Steve Ross, who developed an office and condo empire in West Palm Beach, is planning his first Live Local Act project.
The proposal aligns with Ross’ public stance that the shortage of attainably priced housing is a top issue in Palm Beach County and marks a full circle for the 86-year-old who started out as an affordable housing developer over 50 years ago.
West Palm-based Related Ross wants to develop an eight-story building with 191-units on the 1.7-acre vacant site at 209 North Sapodilla Avenue near downtown West Palm, according to city records. It will include nine for-sale townhomes at affordable prices.
The building will be restricted for households earning from 30 percent to 80 percent of the area median income. In Palm Beach County, the annual AMI is $107,600.
This exceeds the Live Local Act’s requirements that allow for the below-market rate units to target tenants earning up to 120 percent of the AMI. Under the state law, at least 40 percent of apartments have to be workforce or affordable.
The West Palm Plans & Plats Review Committee heard the application last Thursday, though the committee isn’t a voting body but a way for city departments to weigh in on and comment on proposals.
The development marks an expansion of Ross’ proposal in February for a seven-story building with 164 units.
Live Local allows developers to bypass public hearings and votes in front of commissioners, unless they are seeking a variance. The legislation’s other incentives are tax breaks, and it also allows taller buildings with more units than a site’s zoning permits.
Ross, a tax attorney by training, started New York-based Related Companies, playing dice with that city’s skyline in subsequent decades, completing Hudson Yards and Deutsche Bank Center.
When the pandemic started, he moved to his Palm Beach estate and subsequently started his second act, stepping back from Related Companies to lead Related Ross.
His first focus was offices, and the billionaire’s portfolio now consists of nine buildings, including those purchased, built, developed, under construction and planned.
Last year, he scored $600 million in financing, South Florida’s largest condo construction loan at the time, for the 28-story, 105-unit South Flagler House project with two buildings in West Palm, and also is developing the Shorecrest condo.
In 2024, the firm completed the 322-unit Laurel apartment project in West Palm, which includes some workforce units.
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