Billionaire property developer Stephen Ross is helping add a private school to Palm Beach County as part of his plans to turn that corner of South Florida into a magnet for finance and tech talent.
Ross has been working with school operator ElevateED to open a not-for-profit K-12 institution on a 70-acre (28 hectares) lot that was public land owned by the village of Wellington. Ross will turn a portion of it into retail, residential and a hotel, while half will go to the school.
The developer said good education options are key to luring more residents to the region.
“You won’t get people to move if you don’t have great schools,” Ross said at the iConnections Global Alts conference in Miami Beach. “We’re very proactive in really understanding what is needed for growth and bringing it here.”
The village of Wellington, known for being home to a major equestrian community, agreed to sell Ross and the school the public land for a combined $47 million, a Related Ross spokesperson said. Related Ross paid $31 million and plans to build as much as 150,000 square feet (14,000 square meters) of retail and restaurant space, as many as 500 residences and a hotel, the spokesperson said.
The founders of the school, which paid $16 million for their parcel, will take up the other half of the lot. Ross said he expects the school to open in roughly three years.
Ross, known for his work on major projects including Manhattan’s Hudson Yards, in recent years has turned his focus on the West Palm Beach area. He moved permanently to South Florida in 2021 and eventually stepped down from day-to-day management of the New York-based Related Cos. to lead Related Ross, concentrating on developments in Florida.
But Ross’ dreams of making South Florida a global capital for finance and innovation have infrastructure challenges. Among the most common gripes of wealthy newcomers to the area are the limited spaces in high-quality schools and universities, as well as a lack of high-quality health care options.
Ross, who has a net worth estimated at $14.2 billion, according to the Bloomberg Billionaires’ Index, has become a key figure in the area, given his ownership of the Miami Dolphins of the National Football League and role developing major office and residential projects. He was instrumental in bringing Vanderbilt University to West Palm Beach and on persuading the Cleveland Clinic to open a hospital and expand outpatient services in the area.