings like One Bennett Park in Chicago and 220 Central Park South in NYC, South Flagler House is positioned to become one of the city’s most valuable and enduring properties.

Is Now the Time to Invest in West Palm Beach Luxury?

Why High-End Buyers Are Flocking to South Florida

West Palm Beach is quickly becoming a go-to for luxury buyers thanks to:

No state income tax
Year-round warm weather
Strong economic and cultural growth

What This Means for Local Real Estate Agents and Investors

Opportunities are growing for investors and buyers who want access to premier properties in Florida’s most rapidly evolving city. It’s also a signal to buyers who want to get in before pricing climbs even further.

Work With the Experts in West Palm Beach Real Estate

South Flagler House isn’t just a condo tower—it’s a signal that West Palm Beach real estate is stepping onto the world stage.

If you’re exploring homes, condos, or investment properties in the area, work with the local experts who know the luxury market best. The Mastropieri Group, Realtors® offers trusted guidance and personalized service backed by years of success in South Florida.

Call us today at (561) 544-7000 to learn more about luxury homes, new developments, and investment opportunities in West Palm Beach.

Posted by Larry Mastropieri on July 1st, 2025