Steve Ross Spins Off Related Southeast to Launch New Florida-based Company

Steve Ross has solidified his dedication to South Florida, particularly Palm Beach County, through significant investments and development over the past four years. Stepping away from New York-based Related Companies, Ross has established a separate entity, Related Southeast, which he will lead under the new name, Related Ross. Ross assumes the roles of chairman and CEO of this new venture.

New Focus on Miami Dolphins and Formula One

In addition to his real estate endeavors, Ross plans to devote more attention to the Miami Dolphins and Formula One racing events, both of which take place at his Hard Rock Stadium in Miami Gardens. This strategic shift was initially reported by the Wall Street Journal and confirmed by The Real Deal.

Managing Extensive Commercial and Residential Properties

Ross' decision to spearhead Related Ross aligns with his longstanding succession plan for Related Companies. The new entity will oversee approximately 2.8 million square feet of commercial properties, including completed and under-construction buildings, as well as various residential projects. This transition reflects Ross' deep commitment to his investments in Palm Beach County.

Legacy and Leadership at Related Companies

Although stepping back from an executive role at Related Companies, Ross will remain involved as nonexecutive chairman and the largest shareholder. The firm, founded by Ross 52 years ago, is now led by CEO Jeff Blau, President Bruce Beal Jr., and COO Kenneth Wong. Related Ross, with over 125 employees, aims to support West Palm Beach’s growth through real estate and infrastructure development.

Significant Investments and Developments in West Palm Beach

Related Ross continues the legacy of Related Companies' involvement in West Palm Beach, which began over two decades ago with the development of CityPlace, a mixed-use complex. Ross has accelerated investments in the area, responding to the influx of businesses and residents following the pandemic. Key acquisitions include two office towers, a half stake in a third, and the completion of the fully leased 360 Rosemary office building.

Ongoing and Upcoming Projects

Several high-profile projects are underway, including the 25-story One Flagler, expected to be completed this year and 75 percent preleased. Future developments include 10 CityPlace, 15 CityPlace, and the 25-story 515 Fern in downtown West Palm. On the residential side, the 21-story, 322-unit The Laurel is more than half leased, and construction has begun on the South Flagler House condo project, comprising two 28-story towers.

New Ventures and Residential Projects

In February, Related Ross launched sales for the 26-story, 140-unit Shorecrest condo tower, and in April, the firm secured a bid to develop a 20-story Hilton convention center hotel. These projects underscore Ross' commitment to expanding his real estate footprint in South Florida.

Personal Connection to South Florida

For Ross, this shift represents a return to his roots. Having grown up in South Florida and Detroit, he graduated from Miami Beach Senior High School and attended the University of Florida. Ross has also owned a home in Palm Beach for about two decades, where he permanently relocated during the pandemic.