WEST PALM BEACH, Fla. — We’re taking a closer look into Vanderbilt’s campus proposal in West Palm Beach.
After meeting with city and county leaders it is moving forward to the next steps, and WPTV’s Michael Hoffman is combing through the financials to answer one question…how does this impact our city?
The growth of West Palm Beach is making life more expensive.
“I’ve been all over the world and I’ve been all over this country, and there’s a lot of places that are a whole lot cheaper to survive and live in than West Palm Beach," said local resident Omar Peterson.
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Peterson said the vacant county and city land would be better used as affordable housing, but if the project graduates from just an idea, he has questions.
“It brings money into the community but where does the money go," he asked. "Who does it go to? Who is it for? Who’s it going to benefit?"
So, let’s break it down. Here is a link to the full proposal.
The university said it will spend about $500 million on construction. That includes $268 million for class buildings, $217 million for student housing and nearly $35 million for parking. It’s a project expert John Boyd with the Boyd Company said is huge.
“This project is a very significant one," said Boyd. "When you think about its economic impact, it’s real dollar and cents economic impact.”
Vanderbilt said about 1,000 students are expected to attend the school, spending about $18 million locally every year. The university said its total economic impact is estimated at $7 billion over 25 years.
“They provide the workforce and companies locate know where they will have a very strong workforce," said CEO of Palm Beach County's Business Development Bureau.
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Smallridge said it’s a win for everyone.
“There is something that's going to be developed on that property land one day," said Smallridge. "We believe that this is a good use of the property that is into perpetuity.”
Even the skeptics think it could work.
“Anytime there’s new business coming into the community, it helps,” said Peterson.
The staff is expected to update the commission on the status of the negotiations Sept. 17. And the plan could be finalized by the beginning of October.
