After four years of significant investments and development in Palm Beach County, particularly in West Palm Beach, Stephen Ross has stepped back from the New York-based Related Companies to establish a separate entity, Related Ross, which he will lead as chairman and CEO. This new firm, carved out of Related Southeast, reflects Ross’s dedication to the region’s growth and development.
At 84, Ross is also shifting his focus towards his interests in the Miami Dolphins and Formula One racing, both of which hold events at his Hard Rock Stadium in Miami Gardens.
Ross’s move underscores his unwavering commitment to his Palm Beach County investments. Related Ross will manage approximately 2.8 million square feet of commercial properties, including both completed and under-construction projects, as well as residential developments.
This transition aligns with a succession plan Ross initiated over a decade ago. In 2012, he stepped down as CEO of Related Companies, a firm he founded 52 years ago, remaining as chairman. Jeff Blau took over as CEO, leading the company alongside President Bruce Beal Jr. and COO Kenneth Wong. Ross will continue to influence Related Companies as its nonexecutive chairman and remains the largest shareholder.
With a team of over 125 employees, Related Ross aims to expand real estate and infrastructure to support West Palm’s growth. Related Companies first entered the city over two decades ago, developing CityPlace, a downtown mixed-use complex, in 2000. In the last four years, Ross accelerated Related Southeast’s investments, becoming the largest office property owner in downtown West Palm, partly in response to the influx of businesses and residents to South Florida post-pandemic.
In 2021, Related Southeast acquired two office towers and half the ownership stake in a third, while completing the 20-story 360 Rosemary office building, which is now fully leased with additional office spaces on the garage’s top level.
The 25-story One Flagler tower, expected to be completed this year, is 75 percent preleased, with rents between $120 and $140 per square foot. Later this year, construction is set to begin on 10 CityPlace and 15 CityPlace.
On the residential side, Related Ross completed the 21-story, 322-unit The Laurel apartment building, now over half leased, and started construction on the two 28-story South Flagler House condo projects, totaling 108 units. Condo sales began last fall, with penthouse prices ranging from $5.9 million to $72.5 million.
In February, Related Ross launched sales for the 26-story, 140-unit Shorecrest condo tower in West Palm. The firm also won a bid in April to develop a 20-story Hilton convention center hotel with over 400 rooms.
For Ross, this focus on South Florida is a return to his roots. Raised in both South Florida and Detroit, he graduated from Miami Beach Senior High School and attended the University of Florida. He has owned a home in Palm Beach for about two decades, moving there permanently during the pandemic.
