Starwood JV to build 22-story residential building in West Palm Beach, Fla.

A joint venture between affiliates of Starwood Capital Group, Hyperion Group, and Winter Properties has secured construction financing from J.P. Morgan for the development of a 22-story residential building at 201 Clearwater Drive in downtown West Palm Beach, Fla.

The project, which is being developed by Hyperion, will have 457 apartments, 7,000 square feet of ground-floor retail, a 628-space parking garage, and more than 34,000 square feet of indoor and outdoor amenities. With financing in place, construction is set to begin, and the project will lease to renters in early 2024.

“Downtown West Palm Beach is in the midst of unprecedented expansion as more companies and residents move to Palm Beach County,” said Andrew Coren, a managing director at Starwood Capital. “We are thrilled to invest with our partners in this flourishing market.”

Said Rick H. Singer, president of Winter Properties, “At Winter, we look for development partners with a deep underst