Vanderbilt’s West Palm Beach Campus Gains Steam With Major Donations
Credit: Walter Bibikow / Stone / Getty Images- Billionaire real estate developer and philanthropist Stephen M. Ross donated $50 million to Vanderbilt’s planned West Palm Beach campus.
- Ross had no formal ties to Vanderbilt prior to the donation, although he’s poured billions into developing West Palm Beach in recent years.
- Vanderbilt says the new campus will generate billions in economic impact.
- The school has raised $77 million for the new campus so far.
Vanderbilt University is well on its way to funding its new West Palm Beach, Florida, campus — thanks to a billionaire’s $50 million donation.
Stephen M. Ross, the real estate developer and philanthropist who is the namesake of the University of Michigan Ross School of Business, committed $50 million to the school’s West Palm Beach campus.
That puts Vanderbilt’s fundraising at $77 million of its $300 million initial goal to fund the new campus.
Ross said in a news article on the Vanderbilt website that he believes the school’s planned expansion into the area will fuel the city’s growth.
“When we look at successful cities, they all share certain elements — strong educational institutions, innovation capabilities, a dynamic workforce, and a high quality of life,” Ross said.
“Supporting Vanderbilt helps ensure West Palm Beach has these critical components to evolve and become the model American city.”
Ross isn’t alone in his support for the new campus. Vanderbilt alum Cody Crowell, a principal and managing partner with the investment organization Frisbie Group, donated $5 million to the project.
“The landscape and community of West Palm Beach have changed dramatically in the last decade, with the growth of the financial industry and the arrival of young professionals eager for success and impact,” Crowell said in the article.
“This is the nation’s new financial hub, and this community and Vanderbilt are coming together at the right time to catapult both to global notoriety.”
Of all the major building projects undertaken by major universities, Vanderbilt’s West Palm Beach expansion stands out as among the most ambitious.
The university is planning a $520 million campus that will include its Owen Business School, Engineering School, and a planned innovation hub.
The 300,000-square-foot campus would serve 1,000 students in an arrangement that school officials say would be beneficial to both the university and the community.
West Palm Beach has become one of the country’s major tech hubs, and Vanderbilt says the new campus could generate billions in economic impact and help provide a workforce for that booming business.
“From the start, Stephen and Cody’s partnership has been essential to realizing our vision for a campus in West Palm Beach,” Vanderbilt Chancellor Daniel Diermeier said in the article.
“Now we are deeply grateful for their generous investments, which bring even greater momentum to this transformative initiative. Establishing a campus in the financial nerve center of West Palm Beach will open new avenues for our students and faculty and allow us to extend our economic impact and innovative capacity to South Florida. We look forward to becoming a vital and innovative presence in Palm Beach County and appreciate the warm welcome we have received.”
Ross’ $50 million donation to that project shows that the real estate developer believes Vanderbilt’s second campus will boost West Palm Beach, a city he’s made major investments in over the past few years.
In fact, The Wall Street Journal previously reported that Ross’ new real estate firm is on its way to spending $10 billion to boost West Palm Beach as a financial and business hub.
The donation is a particularly strong endorsement of Vanderbilt’s campus, given that he had no formal ties with Vanderbilt before the massive donation.