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H Group and Related Group have expanded their South Florida development portfolio by purchasing a waterfront lot in West Palm Beach for $34 million. The 0.8-acre property at 2001 North Flagler Drive is situated near another project the duo is working on, a Ritz-Carlton Residences condominium. The joint venture secured financing from Amerant Bank but declined to disclose the loan amount.

    The seller, an entity managed by Dr. Steven Krumholz, acquired the site in 1997 for $480,000 and will likely receive a significant return on investment as the property includes a medical office building that will be demolished. The current zoning allows for a project up to 111 feet, but BH and Related could potentially build up to 306 feet with public incentives.

    This acquisition marks another development site added to BH and Related's growing portfolio in South Florida. The duo is teaming up on several mixed-use and luxury condominium projects across the region, including a Ritz-Carlton project under construction at 1717 North Flagler Drive and a complex of over 500 apartments and townhomes in Plantation. They also have a project underway on a former AT&T office campus acquired for $13 million last year and recently received approval for an oceanfront condo-hotel in Pompano Beach.