Billionaire developer Steve Ross, who also owns the Miami Dolphins, has expanded his real estate holdings in West Palm Beach with a significant bulk purchase at the Southbridge condominium complex. An affiliate of Related Ross, Ross’s West Palm Beach-based company, acquired 27 units for $25.4 million at 3915 South Flagler Drive, according to data from Vizzda. This brings the per-unit price to nearly $941,000.
The transaction follows earlier purchases by Related Ross in 2024 and 2025, when it bought an additional 18 units in the same building. With these acquisitions, Related Ross now holds 45 out of the total 63 condos in the three-story complex built in 1981 on a 1.3-acre site along the Intracoastal Waterway.
The total investment by Related Ross amounts to $37.3 million for all acquired units so far—an average of about $829,000 per unit. The recent deal provided substantial gains for sellers; most of these condos were appraised by the Palm Beach County Property Appraiser at less than $250,000 each.
Industry observers see this move as part of a likely redevelopment plan by Related Ross. The broader Florida condo market has been unsettled due to stricter maintenance and reserve funding requirements implemented after the Surfside collapse in 2021. These regulations have led to increased costs for owners of older buildings and have encouraged many to sell their properties to developers interested in valuable locations.
West Palm Beach is experiencing a surge in redevelopment activity, with Related Ross actively involved through various office and residential projects along the waterfront. Earlier this month, Wells Fargo announced its wealth management headquarters will relocate into a new space within One Flagler—a recently completed 25-story office tower developed by Related Ross.
Additionally, last month saw Related Ross secure a $772 million construction loan package intended for two upcoming office towers: the planned 23-story building at 10 CityPlace and another at nearby 15 CityPlace.
