Palm Beach County commissioners have approved a contract with Vanderbilt University to establish a graduate campus in West Palm Beach. The agreement mandates Vanderbilt to invest at least $2.4 billion within the first 25 years and $5.3 billion over 50 years as per their economic impact study.
Vanderbilt FL is required to provide semiannual project development reports for the first five years after closing the contract, then annual reports until completion.
Vice Chancellor Nathan Green of Vanderbilt expressed optimism, forecasting construction commencement by 2029. Fundraising for the necessary $300 million is advancing, with one-third already secured.
A reverter clause exists, triggered if construction does not begin within five years or the site ceases to be used for educational purposes, obligating the county to reimburse Vanderbilt for improvements should the property revert.
The commission rejected a proposed additional protection clause from the Property Review Committee that would reclaim land from Vanderbilt if they fell 10% below economic projections. Commissioners deemed existing contract protections sufficient.
The new campus will occupy seven acres in downtown West Palm Beach, valued at nearly $60 million, with 90% dedicated to educational purposes. Temporary use for parking by Transit Village is permitted.
Business Development Board President Kelly Smallridge announced interest from a major employer, drawn by Vanderbilt’s plans for artificial intelligence programs, potentially creating over 2,000 jobs.
The contract stipulates Phase 1 of the campus must begin within five years, featuring a $300 million facility, 4,500 construction jobs, 900 annual students, and 200 employees with a $70 million annual budget. The county retains naming rights for a services-oriented facility.
Commissioner Gregg Weiss emphasized the land transfer as an investment, expecting a return on investment exceeding 20-to-1.
The agreement includes partnerships focusing on underserved students, literacy programs, and workforce development, along with incentives for local employees.
Traffic impacts will be mitigated, encouraging alternative transportation and providing facilities for cyclists and pedestrians.
The contract follows months of negotiation between county staff and Vanderbilt University.