Stephen Ross Joins L&L, 13th Floor for Fourth Condo Project in West Palm Beach

Why It Matters

The project adds significant high‑end residential inventory to a rapidly growing market, reinforcing Ross’s strategy to reshape West Palm Beach into a premium live‑work destination for finance and technology executives.

Key Takeaways

• Related Ross partners with Wexford, 13th Floor, L&L for new condo
• Project will deliver 100‑130 luxury units on 2.2‑acre site
• Land bought for $26.1 million in 2021, previously Russo’s Submarine
• Ross secured $157 million loan for 98‑unit waterfront tower
• Developer aims to transform West Palm Beach into finance‑tech hub

Pulse Analysis

Stephen Ross’s Related Ross is accelerating its footprint in West Palm Beach, a city that has become a magnet for high‑net‑worth buyers seeking walkable, downtown living. By joining forces with South Florida developers Wexford Real Estate Investors, 13th Floor Investments, and an L&L Holding affiliate, the partnership repurposes a 2.2‑acre parcel once occupied by Russo’s Submarine. The revised plan trims the original 372‑unit vision to a more boutique 100‑130 luxury condos, aligning with market demand for premium, low‑density residences near CityPlace and other amenities.

Financing underpins Ross’s aggressive expansion. The land acquisition cost $26.1 million, while a separate $157 million construction loan funded a 98‑unit, 28‑story waterfront tower at 1865 North Flagler Drive. Recent projects—including the 168‑unit Edgeworth development and a $600 million debt package for a 108‑unit tower—demonstrate Ross’s ability to secure deep capital pools. These assets attract anchor tenants such as Wells Fargo, J.P. Morgan Chase, and Goldman Sachs, reinforcing the city’s emerging reputation as a regional hub for finance and technology firms.

The broader implication is a strategic transformation of West Palm Beach from a seasonal resort town into a year‑round business enclave. By coupling luxury condos with office space and even a planned $520 million Vanderbilt satellite campus, Ross is creating an ecosystem that appeals to executives, investors, and academic talent alike. While the influx of high‑end development promises job growth and higher tax revenues, it also raises questions about affordability and infrastructure capacity, making the next few years critical for city planners and stakeholders.