Real estate magnate Stephen Ross is spearheading a significant transformation of West Palm Beach, aiming to establish it as a premier destination for technology and innovation. Ross envisions the area evolving into a "model city" and a new "Silicon Valley," attracting talent and businesses with its business-friendly environment and burgeoning amenities.
Key Takeaways
- West Palm Beach is being positioned as a rival to Silicon Valley, drawing companies and professionals seeking a more favorable business climate.
- Significant investments are being made in education and healthcare to support this growth.
- Major companies, including ServiceNow, are already committing to establishing a presence in the area.
Cultivating a Tech Ecosystem
Ross believes that Florida’s business-friendly policies, coupled with the absence of state income tax, make it an attractive alternative to high-tax states like California. To foster this growth, Ross is focusing on developing crucial infrastructure. He played a key role in attracting Vanderbilt University to establish a graduate business school in downtown West Palm Beach, set to open in the fall of 2029. This initiative aims to cultivate a pipeline of talent in fields such as business management, finance, and engineering.
Enhancing Quality of Life
Recognizing that a thriving city requires more than just job opportunities, Ross has also championed the development of essential services. He was instrumental in bringing the Cleveland Clinic to West Palm Beach, which plans to open a new 200-bed hospital and cancer center. This addition is seen as vital for the city’s development into a comprehensive hub. Furthermore, Ross’s developments include mixed-use projects like CityPlace, which offer retail, dining, and residential spaces, contributing to a vibrant urban environment.
Attracting Major Players
Ross’s vision is already materializing with significant corporate commitments. ServiceNow, a leading Silicon Valley-based AI software firm, has announced plans to open a major office in West Palm Beach, expecting to employ up to 850 people. This move underscores the region’s growing appeal to the tech industry. The development of new Class A office towers by Related Ross is designed to accommodate such expansions, with a significant portion already pre-leased.
A New Era for Palm Beach County
Ross’s efforts are reshaping the perception of Palm Beach County from a retirement haven to a dynamic center for finance, technology, and innovation. By focusing on creating a comprehensive ecosystem that includes top-tier education, healthcare, and lifestyle amenities, Ross aims to make West Palm Beach a compelling destination for both businesses and a younger, highly educated workforce, positioning it as a significant player in the future of the tech industry.
Sources
- Stephen Ross seeks to transform Palm Beach County into Silicon Valley, The Palm Beach Post.
- Billionaire Stephen Ross talks about West Palm Beach for Business Breakdown with Brian Bandell podcast –
South Florida Business Journal, The Business Journals. - The Developer Who’s Transforming West Palm Beach – Site Selection Magazine, Site Selection Magazine.
- Legacy: The Legendary Stephen M. Ross on Building a Real Estate Empire and Florida’s Next Great City, CBRE.