A major player in the real estate world, Stephen Ross, well-known for founding Related Cos. in 1972 and growing it into a $60 billion empire, has decided to step down as chairman. This move allows him to concentrate on his new venture, Related Ross, an independent company born from the former Related Southeast, with over 125 employees already operating in downtown West Palm Beach.
Ross, now a full-time Palm Beach resident, is shifting his focus towards South Florida's development landscape, particularly in West Palm Beach where he has been investing for over two decades. Despite this change, he remains the largest shareholder in Related Cos. and is passionate about building companies, communities, and cities, a passion that has fueled him since founding Related Cos. 52 years ago.
Related Ross, under Ross's leadership, already has a strong foothold in the city, owning a significant amount of commercial and residential properties, a mix of personal investments and former Related Cos. properties. His extensive portfolio includes the mixed-use CityPlace, the iconic pink Phillips Point office complex, the luxurious Laurel Apartments, and several upcoming projects like the Shorecrest condominium on Flagler.
Related Cos., even with Ross stepping down, continues to play a significant role in West Palm Beach's development. They recently won a bid for a second convention center hotel, a 20-story project estimated at $300 million, and are nearing completion on the One Flagler office building, a luxury waterfront tower already attracting notable tenants like Chicago-based private equity firm GTCR.
Ross's commitment to West Palm Beach is shared by fellow Palm Beach billionaire Jeff Greene, who is also investing in the city's future with projects like the 30-story One West towers. Both investors are optimistic about the city's long-term growth and the success of their respective developments.
Ross's career has been marked by impressive achievements, including the development of the nearly complete Hudson Yards in New York, a $25 billion project on Manhattan's west side. His determination and strong negotiation skills have earned him the reputation of being the "toughest developer" some have dealt with.
While Related Cos.' developments span the globe, including projects in the Middle East with partners like Gulf Capital of Dubai, Ross's personal investment in West Palm Beach stands out. He has consistently invested in CityPlace, even through economic fluctuations, demonstrating a deep commitment to the city's future.
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