Vanderbilt University has received unanimous approval from the Palm Beach County Commission to establish a new campus in downtown West Palm Beach, marking a significant development for the area. This initiative is supported by a major land donation that includes two acres at 386 S. Tamarind Ave., along with additional properties on Evernia and Fern streets. The university is committing at least $300 million to the first phase of construction, which will focus on graduate programs in business, artificial intelligence, and feature an innovation hub aimed at fostering local business collaborations.
Projected to house around 1,000 students and employ over 200 full-time staff within five years, the campus is expected to have an annual operating budget of at least $70 million. Local leaders, including Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County, have expressed optimism about the campus’s potential to stimulate economic growth and attract corporate relocations. Smallridge noted that the prospect of Vanderbilt has already helped recruit a company that will bring 2,000 jobs to the area, emphasizing that “education is the currency of economic development.”
The land donation comes with stipulations: Vanderbilt must use at least 90% of the property for educational purposes, which includes student housing and research facilities. Outpatient health care and hotels are explicitly excluded from this usage. If these conditions are not met, the land could revert to the county.
Additionally, the development must address a prior agreement with Transit Village LLC, which holds a temporary license for using part of the land for parking and construction material storage. While the County Commission voted to revoke this license, they encouraged Vanderbilt and Transit Village to negotiate a new temporary agreement, as construction on the campus is not expected to begin for another year or two.
In terms of timelines, Vanderbilt has 180 days to conduct due diligence on the donated properties. Following this, the university will have 12 months—potentially extendable by another year—to finalize a master development plan. The total investment for the campus is anticipated to reach approximately $519.6 million, underscoring Vanderbilt’s commitment to contributing to the educational and economic landscape of West Palm Beach.
Samantha Walsh is the Marketing Specialist for Cohen Commercial.