WEST PALM BEACH, Fla. — We're looking deeper into a proposal from Vanderbilt University to expand into West Palm Beach.
If approved by the city, the new $520 million campus would be built in downtown West Palm Beach on Evernia Street and Fern Street.
WPTV Reporter Michael Hoffman found out the proposed graduate program is centered around business and computing - and the university is talking to the city about it tonight and tomorrow.
Tonight, Vanderbilt will chat with officials to ask for a land donation, while tomorrow it makes its economic presentation.
Kelly Smallridge with Palm Beach County's Business Development Board tells WPTV that this would be a great use of the space.
“We look at these educational institutions as secret weapons,” Smallridge said. “Vanderbilt will spend about $100 million a year in operating expenses alone, and so we consider this to be a great way to attract additional companies to this area.”
John Boyd, with the Boyd Company, is an expert in these types of expansions. He says in addition to attracting companies and students, the report provided by the university shows that it will result in a lot of jobs
“Staffing projections approach 900 workers," said Boyd. "And what’s significant here is that this is largely recession proof and non cyclical employment. unlike a private employer, once Vanderbilt is in, it’s in.”
Hoffman listened to those living around the county and many think it’s a win with no downside.
“The talent pool in West Palm Beach is only going to benefit and bring more upscale jobs into the area, and keep our young people and our talented people in the city,” Palm Beach resident Frank Forestieri said.
“Go with the flow and let it grow," Palm Beach resident Nawzad Jacksi said. "Don’t hold back.”
We reached out to Vanderbilt University for comment and sent us this statement:
"We are assessing the potential for expanding our business education and computing programs to West Palm Beach—an area of tremendous growth and investment in private equity, venture capital, fintech and investment banking. This expansion requires approval by accrediting bodies and state regulatory authorities. We have begun meeting with West Palm Beach city and Palm Beach county officials about parcels of land we are exploring as the location for this project. We are discussing with local leaders how Vanderbilt could best contribute to, and be a good partner for the West Palm Beach community."
WPTV News will keep you posted on updates with this project.
