NYC developer Stephen Ross conquering West Palm Beach

2 2 minutes read

Stephen M. Ross Creates a New Boomtown in West Palm Beach

Stephen M. Ross, known for his development projects in Manhattan, is now shifting his focus to West Palm Beach, envisioning it as a new Silicon Valley. With a $10 billion investment, Ross is leading the transformation of the area into a thriving live-work-and-play environment.

West Palm Beach, previously overshadowed by Palm Beach Island, is now experiencing a surge in development thanks to a business-friendly atmosphere, favorable weather, and changing demographic trends accelerated by the pandemic.

Ross’s new venture, Related Ross, is spearheading the development boom in West Palm Beach, attracting other real estate companies to join in. Notably, Ross’s private investment of $10 billion is the largest in the region to date.

Stephen M. Ross has spent $10 billion to create a new boomtown in the West Palm Beach area. Getty Images

The downtown and waterfront areas of West Palm Beach are undergoing a dramatic transformation, bustling with activity from residents, workers, and visitors amidst ongoing construction projects.

Commercial towers are quickly filling up, with notable leases like ServiceNow establishing a second headquarters in Ross’s 10 CityPlace. Additionally, Wells Fargo has signed a lease for space at One Flagler, marking a significant move of their wealth management office from New York.

On the residential front, Ross has reported $1 billion in condo sales in the past six months. The upcoming South Flagler House, designed by Robert A. M. Stern, is set to offer luxury apartments priced up to $72.5 million.

CityPlace, Ross’s initial project in West Palm Beach, continues to thrive with a mix of retail, dining, and entertainment options, including new tenants like Eataly and Equinox.

California-based ServiceNow has launched a second headquarters at Ross’s 10 CityPlace. Related Ross

Ross’s vision for West Palm Beach extends beyond real estate, with plans for a Cleveland Clinic outpatient center and a Vanderbilt University graduate campus to enhance the city’s wellness and educational offerings.

As West Palm Beach continues to evolve, Ross emphasizes the importance of inclusive growth, working closely with city officials to ensure that new projects align with the community’s needs and lifestyle preferences.

Looking ahead, Ross sees potential for further expansion beyond West Palm Beach, with upcoming projects in Wellington aimed at creating a vibrant mixed-use development in the equestrian-focused area.