Stephen Ross Steps Down as Related Companies Chairman
He’s founded a new development firm in West Palm Beach
By Julia Echikson July 11, 2024 3:09 pm
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Legendary developer Stephen Ross is striking out on his own in Florida, stepping down as the chairman of Related Companies and founding a new company, The Wall Street Journal reported.
The leadership structure of Related Companies, the New York-based development firm best known for building the 27-acre Hudson Yards, remains intact. Ross’s longtime deputies — CEO Jeff Blau, President Bruce Beal Jr., and COO Kenneth Wong — are staying put in their roles.
Ross, who’s 84 years old, retains a stake in the firm he founded 52 years ago and where he now serves as non-executive chairman.
Ross has created a new venture, called Related Ross, which owns nearly 3 million square feet of commercial space. These include a mixed-use complex and three luxury residential properties in Palm Beach County, the Journal reported without naming the properties.
It’s unclear whether Ross has taken control of development spearheaded by Related Companies, or properties owned by Related, or if he bought new ones. A representative for Related Companies did not immediately respond to a request for comment.
Ross has long had a presence in Florida, attending high school in Miami Beach and having owned an oceanfront mansion in Palm Beach since 2007. He’s also majority owner of the NFL’s Miami Dolphins.
Over the past two decades, Related Companies has become a major player in West Palm Beach real estate, building the 72-acre mixed-use CityPlace development, which anchors the city’s downtown. During the pandemic, Related became the city’s largest Class A office landlord and attracted finance heavyweights, Morgan Stanley and Goldman Sachs, as tenants.
In 2022, the company expanded to Miami, where it partnered with Swire Properties to build an 80-story office building in the city’s financial district. But those plans have appeared to falter, since the vertical construction has yet to commence and the project has failed to secure an anchor tenant.
Ross’s move comes about two years after Related Companies divested from Jorge Perez’ Related Group. In 1979, Ross and Perez founded the Miami-based Related Group, which became Miami’s largest condo developer.
Julia Echikson can be reached at jechikson@commercialobserver.com.
