Can Stephen Ross Make West Palm Beach America’s Next Hotspot?

This article is inspired by the Wall Street Journal’s February 22 piece, “Can This Developer Make West Palm Beach the Hottest City in America?”

At 84, billionaire developer Stephen Ross is betting nearly $10 billion on transforming West Palm Beach into a business and financial hub, rivaling New York, Silicon Valley, and even Miami. His ambitious vision includes over 6 million square feet of office space, 1.4 million square feet of condos, 700,000 square feet of retail and dining, and 870 hotel rooms across 70 acres. The goal? To create a city where top talent wants to live, work, and play.

A Vision for Transformation of West Palm Beach fl

When Ross first outlined his plans in 2019, the scale was staggering. Once considered the “poorer sister” to Palm Beach, West Palm is now attracting major financial firms, hedge funds, and tech companies frustrated with high taxes and regulations in New York and California. Additionally, Ross sees an opportunity in what he calls “Miami fatigue” — a growing sentiment that Miami has become too congested and expensive.

His approach is about more than just luxury real estate. He’s working to bring essential infrastructure, including a new private K-12 school, a Cleveland Clinic hospital, and a Vanderbilt University graduate business school. These additions aim to elevate the city’s status and attract professionals and families who might otherwise relocate to more established markets.

The Related Legacy and West Palm’s Evolution

Ross made his name developing luxury properties with Related Cos., from New York’s Time Warner Center to the $25 billion Hudson Yards project. But West Palm presents a different challenge—building an entire city framework rather than just commercial projects.

In the 1990s, Ross began investing in West Palm with the CityPlace retail complex, struggling at first to establish a consistent tenant base. It wasn’t until the pandemic that the tide shifted. With demand for office space surging among finance and tech professionals relocating to South Florida, Ross’s 360 Rosemary office tower filled quickly. Major firms like Goldman Sachs, BlackRock, and Steve Cohen’s Point72 opened satellite offices in his developments.

Unlike previous projects where Ross partnered with major equity investors, he’s largely self-funding this transformation, partly by selling minority stakes in his Miami Dolphins football team. With an estimated $18 billion net worth, he has the capital and experience to navigate complex deals. His track record includes constructing a platform over New York’s rail yards for Hudson Yards and pioneering tax structures that helped fund Time Warner Center.

Building More Than Residential Towers in West Palm Beach fl

Ross understands that for West Palm Beach to sustain growth, it needs more than luxury office and condo developments. He’s funding infrastructure projects to accommodate an influx of residents. The $350 million private school, expected to open in three years, will serve high-net-worth families relocating to the area. The $500 million hospital project with the Cleveland Clinic will improve medical services, while his contribution to Vanderbilt’s $500 million business school helped steer the institution away from Miami and into West Palm.

But with growth comes concerns. Longtime residents worry about affordability as rents and home prices climb. Ross acknowledges these challenges and is working with the city on workforce and affordable housing solutions. He’s also negotiating to buy city-owned land to fund improvements in lower-income public schools.

The Future of West Palm Beach fl

Despite uncertainties, Ross is committed. He spends long hours in his West Palm office, cutting back on travel outside Florida, save for Miami Dolphins games. His lifestyle has also adapted—mornings start with a workout, followed by full workdays and the occasional round of golf with his fiancée, former LPGA pro Lynn Connolly.

His latest project, One Flagler, a 25-story Class-A office tower with views of Palm Beach, is already 95% occupied. Next up is a flagship Eataly Italian food hall, expected to further elevate West Palm’s appeal.

West Palm Beach’s transformation is far from complete, but Ross’s bet is already paying off. As more businesses relocate and infrastructure develops, the city is shedding its former image, rapidly emerging as one of America’s most desirable business hubs. For Ross, the challenge isn’t just about making a profit—it’s about creating a legacy. And, as he puts it, “This is the most fun I’ve ever had in my life.”

Connect with the David Siddons Group

If you want to learn more about the West Palm Beach real estate market and how it compares to other areas in South Florida please contact the David Siddons Group. We work with a seasoned Palm Beach Expert who know this market and the newest construction condos like nobody else.