By Mary Hladky
Related Ross, founded by billionaire and Miami Dolphins owner Stephen Ross, is in negotiations to buy the Boca Raton Innovation Campus.
Jordan Bargas, executive vice president of Related Ross, confirmed the company’s intent in a mid-June statement.
“Related Ross is excited about the opportunity to expand into Boca Raton at BRiC, an incredible asset with a rich history,” he said.
The 123-acre campus at 5000 T-Rex Ave., immediately west of Interstate 95 off Yamato Road, now is owned by CP Group, Rialto, DRA Advisors and Las Olas Capital Advisors. A spokeswoman declined comment.
The campus, with its rich history as the place where IBM invented the personal computer, includes an iconic 1.7 million-square-foot office building designed by architect Marcel Breuer.
When CP Group acquired BRiC in 2018 for $179 million, it embarked on an ambitious plan to create a $1 billion live-work-play development. It since has spent $100 million upgrading the campus.
In 2023, the City Council approved zoning changes that allowed the company to re-envision the site by adding more than 1,200 residential units, 125,000 square feet of retail — including a grocery store — a 55,000-square-foot entertainment venue, 85,000 square feet of medical offices and a 140-room boutique hotel.
West Palm Beach-based Related Ross has shown its desire to expand into Boca Raton before. The company and Terra and Frisbie Group submitted unsolicited proposals in 2024 to redevelop the city’s 30-acre downtown campus.
With four companies eventually in the running, the City Council rejected Related Ross’ proposal on grounds its proposed 2.4 million square feet of development that included three office buildings was too dense.
Terra/Frisbie won out, but city residents on March 10 resoundingly voted against its redevelopment plan.
CP Group also is looking for opportunity.
It is negotiating to buy downtown Boca Raton’s Mizner Park. The current owner, Brookfield Properties, wants to sell that retail, dining and cultural destination.
The city’s Community Redevelopment Agency in February consented to transfer long-term commercial ground leases in Mizner Park to four entities led by CP Group.
Brookfield owns most of the buildings in Mizner Park and the CRA owns the land underneath them.
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