Real estate titan Stephen Ross is stepping down as chairman of Related Cos. to lead his own development firm and focus his attention on the burgeoning South Florida market.

The 84-year-old billionaire and owner of the NFL's Miami Dolphins launched his new company, Related Ross, from the previously named Related Southeast, forming an independent business venture that already has more than 125 employees in downtown West Palm Beach.

In a letter to colleagues, Ross noted that he is now a full-time resident of Palm Beach and will spend most of his time on South Florida developments. He remains the single largest shareholder in Related Cos.

"I have a real passion for building — companies, communities and cities," Ross said in his letter. "It's why I started this company 52 years ago and it's what fuels me to this day."

Related Ross already owns large swaths of commercial and residential space in the city from Ross' personal investments and former Related Cos. properties, according to The Wall Street Journal, which first reported this story.

Ross has been investing in West Palm Beach for more than two decades, and has amassed an impressive portfolio that includes the mixed-use development CityPlace, which opened in 2000, the landmark Phillips Point office complex, which is known for its pink hue; the new luxury Laurel Apartments; and plans for several new commercial and residential projects, such as the Shorecrest condominium on Flagler.

In April, Related Cos. won a bid to build a second convention center hotel with 20 stories and at an estimated cost of $300 million.

Another Related Cos. project, the One Flagler office building, is nearing completion on the waterfront in downtown West Palm Beach. The luxury tower at 154 Lakeview Ave. is amassing tenants that include Chicago-based GTCR, a private equity firm that is taking the 20th and 21st floors.

Palm Beach billionaire Jeff Greene, who is building the 30-story towers One West in downtown West Palm Beach, said Ross shares his enthusiasm for the city's future.

"Steve Ross believes in West Palm Beach and we definitely have that in common," Greene said. "We believe long term, this community will flourish, and over time, everything we have will do great and everything Steve Ross has will do great."

Ross founded Related Cos. in 1972 and has grown it to include more than $60 billion in real estate assets including the nearly complete Hudson Yards in New York, which is a $25 billion project on the west side of Manhattan.

In a 2019 profile in New York magazine, one former city official called Ross “the toughest developer I’ve ever had to deal with.”

But Related's developments are worldwide, including in the Middle East, where it is partnered with Gulf Capital of Dubai on residential and commercial projects in Saudi Arabia and Abu Dhabi.

In West Palm Beach, Ross has taken a personal interest in the city's fortunes, sinking millions of dollars into CityPlace through various economic ups and downs.

He's also donated $8 million to a new non-profit philanthropic endeavor to help West Palm Beach students prepare for and attend college. Called Related Together, the first initiative is The Stephen M. Ross Emerging Scholars Program at Palm Beach State College.

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Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida's environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today.

This article originally appeared on Palm Beach Post: Miami Dolphins owner Stephen Ross leaving Related Cos. to start new firm