Stephen Ross, the real estate mogul, has spent billions of dollars to turn the City of West Palm Beach into a high-end business and residential hub. The Wall Street Journal highlighted Ross’s vision and investment in WPB in an article titled, “Can This Developer Make West Palm Beach Into the Hottest City in America?”
Here were the key takeaways:
- Massive Investment: Since 2019, Ross is on track to spend nearly $10 billion to transform West Palm Beach with over 6 million square feet of office space, 1.4 million square feet of condos, almost a million square feet of retail space, and more.
- Aimed at Attracting Talent: Ross aims to create a “model American city” to rival New York, Silicon Valley, and Miami by appealing to high-end businesses, venture capital, and financial firms.
- Growth and Infrastructure: The development includes not only luxury housing and offices but also private schools (including a new project proposed in Wellington), a hospital (with new Cleveland Clinic developments underway), and a Vanderbilt University graduate business school to support both professionals and local residents.
- Challenges and Local Impact: While Ross’s projects aim to bring prosperity, local residents worry about rising costs and gentrification, with some being priced out as upscale developments take over.
- Ross’s Ambitious Legacy: At 84, Ross is committing his final years to reshaping West Palm Beach, inspired by his past successes and the opportunities he sees in the city’s growth despite any risks.
Read the full story in The Wall Street Journal here.
