Billionaire developer and Miami Dolphins owner Stephen Ross is spreading his reach beyond his $10B development ambitions in West Palm Beach to a 124-acre IBM campus in Boca Raton.

Ross' development firm, Related Ross, has acquired the 1.7M SF Boca Raton Innovation Campus — marking the developer's first venture in the city, according to a release. The property is poised for a major mixed-use redevelopment.

“We have spent nearly 30 years investing in West Palm Beach, and this acquisition gives us the opportunity to bring that long-term commitment and experience to Boca Raton," Ross said in a statement. "We want to build on what is already working here and help create the conditions for more companies, talent and ideas to thrive.”

A sale price was not disclosed.

The seller was a joint venture led by CP Group, which acquired the campus at 5000 T-Rex Ave. in 2018 for a reported $179M. DRA Advisors and Rialto Capital bought stakes in the property in 2021 in a deal that valued the campus at $320M, according to Palm Beach County deed records.

"From day one, we saw the potential to transform a former IBM complex into a vibrant, connected destination,” CP Group Managing Partner Angelo Bianco said in a statement. “We’re incredibly proud of what we created here, and its evolution from an underutilized office park into a landmark campus is a powerful validation of what vision and the right kind of investment can achieve.”

The office park — made up of three- and one-story office buildings connected by walking and biking paths — was originally developed in the late 1960s as IBM PC's North American research and development facility. BRiC was where the first personal computer was invented.

Decades later, the campus still attracts high-tech companies like D-Wave, a quantum computing systems, software and services company that moved its headquarters to the site from Palo Alto, California, earlier this year.

“BRiC changed the course of technology once before for the region, and it will play an important role in what comes next,” Ross said in a statement.

The city approved plans last year to redevelop the campus into a mixed-use destination with 1,243 residential units, 125K SF of retail, 55K SF of entertainment space, 85K SF of medical office and a 140-key hotel, the South Florida Business Journal reported.

Miami-based Terra secured the rights to build the residential piece of the development, SFBJ reported.

Related entered into negotiations to purchase the campus earlier this summer — marking the company's second attempt to enter the Boca Raton market.

The developer was among others that submitted bids to redevelop city-owned property near the city's Brightline station last year, but Terra and Palm Beach-based Frisbie Group won the contest. The project went on to become the poster child for an anti-development campaign and was rejected by Boca voters in March.

Despite Ross' laser focus on West Palm Beach, where the company is building more than 1M SF of office and landing tenants like ServiceNow and Cleveland Clinic, he has begun to branch out to the rest of Palm Beach County.

Last year, he backed a new private school to anchor a 71-acre mixed-use development in Wellington. He's also spearheading a program to bring flying taxis to South Florida, with stops at the three international airports, Hard Rock Stadium — which he also owns — and West Palm Beach.