Most people know Stephen Ross as the guy who owns the Miami Dolphins or the billionaire developer who dropped a cool $25 billion to build Hudson Yards in Manhattan. But if you think he's just a landlord with a football team, you're missing about 90% of the picture. Honestly, the web of Related Companies Stephen Ross has spun over the last five decades is less of a real estate firm and more of a "lifestyle ecosystem" that probably touches your life in ways you haven't realized yet.
Ever taken a SoulCycle class? That's Ross. Checked into an Equinox Hotel or grabbed a smoothie after a workout at an Equinox gym? Also Ross. The scale of this thing is kind of mind-bending. We're talking about a guy who started with a $10,000 loan from his mother in 1972 and now sits on top of a portfolio worth over $60 billion.
But here’s the kicker: as of early 2026, the empire is shifting. Ross recently stepped back from the day-to-day grind at the main Related Companies Mothership to focus on a new venture called Related Ross. He’s basically trying to turn West Palm Beach into the "Silicon Valley of the South," and he’s moving faster than most people can keep up with.
The "Big Three" of the Ross Portfolio
When you look at the related companies Stephen Ross controls, they usually fall into three buckets: the real estate engine, the fitness and wellness brands, and the sports/venture arm.
1. Related Companies (The Real Estate Giant)
This is the core. It’s the largest private real estate developer in the United States. While they’re famous for the shiny glass towers of Hudson Yards and the Deutsche Bank Center, their roots are actually in affordable housing. To this day, they are one of the biggest owners of affordable units in the country. It's a weird paradox—building $50 million penthouses for billionaires while managing thousands of subsidized apartments for working families.
2. Equinox Holdings
In 2006, Related bought Equinox. This wasn't just a "buy a gym" move; it was a "buy a brand" move. Under the Related umbrella, Equinox expanded into:
- SoulCycle: The cult-favorite indoor cycling brand.
- Blink Fitness: The more accessible, budget-friendly gym chain.
- Equinox Hotels: High-end hospitality for people who want to track their sleep quality and eat "clean" while traveling.
3. RSE Ventures
This is the venture capital arm Ross co-founded with Matt Higgins. If Related is the "old school" brick-and-mortar side, RSE is the "new school" tech and entertainment side. They’ve had their hands in everything from Momofuku (David Chang's restaurant empire) to Resy (the reservation app eventually sold to American Express) and Drone Racing League.
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What Really Happened with the Recent Split?
In July 2024, the business world got a bit of a shock when it was announced Ross was stepping down as chairman of Related Companies to go "independent" with Related Ross.
People wondered if there was drama. Sorta, but not really. It was more about a 85-year-old billionaire wanting to focus his remaining energy on a specific legacy project: Florida. By forming Related Ross, he took control of the South Florida assets—think West Palm Beach office towers like One Flagler and the massive CityPlace redevelopment—leaving the New York and global operations to his long-time lieutenants Jeff Blau and Bruce Beal.
It was a clean break. Ross kept the Dolphins, the Formula 1 Miami Grand Prix, and his Florida real estate. The New York team kept the "standard" Related portfolio.
The Companies You Didn't Realize He Owned
Beyond the big names, the "related companies Stephen Ross" list includes some niche powerhouses. Take energyRe, for instance. This is a company focused on clean energy transmission. They're working on projects like "Clean Path NY," a massive underground transmission line to bring renewable energy into New York City.
Then there's Related Digital. Launched in 2025, this is Ross’s big play into data centers. They recently broke ground on a 302 MW data center campus in Wyoming. It’s a classic Ross move: see where the puck is going (AI and massive data needs) and buy the land to support it before anyone else does.
Why This Empire Matters to You (The E-E-A-T Perspective)
From a business standpoint, Ross's strategy is "vertical integration." He doesn't just build an office building; he owns the construction company that builds it (Related Construction), the company that provides the steel (Cimolai-HY), the gym in the basement (Equinox), and the restaurants on the ground floor (via RSE Ventures).
This creates a "moat." If you live in a Related building, you probably get perks at SoulCycle. If you work in a Related office, you might have a membership at Blink. It’s a closed loop.
However, it hasn’t all been smooth sailing. You’ve probably heard about the boycotts back in 2019 when Ross hosted a fundraiser for Donald Trump. It sparked a massive backlash against Equinox and SoulCycle. It was a fascinating case study in brand identity; the customers of these "progressive" fitness brands were suddenly at odds with the politics of the guy who owned the parent company. Ross survived the storm, but it highlighted a major risk in his "everything-is-related" business model.
Actionable Insights: Following the Ross Playbook
If you're an investor or just someone interested in how the big players move, here is what the 2026 landscape of the Ross empire tells us:
- Bet on the "Migration to Quality": Ross is betting billions that high-end, amenity-rich offices (like 10 and 15 CityPlace) will thrive even while "average" office space dies. If you're looking at REITs or local real estate, look for properties that offer more than just a desk.
- Watch West Palm Beach: Ross isn't just building buildings; he’s trying to move entire institutions like Vanderbilt University to the area. This kind of "placemaking" usually leads to a decade-long surge in local property values.
- Infrastructure is the New Gold: The pivot to data centers (Related Digital) and green energy (energyRe) shows that the smartest money in real estate is moving toward the "guts" of the economy—power and data.
The sheer variety of related companies Stephen Ross has built is a testament to a specific kind of old-school hustle mixed with modern brand building. Whether he's selling a $200 spin class or a $700 million construction loan, the goal is always the same: control the environment. And right now, that environment is looking very, very Floridian.
To truly understand his reach, you have to stop looking at them as separate businesses. They are all just different rooms in the same massive house.
Next Steps for You:
If you're researching the Ross empire for investment purposes, you should look into the specific tenants he's attracting to his West Palm Beach towers—companies like ServiceNow and Goldman Sachs. Their move to Florida is the most reliable indicator of whether his "Silicon Valley of the South" dream is actually becoming a reality.