Founder of Related Cos. steps down and focuses on Palm Beach properties
- Stephen Ross, founder and chairman of Related Cos., is stepping down to launch a new Florida real estate firm
- Ross’s new company, Related Ross, owns 3 million square feet of commercial space in West Palm Beach
- He plans to spend more time on his majority ownership of the Miami Dolphins and financial interest in Formula One race in Miami
- Related Cos. continues to be an active developer with $60 billion worth of assets under development
At 84, billionaire property mogul Stephen Ross is stepping down as chairman of Related Cos. to launch a new company in West Palm Beach, Florida. His new firm, Related Ross, owns nearly 3 million square feet of commercial space and three luxury residential properties in the area. Ross plans to spend more time on his Miami Dolphins ownership and Formula One race interests. Related Cos., which has $60 billion worth of assets under development, will continue to be active in affordable, workforce, and luxury apartment developments.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about Stephen Ross’s decision to step down as chairman of Related Cos and his new venture in Florida. It includes details about his background, the reasons behind his move, and the current state of the real estate industry. The article also mentions Related Cos.’s ongoing projects and partnerships.
Noise Level: 4
Noise Justification: The article provides some relevant information about Stephen Ross’s transition and his new venture in Florida, as well as updates on Related Cos. However, it also includes some irrelevant details such as the mention of other unrelated real estate news and a call to join the conversation at the end. Additionally, the article could provide more analysis or context on the reasons behind Ross’s decision and the potential impact on the industry.
Private Companies: Related,Related Ross
Key People: Stephen Ross (Founder and Chairman of Related Cos., Founder of Related Ross), Jeff Blau (Chief Executive of Related Cos.), Bruce Beal Jr. (President of Related Cos.), Kenneth Wong (Chief Operating Officer of Related Cos.)
Financial Relevance: Yes
Financial Markets Impacted: Real estate market, commercial property ownership and development
Financial Rating Justification: The article discusses Stephen Ross’s transition from being the chairman of Related Cos to focusing on his new company in Florida, which has made him the largest commercial property owner in downtown West Palm Beach. It also mentions his involvement in the Miami Dolphins and Formula One race, as well as his retaining a stake in Related Cos. This impacts the real estate market, commercial property ownership and development, and potentially future development deals between Related Ross and Related Cos.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
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