BH, Related add West Palm Beach dev site to growing portfolio; JV pays $34M for less than an acre of waterfront land near planned Ritz-Carlton Residences project

10/18/2024

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The Real Deal

• Subcategory: Land: Commercial, Land: Housing

• Tag: JV-Partnership | Sale

• Additional Filters-Subcategory: Land: Hospitality, Land: Multifamily, Land: Office, Land: Retail

• Additional Filters-Tags: Sale: Investment, Sale: Single Property

• Company: BH Properties, Related Group

BH Group and Related Group snatched up another development site, paying $34 million for a waterfront lot in West Palm Beach nearby another project the duo are working on. The frequent partners acquired a 0.8-acre property at 2001 North Flagler Drive, which is less than half-a-mile from where Aventura-based BH and Coconut Grove-based Related are co-developing a planned Ritz-Carlton Residences condominium, a source familiar with the transaction told The Real Deal.