Stephen Ross Of Related Ross Acquires 31-Acre Development Site In Wellington For $28.3M

A 31-acre development site located at 10400 Stribling Way in Wellington, FL, was sold for $28,300,000. The buyer, Related Ross, intends to develop K-Park, which will feature a 180-key hotel and over 300,000 square feet designated for retail, office, and restaurant space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $28,300,000
• Buyer: Stephen Ross - Related Ross
• Seller: Acme Improvement District
• Lender: Barry Sternlicht - Starwood Capital
• Mortgage Amount: $29,100,000
• Acres: 31

The transaction marks the first closing of the 71-acre K-Park site, which will also include a planned private school, Wingrove Academy. This reflects the increasing demand for private education in South Florida, driven by continued wealth migration to the area.