Stephen Shey, with his wife Carol, established Shey Associates Inc. in 1965, which was one of Gainesville's first premiere property management and development companies. Leading the Gainesville apartment industry for several decades, Shey Associates was the forerunning company to feature new and innovative amenities to the Gainesville area. In the new millennium, Shey Associates parlayed into niche development and has built luxurious garden style flats and townhouses that appeal to retirees and professionals.
Shey Foundation, Inc. ("SFI"), created and perpetuated by Stephen and Carol Shey, was established to benefit the preservation and expansion of the arts and medical research. Since the creation of SFI, the board members, based on the expressed wishes of the Foundation, have committed to supporting several local and national philanthropic organizations.