The Ritz-Carlton Residences in West Palm Beach just pre-sold a penthouse condominium for $14.5 million, or $3,000 per square foot, setting a new record for this emerging luxury condo market along North Flagler Drive.
The 27-story Ritz-Carlton tower, being built at 1717 N. Flagler Drive, features 137 units facing Flagler Drive, the Intracoastal Waterway and Palm Beach.
With this sale, the Ritz-Carlton Residences has logged more than $254 million in signed contracts during the past six months.
Construction began in February, with the project’s completion set for 2028. The Ritz-Carlton Residences is a joint venture between Related Group and BH Group, both based in Miami.
This new record sale is for a penthouse unit on the 27th floor, the tower’s top floor, according to Chris Leavitt, sales director of the Ritz-Carlton Residences.
The unit features four bedrooms and four-and-a-half bathrooms in nearly 4,800-square-feet of interior space. It also has a 1,204-square-foot wraparound terrace.
In an April 17 interview, Leavitt said the sale reflects “a new world of luxury residences, being built just moments away from Palm Beach.”
The condo has views of the island and the water from every room, said Leavitt, part of the Leavitt-McIntosh team at Douglas Elliman real estate brokerage.
In a statement, a top Related Group official said the Ritz-Carlton Residences underscores the company’s confidence in West Palm Beach.
The city, once a sleepy county seat, now is rising in prominence as a luxury real estate destination. It also is attracting financial and technology firms moving or expanding to be part of “Wall Street South.”
“West Palm Beach is one of the strongest-performing markets in our condo portfolio, with The Residences leading the way in demand and sales velocity,” said Nick Pérez, president of Related Group’s condominium division.
Miami-based Related Group is a leading South Florida builder of multifamily housing, including condominiums and apartments. Jorge Pérez, the company’s billionaire founder, is even known as the “condo king.”
Like several new condominiums being built or planned in West Palm Beach, The Ritz-Carlton Residences has numerous building amenities. They include a fitness center, spa, a pool and a summer kitchen.
The posh property will not be a hotel. But the Ritz-branded condominium means it will be managed to the specifications of the renowned luxury hotel brand.
Aside from the pricey penthouses, condo units range in price from $2.5 million to $8 million and range in size from two to four bedrooms.
Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@pbpost.com. X: @acloughpbp. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Post: Ritz Residences lands record $14.5 million sale in West Palm Beach
Reporting by Alexandra Clough, Palm Beach Post / Palm Beach Post
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