A highly-anticipated presentation by Vanderbilt University officials to the Palm Beach County Commission on August 20th could set the stage for a new campus in West Palm Beach. The university's ambitious plan includes a $519.6 million investment in a 300,000+ square-foot facility, potentially creating 1,346 full-time jobs and accommodating around 1,000 students. The economic impact is projected to reach $7 billion over 25 years, with 35,000 new jobs.
In parallel, the West Palm Beach City Commission will consider donating property at 386 S. Tamarind Ave., 810 to 910 Evernia Street, and 913 Fern Street to Vanderbilt for higher education purposes. The first reading is scheduled for August 19th, with the second on September 3rd.
Kelly Smallridge, from the Business Development Board of Palm Beach County, confirmed Vanderbilt's request for a two-acre donation from the city and a five-acre donation from the county. This is the same site previously earmarked for a University of Florida campus in 2022, though those plans fell through in 2023.
A Vanderbilt campus could significantly boost West Palm Beach's reputation, attracting more companies to the city amidst its "Wall Street South" campaign. Smallridge highlighted the advantages of a prestigious university, providing skilled graduates, fostering innovation, and enriching the intellectual and cultural environment. The ultimate goal is an innovation-based economy focused on fintech, AI, and high technology.
Vanderbilt spokesperson John O'Brien confirmed their interest in expanding business education and computing programs to West Palm Beach, citing its growth in private equity, venture capital, fintech, and investment banking. Discussions with local leaders are still at an early stage.
In a May interview with the Nashville Business Journal, Chancellor Daniel Diermeier expressed his desire for a business and engineering school in West Palm Beach, allowing the business school to have a presence in two high-growth markets.
Billionaire Stephen M. Ross, the Miami Dolphins owner and developer Related Ross, hosted a fundraiser for Vanderbilt's campus earlier this year and even mentioned his efforts to attract the university in a letter to employees in July. Related Ross is a major player in downtown West Palm Beach, owning most Class A offices and having multiple office projects under construction.
Vanderbilt's presentation outlined its vision for the West Palm Beach campus, focusing on business, AI, data science, and an innovation hub. The innovation hub would foster entrepreneurship, partnering with local industry and government, attracting research funding, hosting events, and providing scholarships to local students. The university anticipates spending over $100 million annually on operations and is seeking donors to help fund the startup costs.
Optimistically, Vanderbilt hopes to launch initial programs in West Palm Beach as soon as fall 2026. The presence of a top-ranked university like Vanderbilt could be a game-changer for West Palm Beach, driving economic growth, attracting talent, and fostering innovation in key sectors. The city's potential transformation into a hub for fintech, AI, and high technology is an exciting prospect, and the upcoming presentations and decisions could mark a pivotal moment in its realization.
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