Billionaire developer and Miami Dolphins owner Steve Ross paid well above appraised values to gain control of more property in an aggressive buyout of a West Palm Beach waterfront condominium.
An affiliate of Ross’ West Palm Beach-based Related Ross recently completed a $25.4 million bulk purchase of 27 units at the Southbridge condominium, a three-story complex at 3915 South Flagler Drive, according to real estate database Vizzda. The price amounts to nearly $941,000 per unit.
The latest acquisition followed two rounds of purchases in 2024 and 2025, when the same entity bought 18 units in the building, records and Vizzda show.
Related Ross now owns 45 of Southbridge’s 63 condos, giving it a dominant position in the 1981-built complex that sits on a 1.3-acre site along the Intracoastal Waterway, just across the bridge to Palm Beach and Mar-a-Lago, President Donald Trump’s home and private club.
Related Ross has paid a total of $37.3 million, or roughly $829,000 per unit.
That price was a major score for the individual condo sellers in the most recent sale. The Palm Beach County Property Appraiser pegged the appraised value for most of the 27 condos at below $250,000 each.
Related Ross’ ownership position suggests a likely redevelopment play.
The buyout push comes amid industry-wide turbulence in Florida’s condo market. Tougher maintenance and reserve funding laws passed in the wake of the 2021 Surfside collapse have triggered costly special assessments for owners of aging buildings, prompting many to sell to developers seeking prime sites.
West Palm Beach has become one of South Florida’s hottest redevelopment corridors, with Related Ross leading the charge through a series of office, luxury residential and mixed-use projects along the waterfront.
This month, Wells Fargo announced it is moving its wealth management headquarters to a 50,000-square-foot lease in Related Ross’ One Flagler, a 25-story office building the firm completed last year.
Related Ross scored a $772 million construction financing package last month for two planned West Palm Beach office towers: the 23-story 10 CityPlace and the 26-story 15 CityPlace.
