Early Life and Education
Born on May 10, 1940, in Detroit, Michigan, Stephen Michael Ross grew up in a Jewish family. He attended Mumford High School in Detroit and later graduated from Miami Beach Senior High School. Ross then pursued higher education at the University of Michigan, where he earned a Bachelor of Business Administration degree in 1962. He furthered his education by receiving a Juris Doctor from Wayne State University in 1965 and a Master of Laws in Taxation from the New York University School of Law in 1966.
Rise to Success
Stephen Ross began his career as a tax attorney before founding Related Companies in 1972. He started the company with $10,000 borrowed from his mother. Related Companies initially focused on building and financing low-income housing. Ross pivoted to riskier luxury buildings and nearly faced bankruptcy in the early 1990s but recovered. He developed more than $60 billion worth of properties across the country. Notable projects include the Time Warner Center (now the Deutsche Bank Center) and the Hudson Yards in New York City.
Key Business Strategies
Ross's business acumen is evident in his strategic decisions. He navigated the real estate market downturn in the early 1990s by proactively restructuring debts. Moreover, his focus extended beyond real estate, including investments in fitness brands like Equinox and SoulCycle. He also owns the Miami Dolphins and played a role in bringing Formula 1 to Miami. The acquisition of Equinox Fitness Clubs further integrated workout centers into new developments.
Philanthropy
Stephen Ross is a dedicated philanthropist. He established the WRI Ross Center for Sustainable Cities and founded the Ross Initiative in Sports for Equality (RISE). He is the largest single donor to the University of Michigan, with total contributions of $480 million. Ross is also a trustee of the Lincoln Center and the New York-Presbyterian Hospital. He has pledged to give more than half of his estate to philanthropic causes through the Giving Pledge. He also supports the Jackie Robinson Foundation and the New York Stem Cell Foundation.