Billionaire and Miami Dolphins owner Stephen Ross revealed plans for two office buildings in downtown West Palm Beach that would total nearly 1 million square feet, which would add to his major office holdings in the city.

New York-based Related Cos., led by Ross, said the East and West Towers would be located at 550 S. Rosemary Ave., within the mixed-use project the Square, formerly known as Rosemary Square. They would total nearly 1 million square feet, including 60,000 square feet of ground-level retail and restaurant space. There would also be 40,000 square feet of outdoor activity space.

The stage was set for this project in March when Related Cos. bought out the lease of AMC Theater at the Square in order for the tenant to vacant the space, allowing the demolition of the movie theater so the office towers could be constructed. City officials are considering a master plan amendment to the Square that would allow construction of the office towers, but they have yet to approve a specific building design.

“Related Companies’ vision for Downtown West Palm started more than 30 years ago and our confidence in the market strengthens each year, which is demonstrated by the launch of East and West Towers,” stated Ken Himmel, CEO of Related Urban. “The caliber of design and modern amenities we’re combining will propel the city’s spot on the map for companies to call West Palm home, joining some of the biggest institutions in the world.”

The developer said the East and West Towers would be designed to maximize energy and water efficiency, with reductions of 15% and 20%, respectively.

Miami-based Arquitectonica and Hollywood-based O’Donnell Dannwolf & Partners Architects are designing the East Tower, which would rise 24 stories with 485,000 square feet of offices and 20,000 square feet of retail and restaurant space. It would include a rooftop amenity deck with a sky garden.

The West Tower, designed by New York-based Kohn Pedersen Fox and O’Donnell Dannwolf & Partners Architects, would rise 22 stories with 480,000 square feet of office space and ground-level retail space. It would also have a rooftop amenity deck.

Related Cos. said it will start construction of the office towers in 2024 and complete them in 2026. The company hired Jon Blunk of TCRE for pre-leasing. It didn’t disclose the asking rents or whether any leases have been signed.

Related Cos. owns the majority of the Class A office space in downtown West Palm Beach, where office rents have reached record levels. It completed and fully leased the 360 Rosemary office building in 2021, it proposed a 25-story office building at 515 Fern and it’s expected to complete construction of the One Flagler office tower in 2024.

Related Cos. is also co-developing South Florida’s largest office tower in Miami, so Ross is heavily betting on the continued migration of companies to the region.


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