A Related Ross affiliate now owns 45 of 63 units at Southbridge Condo. The remaining units are reportedly under contract, with a full buyout and luxury redevelopment expected to follow.
Key Takeaways
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Related Ross affiliate Southbridge Acquisitions purchased 27 units at 3915 S. Flagler Drive in January 2026 for $25.4 million, bringing its total ownership to 45 of the building's 63 condos.
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The remaining 18 units are reportedly under contract, with full buyout and condo termination expected within months.
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Current zoning allows an 18-story tower on the site, and neighboring parcels are also being assembled by Ross and Fort Partners for potential large-scale waterfront redevelopment.
Billionaire Stephen Ross is closing in on a complete buyout of the Southbridge condo at 3915 S. Flagler Drive in West Palm Beach. A Related Ross affiliate purchased 27 units in January 2026 for $25.4 million, bringing its total to 45 of the building's 63 condos. The remaining units are reportedly under contract, with condo termination and luxury redevelopment expected to follow.
This is not an isolated play. Fort Partners, the developer behind the Surf Club Four Seasons, has been assembling parcels directly north. The pattern suggests a larger land assembly along S. Flagler Drive for multi-block waterfront redevelopment.
How did the Southbridge buyout unfold?
Investor Joey Columbo and a partner quietly acquired 27 of the 63 units starting in 2021, using different LLCs and separate agents so sellers would not recognize the strategy. He paid approximately $5.6 million in total (offering a 10% premium), rented the units, then sold all 27 to Related Ross in January for $25.4 million. That represents a roughly 350% return. Columbo says the market has changed: "Sellers have gotten way too smart. I offered them a 10% premium back in the day, and they jumped on it. That's not happening anymore. Sellers want two or three times market value."
As Larry Mastropieri explained on the Discover South Florida Podcast, this is exactly how institutional buyers like Ross operate: "Ross isn't running around trying to acquire one unit at a time. He's going to look for the guy who's already acquired a good portion. And then if there's an opportunity, they'll finish it off. They're going to pick up the bigger things and pay a premium for it, as he did."
Related Ross now controls 45 of the 63 condos. The remaining units are under contract, with the full buyout expected in the coming months. Current zoning allows an 18-story tower to replace the existing three-story building.
Own a condo in an aging waterfront building in West Palm Beach? Institutional buyers are actively assembling properties along S. Flagler Drive. Talk to a real estate agent near West Palm Beach who understands condo terminations and buyout strategies. Reach out to The Mastropieri Group or call (561) 556-9853.
What is the bigger assembly picture along S. Flagler Drive?
Southbridge is not the only property changing hands. Fort Partners acquired the apartment buildings at 3907 S. Flagler Drive and 3906 Washington Road for $20 million in 2024. Fort Partners developed the Surf Club (Four Seasons) in Surfside and holds the exclusive right to the Four Seasons condo brand in South Florida.
One block north sits Harbor Towers and Marina, a 61-unit condo where Related Ross owns 11 units and Fort Partners owns 22. In April 2025, Related Ross filed a lawsuit against the Harbor Towers condo association and Fort Partners' affiliate, alleging that rule changes made it harder for owners to sell. The suit was settled in October 2025 under confidential terms.
The pattern is clear: Ross and Fort Partners are both betting that the next generation of ultra-luxury buyers will pay a premium for new construction on the West Palm Beach side of the Intracoastal. This corridor sits minutes from Palm Beach and Mar-a-Lago.
What does this mean for condo owners and buyers?
Condo owners in aging waterfront buildings along S. Flagler Drive should pay attention. When institutional buyers start assembling units, it signals redevelopment is coming. Remaining holdouts typically receive above-market offers, but the timeline and terms are dictated by the buyer. For buyers looking at West Palm Beach waterfront, expect luxury condo pricing on completed projects in this corridor to start well above current comps.
For buyers who want to be nearby but are priced out, Mastropieri sees opportunity elsewhere: "If you're trying to be in that neck of the woods, the east-northeast Lake Worth market is a place where you can get a little more for your money and maybe a little more upside. At least you can buy it cheaper for now, and I think it's coming."
The broader signal: condo terminations and bulk buyouts are accelerating across South Florida, especially in older three-story buildings on valuable waterfront land. Florida's stricter reserve and repair requirements (SB 4-D and SB 154) have made it more expensive to maintain aging buildings and have made it easier for developers to make the financial case for termination.
Who is Stephen Ross and Related Ross?
Stephen Ross is the founder of Related Companies (New York) and the billionaire behind Related Ross, a West Palm Beach-based real estate development firm. His net worth is approximately $14 billion.
Related Ross has invested over $10 billion in real estate in Palm Beach County. Major projects include CityPlace (2000), One Flagler, and planned expansions totaling over 1 million square feet of additional office space in downtown West Palm Beach. Ross is also behind the $10 million "Ambition Accelerated" campaign to recruit companies to South Florida's Gold Coast.
Frequently Asked Questions about the Southbridge Buyout
What is happening at Southbridge Condo?
A Related Ross affiliate, Southbridge Acquisitions, has acquired 45 of the 63 units at 3915 S. Flagler Drive in West Palm Beach. The remaining 18 units are reportedly under contract. Once the buyout is complete, Ross is expected to terminate the condo association and redevelop the site with a luxury project.
What could replace Southbridge Condo?
Current zoning allows an 18-story tower on the site, replacing the existing three-story building. The density could increase further if developed in conjunction with neighboring parcels to the north that are also being assembled.
How did Joey Columbo make 350% on his investment?
Columbo acquired 27 units starting in 2021 for approximately $5.6 million total, using different LLCs and agents to avoid detection. He offered sellers a 10% premium and rented the units. In January 2026, he sold all 27 to Related Ross for $25.4 million.
Are other properties being assembled in this area?
Yes. Fort Partners acquired apartment buildings at 3907 S. Flagler Drive and 3906 Washington Road for $20 million in 2024. Both Related Ross and Fort Partners own units in Harbor Towers and Marina, a 61-unit condo one block north. The pattern suggests a multi-block waterfront assembly.
What should condo owners in this area do?
Condo owners in aging waterfront buildings along S. Flagler Drive should monitor institutional buying activity in their buildings. When developers start assembling units, redevelopment is typically on the horizon. Remaining owners often receive above-market offers, but timing and terms are controlled by the buyer.
Local help for buyers and sellers in West Palm Beach
If you own a condo in a building facing potential termination, or you are looking to buy along the West Palm Beach waterfront, understanding these dynamics matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across West Palm Beach and Palm Beach, call (561) 556-9853.
Posted by Larry Mastropieri
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