Stephen Ross, the founder of Related Cos., has announced his resignation as chairman of the company he established in 1972. According to a report from the Wall Street Journal on Thursday, Ross will now focus on his new venture, Related Ross, based in West Palm Beach, FL. This move comes as he plans to devote more time to his majority ownership of the Miami Dolphins and financial interest in Formula One racing.
The transition in leadership at Related has been ongoing for over ten years and is now being led by CEO Jeff Blau since 2012 along with President Bruce Beal Jr. and COO Kenneth Wong. While stepping down as chairman, Ross will still hold an undisclosed stake in the company.
At Related Ross, which oversees nearly three million square feet of commercial property under its portfolio located mainly downtown West Palm Beach County area making it one of largest commercial property owners within that region; Stephen remains active at age 84 with personal investments alongside properties acquired from related companies.
New York City-based developer Hudson Yards complex owner worth $60 billion continues their development activities especially within multifamily sector while also partnering up with Wynn Resorts hoping for casino license resort office residential complex near Hudson Yards location; early talks have begun regarding taking over Pacific Park development situated downtown Brooklyn area.
