Billionaire Stephen Ross’s $10B Buildout Is Reshaping West Palm Beach — Could This Become America’s Next Real Estate Power Hub?

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A Florida city long overshadowed by its wealthier neighbor, Palm Beach, is getting a billionaire-sized rewrite — and Stephen Ross isn’t thinking small.

He’s not just building towers. He’s attempting to reshape how an entire city works. In West Palm Beach, Ross is pouring nearly $10 billion into a sweeping redevelopment, according to The Wall Street Journal. The goal is to turn the area into a serious destination for finance, tech, and corporate expansion.

Stephen Ross built his reputation by thinking bigger than individual buildings.

He founded Related Companies in 1972, initially focused on low- and moderate-income housing. Over time, the firm expanded into large-scale, high-end developments that reshaped entire neighborhoods.

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His projects include New York’s Hudson Yards, the Time Warner Center now known as Deutsche Bank Center, and the Grand LA in Los Angeles. Each one reflects the same approach — not just adding space, but creating a full ecosystem around it.

Ross also operates in the sports world. He owns a majority stake in the NFL’s Miami Dolphins and controls Hard Rock Stadium, tying his real estate ambitions to entertainment and large-scale events.

Now 85, he has shifted his focus to South Florida through Related Ross, a firm dedicated to this West Palm Beach push.

Ross’s plan spans roughly 70 acres across downtown West Palm Beach and the Clearlake district.

The scale, as reported in the Journal, is significant:

• More than 6 million square feet of office space

• 1.4 million square feet of luxury condominiums

• 700,000 square feet of retail and restaurant space

• 870 hotel rooms

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Major projects are already moving forward. One Flagler, a 25-story office tower, has opened and is largely leased, with tenants including Goldman Sachs, BlackRock, and Point72. Additional towers at CityPlace are underway with record-setting financing, while waterfront condo developments are pushing into the ultra-luxury tier.

The surrounding ecosystem is expanding as well. Vanderbilt University is establishing a graduate campus. Cleveland Clinic is growing its presence. ServiceNow has committed to a large office footprint tied to an artificial intelligence hub expected to bring hundreds of jobs.

Ross has described the broader goal as building a “model American city,” designed to attract both companies and talent, according to the Journal.

The timing of the project aligns with broader shifts in where businesses are choosing to locate.

Florida continues to attract firms seeking lower taxes and fewer regulatory hurdles. West Palm Beach, once limited by a lack of modern office space, is now being built to compete.

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Ross has also positioned the city as an alternative to both Wall Street and Silicon Valley, while offering an option for companies looking beyond Miami’s rising costs and congestion.

Still, the risks are real. Insurance costs in Florida remain elevated, hurricanes are a constant concern, and the national office market is still finding its footing.

Ross addressed that uncertainty in an interview with the Journal. “This is not proven. I may not be successful,” he said.

In that same interview, he underscored what is driving him. “This is the most fun I’ve ever had in my life,” Ross said. .

West Palm Beach is no longer just the quieter neighbor across the Intracoastal. With billions already committed and major tenants already signing on, it is positioning itself as a serious contender in the next wave of American business hubs.

As West Palm Beach transforms under Stephen Ross’s $10B vision, investors can explore real estate growth in their own portfolios through REITs and ETFs on Public — getting a piece of booming markets without needing billions.

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