Billionaire developer Steve Ross advanced his plan to develop a kindergarten-through-12th-grade private school on 55 acres of city-owned land in West Palm Beach near Florida’s Turnpike.
The West Palm Beach City Commission on Monday voted unanimously to declare the 55-acre site as surplus city land and authorize negotiations based on a term sheet for the sale of the property to Related Southeast, LLC, also known as Ross’ Related Ross.
In the non-binding term sheet, the proposed sale price of the 55-acre site is $6.6 million, the average of appraisals obtained by the city ($3.7 million) and Related Ross ($9.5 million). City commissioners also waived a municipal requirement for an update of the appraisals, which were conducted about a year ago. The undeveloped land is south of Roebuck Road and east of Florida’s Turnpike.
The term sheet grants Related Ross six months to conduct due diligence evaluations of the 55-acre site to determine its suitability for a private school and, potentially, workforce housing for faculty and staff. Related Ross would recruit a company to operate the private school and may retain part of the site to develop workforce housing, if the entire site isn’t needed for the school.
After the due diligence period, Related Ross and the city would try to negotiate a purchase and sale agreement, subject to approval by the city commission. If they agree on a price for the 55-acre site, the city will submit and process an application to rezone the property for school use.
“This is the first step in a process,” West Palm Beach Mayor Keith A. James said during the commission meeting.
Proceeds from the land sale would go to Roosevelt Elementary School in West Palm Beach, a public school operated by Palm Beach County. “Roosevelt Elementary is in dire need of improvement,” Mayor James said. “It’s an F-rated school.”
After years of overseeing Related Companies’ developments in West Palm Beach and elsewhere in Palm Beach County, Ross stepped back from New York-based Related Companies, which he founded, and carved out its Related Southeast division as the separate Related Ross that he leads as chairman and CEO. Ross remains non-executive chairman of Related Companies.
Ross’ heightened focus on South Florida dates to 2021 when he went on an office shopping spree, purchasing three towers and completed a fourth in downtown West Palm Beach. Since then, he has continued to develop in the area, completing the 322-unit Laurel apartment tower last year and the 25-story One Flagler office building this year. Next, Related Ross plans 10 CityPlace and 15 CityPlace office towers and is developing the two-tower, 108-unit South Flagler House condo project.
Ross, 84, also plans to focus more of his time on the Miami Dolphins and Formula One race, both of which hold their sporting events at Ross’ Hard Rock Stadium in Miami Gardens.
Ross, who grew up in both South Florida and Detroit, graduated from Miami Beach Senior High School and attended the University of Florida. He has owned a home in Palm Beach for about 20 years and permanently moved there during the pandemic.
