Billionaire developer Steve Ross, who also owns the Miami Dolphins, has expanded his holdings in West Palm Beach through a significant condominium buyout. An affiliate of Ross’ firm, Related Ross, purchased 27 units at the Southbridge condominium for $25.4 million, according to data from Vizzda. This equates to nearly $941,000 per unit.
The acquisition is part of a broader strategy by Related Ross. The company had previously acquired 18 units in the same building during 2024 and 2025. With these latest purchases, Related Ross now controls 45 out of the 63 condos at Southbridge, which was built in 1981 and sits on a 1.3-acre site along the Intracoastal Waterway near Palm Beach and Mar-a-Lago.
In total, Related Ross has spent about $37.3 million on these units, averaging approximately $829,000 per condo. Many individual sellers benefited from this deal; county records show that most of the recently sold condos were appraised at less than $250,000 each.
Industry observers suggest that Related Ross’ growing ownership stake points toward potential redevelopment plans for the property.
This activity comes as Florida’s condominium market faces challenges following new maintenance and reserve funding requirements enacted after the Surfside collapse in 2021. These laws have led to increased costs for owners of older buildings and have prompted some to sell their properties to developers interested in prime locations.
West Palm Beach has seen a surge in redevelopment projects recently, with Related Ross playing a prominent role through several office, residential, and mixed-use developments along the waterfront.
Earlier this month, Wells Fargo announced it would relocate its wealth management headquarters to One Flagler—a 25-story office tower completed last year by Related Ross—by leasing 50,000 square feet there.
Last month, Related Ross secured $772 million in construction financing for two planned office towers in West Palm Beach: the 23-story 10 CityPlace and the 26-story 15 CityPlace.
