Stephen Ross Closing In On 1.7M SF Boca Raton Innovation Campus
Billionaire developer Stephen Ross' $10B bet on West Palm Beach is starting to spread to the rest of Palm Beach County.
Related Ross, the development firm helmed by the Miami Dolphins owner, is in negotiations to purchase the 1.7M SF Boca Raton Innovation Campus, a representative for the company confirmed.
"Related Ross is excited about the opportunity to expand into Boca Raton at BRiC, an incredible asset with a rich history," Executive Vice President Jordan Bargas said in a statement.
"We remain focused on delivering exceptional workplaces that support innovation and long-term economic development, and we look forward to contributing to Palm Beach County's success through a mixed-use destination designed for Boca Raton."
Boca Raton City Manager Mark Sohaney and development services Director Brandon Schaad met with Related Ross executives Bargas and Mac Fillet and an attorney representing the company at the end of March to discuss the campus, the South Florida SunSentinel first reported.
The 123-acre property at 5000 T-Rex Ave. is less than 3 miles from the Boca Raton Airport and Florida Atlantic University. It's three- and one-story buildings are connected by miles of walking and biking paths and include a 1,000-seat dining hall and a ballroom, according to its website.
The campus holds a piece of history as the place where IBM engineers invented the personal computer.
Last year, its ownership, a joint venture of CP Group, Rialto, DRA Advisors and Las Olas Capital Advisors, filed plans to convert the campus into a mixed-use asset, the South Florida Business Journal reported.
Miami-based Terra, led by David Martin, secured the rights to build on BRIC's parking lots and add 1,243 residential units, 125K SF of retail, 55K SF of entertainment space, 85K SF of medical offices and a 140-room hotel.
CP Group declined to comment. Rialto, DRA Advisors and Las Olas Capital Advisors did not respond to requests for comment.
This is Related Ross' second attempt at a major Boca project. It was among a handful of developers that submitted bids to redevelop a city-owned property near the city's Brightline station last year, but Terra and Palm Beach-based Frisbie Group won that contest. Their project was ultimately rejected by Boca voters in March.
The 86-year-old Ross has spent the past few years repositioning West Palm Beach as the "Wall Street of the South."
The company has more than 1M SF of office space under construction, including 10 and 15 CityPlace — which have already lured tenants like ServiceNow for 200K SF and Cleveland Clinic for 490K SF.
Related also delivered the One Flagler office building in February last year at 95% leased to financial firms like GoldenTree, Vista Investments of Florida and Ocean Sound Partners.
While a large majority of the company's focus has been centered on West Palm Beach, Ross started investing in other pieces of Palm Beach County last year, backing a new private school to anchor a 71-acre mixed-use development in Wellington.
