Stephen Ross Lands $600M Financing for Luxe Condo in West Palm Beach: Updated
It's South Florida's biggest condo construction package so far this year
By Julia Echikson June 10, 2025 11:03 am
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Stephen Ross has landed South Florida’s biggest condo construction package this year: $600 million for a waterfront luxury condo development in West Palm Beach.
Called South Flagler House, the project will include two 28-story towers, housing 108 units, at 1355 South Flagler Drive, just east of the Norton Museum of Art. Construction started in April 2024 and is scheduled to be completed in 2027.
The financing includes a $125 million mezzanine loan from GoldenTree Asset Management and TZ Capital as well as a $475 million senior loan from Bank OZK. The Arkansas bank assumed a loan issued a year ago — which had $100 million outstanding — and increased by $375 million, according to mortgage documents, bringing the total financing for the project to $600 million.
Eastdil Secured arranged both loans. Robert A.M. Stern Architects, now known as RAMSA, is the project designer.
In 2023, Ross paid $195 million for the 3-acre site from development giant Hines and local developer Frisbie Group, which had initially planned to develop South Flagler House.
The project marks Ross’s first condo development in West Palm Beach since stepping down from Related Companies, the New York-based real estate behemoth he founded, and launching Related Ross, a West Palm Beach-based company with the mission of turning the city into the Wall Street of the South.
The billionaire plans to spend about $10 billion in West Palm Beach. So far, he has completed two Class A office buildings, which count Goldman Sachs and J.P. Morgan Chase as tenants, and has broken ground on two more office projects. Related Ross also has plans for another luxury condo development.
In April, Ross, along with partners, purchased a TV studio for $40 million. Ross has also successfully lobbied for Vanderbilt University to open a satellite campus, which has yet to break ground.
Bank OZK is South Florida’s most prolific construction lender. Just last week, Bank OZK provided a $160 million construction loan to Related Group and Merrimac Ventures’s Waldorf Astoria-branded condo development in Pompano Beach.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: This article has been updated to reflect $125 million mezzanine loan, which was not listed in property records, and to better reflect Bank OZK’s plans of action this year.
