According to the Palm Beach Post, Real estate mogul and Miami Dolphins owner Stephen Ross is stepping down as chairman of Related Cos. to lead his own development firm, focusing on the rapidly growing South Florida market.
At 84, Ross has launched Related Ross, transforming the previously named Related Southeast into an independent business venture. With over 125 employees based in downtown West Palm Beach, this new company marks Ross's full-time commitment to South Florida developments. Despite stepping down, Ross remains the largest shareholder in Related Cos.
In his announcement, Ross expressed his enduring passion for building companies, communities, and cities, a drive that has fueled his 52-year career in real estate.
Related Ross already controls significant commercial and residential spaces in West Palm Beach, stemming from Ross's personal investments and former Related Cos. properties. Notable projects include CityPlace, the iconic Phillips Point office complex, the luxury Laurel Apartments, and future developments like the Shorecrest condominium on Flagler.
This April, Related Cos. secured a bid to construct a 20-story, $300 million convention center hotel. Another major project, the One Flagler office building, is nearing completion, attracting high-profile tenants such as Chicago-based GTCR.
Palm Beach billionaire Jeff Greene, who is developing the 30-story One West towers, shares Ross's optimism for the city's growth. "Steve Ross believes in West Palm Beach, and we definitely have that in common," Greene said.
Ross founded Related Cos. in 1972, expanding it to include over $60 billion in real estate assets, including the nearly complete $25 billion Hudson Yards in New York. Related's global footprint extends to the Middle East, partnering with Gulf Capital on projects in Saudi Arabia and Abu Dhabi.
In West Palm Beach, Ross's investments span decades, including significant funding for CityPlace. His philanthropic efforts include an $8 million donation to support West Palm Beach students through the Related Together initiative and the Stephen M. Ross Emerging Scholars Program at Palm Beach State College.
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Source: palmbeachpost.com
