VANDERBILT University officials are tomorrow scheduled to present Palm Beach County (PBC) commissioners an economic impact assessment of its planned creation of a "world class" Vanderbilt West Palm Beach campus, which would be programmed for business, AI and Data Science, as well as Innovation education, research and commercialization and entrepreneurial efforts.

According to VU's presentation posted online by PBC, some initial VU operations could begin in West Palm Beach as soon as Fall 2026. This story will be updated as warranted.

In the presentation posted by PBC online ahead of tomorrow's meeting, VU posits the development will create at least $7.1BN (2024$) in total local economic activity over the next 25 years.

At the core of the presentation are impact data produced for Vanderbilt by economic and public-policy consultant TXP Inc., based in Austin. Other TXP clients have included Memphis Tomorrow.

The "Innovation Hub" component of the VWPB proposal would connect PBC entrepreneurial activities with VU academic studies and research, would generate partnerships with local industry and government, and create opportunities for the Palm Beach region's entrepreneurs to collaborate with faculty and students.

Earlier this year, PBS-NPR affiliate WLRN -- describing VU as a selective "small, private Nashville, Tenn., school" -- reported that VU Chancellor Daniel Diermeier had meetings with PBC commissioners in April, accompanied by attorney and lobbyist Harvey Oyer III, of Shutts & Bowen's land use practice group.

PBC staff met with undisclosed Vanderbilt staff July 24 to prepare for tomorrow's commission meeting, according to PBC records online.

This morning, when asked by VNC who would represent VU tomorrow before the commission, a VU spokesperson said he was immediately free to say only, "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. We are at an early stage of discussions with local leaders." He also provided the TXP summary, only, which is appended at the end of this story.

WLRN reported that a similar initiative fell apart in 2023, involving the University of Florida and others. WLRN quoted a VU spokesperson as saying the university is "always exploring new opportunities to expand our impact and further our mission."

The "ripple effect" of the proposal VU institutional development is described as spawning innovation, spin-offs and commercialization of ideas and intellectual property.

It bears note that, in search of a similar Greater Nashville ripple effect -- leveraging Vanderbilt's and Nashville's existing and already-expanding institutions' infrastructure and talent resources -- Metro Mayor Freddie O'Connell and Chancellor Diermeier have this year stepped-up their joint Nashville Innovation Alliance efforts, which have been preceded upstream by numerous complementary initiatives on Vanderbilt and other campuses in this region.

Palm Beach County lies on the eastern coast of Florida, less than a two-hour drive from central Miami. Miami has been listed among Global VC Ecosystems. Metro Nashville has not. Related VNC coverage in 2023, updated earlier this year here. Florida's 2023 VC investment and certain 2024 international student rankings have far outpaced Tennessee's.

As-filed, the VU presentation document says at one point, "Specifically, growing regions such as the Palm Beach County/West Palm Beach area require a highly capable workforce, innovation and entrepreneurship, clusters in knowledge industries, and superior quality of life. VWPB will make integral contributions to each, and the impact will grow. Put differently, the principal determinant of modern economic success is the ability to acquire, process, and apply knowledge. VWPB will be a laboratory where this key element of the state's (and nation's) comparative advantage is incubated, both in terms of preparing the future labor force and via research that ultimately leads to new or improved products and services. South Florida and the state overall will be fortunate to have such a strong asset in the economic development portfolio.

VU's scenario for VWPB calls for creating more than 300,000 sq. ft. of space, including a primary academic building, student housing and a parking garage. Annual operations of VWPB would cost approximately $100MM, to serve roughly 1,000 students.

One-time impact of the project in Palm Beach County and vicinity is projected as nearly $520MM in direct spending, the impact of which is projected to generate short-term 5,620 jobs.

The campus is likely to spur entrepreneurship, commercialization, talent and industrial creation, organic growth, recruitment and retention, and overall community development.

The public Palm Beach County document, including a submitted version of Vanderbilt's presentation dated Aug. 20, 2024, is located here. A related TXP Inc. document was provided by the VU spokesperson at this link.

Previous Vanderbilt coverage is available here. VNC

.last edited 0957 19 August 2024