When PALMER first wrote about the new Ritz-Carlton Residences, West Palm Beach in January, more than 60 percent of the building’s 138 residences were already spoken for. Since then, that number has climbed past 90 percent, with over $270 million in signed contracts in six months and a $14.5 million penthouse on North Flagler Drive setting a new price record for the corridor at over $3,000 per square foot. Construction is now underway, with completion expected in 2028. The market, it turns out, did not need much convincing.
The project has been elevated further by the inclusion of works from the Jorge M. Pérez Contemporary Art Collection, one of the most significant private contemporary art collections in the country. Pérez, who has spent decades acquiring works by some of the most important artists of our time and whose significant gift gave the Pérez Art Museum Miami (PAMM) its name, will see that same curatorial vision reflected throughout the building, giving residents access to museum-quality art as part of their everyday lives.
Leading the development is Jorge’s son Nick Pérez, President of Related Group’s Condominium Division, alongside co-developer BH Group. We sat down with Pérez to talk about the building, the collection, and what it means to deliver something this personal in a city his family has believed in for such a long time.
What makes West Palm Beach so attractive to buyers today?
West Palm Beach has really evolved into a true luxury market over the past few years. What makes it particularly exciting is that the city has developed its own identity that combines the energy and growth of a major market with a more relaxed, waterfront lifestyle that resonates strongly with today’s luxury buyer. There’s a confluence of factors driving this positive growth, but from where I sit, it comes down to the quality of daily life. Buyers, many of whom are families, are drawn to the ability to walk to destinations like Worth Avenue for luxury shopping while still enjoying a waterfront lifestyle along Flagler Drive and a more relaxed, residential atmosphere than denser urban markets typically offer.
On the economic side, the migration of wealth has been very real. You’ve seen continued expansion from firms like Goldman Sachs, JPMorgan Chase, and ServiceNow, as well as family offices and private wealth moving into Palm Beach County. A lot of those buyers are not splitting time anymore; they are choosing West Palm Beach as a primary residence, which is a big shift. And then there is the value proposition, which is still very compelling at this level. Compared to Palm Beach or Miami, buyers can secure larger waterfront residences, more privacy, and easier access in and out of Palm Beach International Airport, all while staying connected to the area’s broader luxury ecosystem.
There’s also a growing dining scene, with names like Buccan and Café Boulud anchoring a much stronger culinary identity than people used to associate with the area. Cultural infrastructure has also caught up in a meaningful way. The Norton Museum of Art and the Kravis Center give the market a level of institutional depth and signal it as a place with real cultural rhythm and permanence. So it’s really the combination that matters. It is not just affordability or lifestyle in isolation. It is the fact that West Palm Beach now delivers the type of well-rounded lifestyle that today’s more sophisticated buyers expect.
Did the pace of sales surprise you, or confirm what you were already seeing in the market?
We’ve been doing this for nearly 50 years, so we don’t get surprised often. When you spend enough time in these markets, which we always do, you can usually tell when something is about to break out. West Palm Beach was one of those situations where the fundamentals were already moving in the right direction, and there simply wasn’t a product that fully maximized the area’s potential. We introduced The Ritz-Carlton Residences, West Palm Beach to meet that gap in the market. Since then, the response has been very strong: more than $270 million in sales in six months, over 90 percent of residences sold, and a $14.5 million penthouse now under contract which broke a price record for the North Flagler Drive neighborhood. That kind of activity is not speculative interest, it reflects real conviction from buyers. The reality is, this level of true five-star, branded waterfront living didn’t really exist here before. Buyers were interested in West Palm Beach for a long time, but they were waiting for something that actually met their expectations at a global level. Now that it’s here, the response speaks for itself.
Nick Pérez
What defines a Ritz-Carlton residence today, beyond the name?
At the simplest level, it’s trust. People are choosing to hand over parts of their daily life to a team they believe will handle it better and more seamlessly than they would themselves. That only works because the brand has spent decades building that level of confidence. We’ve seen it firsthand working with them on projects like The Ritz-Carlton Residences Tampa, which is now complete and welcoming residents. They take the operational side very seriously, and you feel that in how everything is structured and delivered day to day. The name gets you in the door, but the service is what makes people stay. Things like valet, deliveries, in-residence requests, travel help, all of it just works quietly in the background. Over time, it stops feeling like a service and just becomes how you live. And that same thinking carries into the design. It’s not just about beautiful spaces; it’s about ease. Whether you’re at the pool, in the wellness areas, or just moving through the building day to day, everything is set up so life feels a little simpler, easier. That’s true luxury – being able to go through your day without any unnecessary friction.
What were the non-negotiables when it came to the residential experience here?
We wanted The Residences to feel complete for every type of resident. Whether that’s an executive who needs a proper space to work and host meetings, a family with young children, or a couple looking to unwind and enjoy the spa and wellness offerings. The idea was to design a building that reflects how people actually live today, where different parts of life are happening under one roof. That’s why we have everything from a golf simulator and children’s playroom to co-working spaces and all within the same building. It’s not a collection of amenities for the sake of it, but a response to our residents’ daily needs. Residents also receive complimentary membership to the exclusive Cove Club, West Palm Beach’s premier waterside retreat offering dining, wellness and social programming. On top of that, we have the Ritz-Carlton concierge; from valet and 24-hour in-residence services to personal arrangements for dining, travel, beauty, and even pet care, everything is handled with a level of warmth, discretion, and precision that defines the brand.
What detail or element of the project do you think residents will value most over time?
The concierge experience — without question. When you first move in, it’s the views that take your breath away, the amenities that impress your guests. But what residents come back to us about, years later, is the service. The fact that someone anticipated what they needed before they even asked. That a dinner reservation was made, a car arranged, a package delivered, all without an ounce of friction. That’s what you can’t replicate in a building that doesn’t have the Ritz-Carlton behind it. Over time, it stops feeling like a luxury and starts feeling like the way life should work. That’s what we’re most proud of delivering here.
Can you tell us a bit more about the art collection, which will be curated from the incredible contemporary art collection of Jorge M. Pérez, and the role that art will play in shaping the identity of the building?
Art has always been part of our DNA when it comes to how we think about development. My father has spent decades building one of the most significant contemporary art collections in the country, so bringing works from the Jorge M. Pérez Contemporary Art Collection into the building allows residents to live alongside pieces with real cultural significance. It’s not decorative but foundational to the identity of the place. The goal is that when you walk through the property, the experience feels considered and intentional, with art that elevates the everyday environment and reflects the broader cultural ambition of West Palm Beach as it continues to grow.
What did breaking ground on the project represent for you personally?
It’s a moment you don’t take lightly. We’ve been active in West Palm Beach for decades. I’ve watched this market grow from something regional into one of the most talked-about luxury destinations in the country. Breaking ground on The Ritz-Carlton Residences feels like a culmination of that — a project that could only exist now, in a city that’s finally ready to support it at this level. There’s something deeply meaningful about planting a flag in a place you’ve believed in for a long time and watching that belief become a 27-story building on the waterfront. This one means a lot to us.
