Real estate behemoth The Related Companies is once again amassing territory in Downtown West Palm Beach, and closing on a deal at least five years in the making.
The New York-based firm, led by billionaire Stephen Ross, purchased 2.52 acres for $20.1 million from The First Church of Christ, Scientist also known as the Christian Science church.
The lots located between 134 and 142 Lakeview Avenue include a parking lot near the congregation’s Neo-Classical church and sit by the Royal Park Bridge, one of the main access points to ritzy Palm Beach, across the Intracoastal Waterway. The parish retains ownership of the church building, and the congregation was briefed about Related’s plans and approved the sale.
The developer plans to build a 25-story tower called One Flagler, which will hold 250,000 square feet of office space and 16,000 Sq Ft. for retail, according to Gopal Rajegowda, a partner at Related Southeast.
The project is designed is by the firm of world-renowned architect David Childs and will commence construction this fall. Plans for a tower at the site go back to at least 2016, when Related first entered into a contract for the site.
