Related Group and BH Group are dangling $4.8 million for park and public transit improvements in West Palm Beach to score approval for a 27-story waterfront condominium.
The joint venture is seeking a height bonus of 195 feet for a 0.8-acre development site at 2001 North Flagler Drive that is currently zoned for a building capped at 111 feet tall, according to recent plans submitted to the city of West Palm Beach. The increase would allow Related and BH to develop a high-rise consisting of a five-story parking podium and a 22-story tower with 90 units. That’s an additional 17 stories above the zoning’s allowance.
A date is not yet set for the city’s vote on the proposal.
Coconut Grove-based Related, led by Jorge, Nick and Jon Paul Pérez, and Aventura-based BH, led by Isaac and Liat Toledano, paid $34 million for the parcel last year. The property is home to a medical office building that will be demolished.
To secure the city’s approval for the extra height, Related and BH Group will pay the city $3.7 million for improvements to Currie Park, which is adjacent to the project site, and $1.1 million for the city’s transit service program and mobility fund, documents the joint venture filed with the city show.
The joint venture declined to comment.
Related and BH are partnering on a pipeline of condominium and mixed-use projects in South Florida, including Ritz-Carlton Residences, a 28-story tower with 144 condos at 1717 North Flagler Drive in West Palm Beach. The project broke ground last year, and units start at $2.5 million.
The frequent partners are also developing two waterfront projects in Broward County. In Pompano Beach, Related and BH are planning Casamar Pompano Beach, a 118-unit condo tower. It will be near Waldorf Astoria Residences Pompano Beach, a 92-unit high-rise at 28 stories that Related is co-developing with Merrimac Ventures.
In Fort Lauderdale, the Related and BH joint venture, along with Pebb Enterprises, recently won administrative approval under Florida’s Live Local Act for The Quay, a 33-story mixed-use tower with 521 apartments, including 217 units set aside for affordable and workforce housing. The project also includes an existing retail plaza and two office buildings that would remain intact.
