How Palm Beach's 'poor relation' neighbor is BOOMING as billionaire real estate mogul floods coastal town with luxury condos to cash in on wealthy bankers fleeing New York for 'Wall Street South'

West Palm Beach has seen a flurry of economic development in recent years Billionaire Stephen Ross, 83, is one of the faces behind the city's reinvigoration However, the 'shamed, scandalized' tycoon has faced a series of controversies

The city of West Palm Beach, long seen as Palm Beach’s poor relation neighbor, has experienced a flurry of economic development in recent years – spurred on in part by a notorious real estate tycoon.

Years ago, West Palm Beach began marketing to out-of-state employers to build a financial district. Now, a sizable chunk of businesses are finance and investment entities, earning it the moniker ‘Wall Street of the South.’

The area also saw a flood of newcomers during the first wave of Covid-19. As wealthy New Yorkers fled pandemic-era restrictions, many elected to settle down in the area, charmed by the warm weather and low property tax.

The population of Palm Beach County – including the island of the same name, Boca Raton, and West Palm Beach – grew by around 13 percent between 2010 and 2020, according to U.S. Census Bureau data.

And while many transplants opted to settle down on the swanky island, hordes more flocked to West Palm Beach to fill its towering apartment buildings.

West Palm Beach is set to become the new Palm Beach. The once sleepy coastal town is fast becoming a South Florida hotspot – and is set to have a stunning new downtown area called Nora, shortened from its address North Railroad Avenue

Nora is set to open in early 2025, with its first phase bringing 25 new upmarket shops and places to eat

Rosemary Avenue in West Palm Beach has also been given a smart makeover, with stunning shared streets for drivers and pedestrians

Rosemary Avenue is bookended by Rosemary Square, whose upmarket restaurants offer outdoor seating so diners can enjoy the balmy South Florida weather

Another stunning view of Rosemary Square in downtown West Palm Beach, where locals can enjoy beautiful hacienda-style architecture and laid-back vibes

The Bristol condominium building in West Palm Beach. With stunning ocean views, with 25-story apartment building offers ultra-luxurious amenities and 360-degree views

A gorgeous West Palm Beach sunset. The city is quickly becoming a must-visit destination to rival its old money neighbor Palm Beach

Another snap shows the best of what West Palm Beach has to offer – glorious weather, easy access to the beach and stunning condo buildings

The city – located across the water from glitzy Palm Beach – has proven popular with newcomers who swarmed from New York and California during the Covid-19 lockdown

West Palm Beach has seen a flush of economic development since the late 2000s, when progress stalled during the Great Recession. Above, CityPlace Tower,

The city was initially intended as a neighborhood for hotel workers before it transformed into a middle- and working-class community.

In the 1980s, the downtown area was hit by a crack epidemic. Efforts to rebuild were underway a decade later, but the Great Recession stalled progress in the late 2000s.

And then Stephen Ross and The Related Companies blew into town.

Stephen Ross: The millionaire who helped West Palm Beach shine

Related, the real estate development group, developed the CityPlace Tower downtown in 2008. It featured 300,000 rentable square feet on 1.2 acres.

Stephen Ross, 83, and his firm, The Related Companies, developed CityPlace Tower in the city’s struggling downtown in 2008 before moving on to ambitious luxury condo projects

The tower sold for $126.5 million three years later.

All in all, the real estate group has been snapping up property in West Palm Beach for 25 years now, transforming lucrative seaside plots into skyscrapers and luxury condos.

And with the growth came new businesses. Yoga studios and art galleries sprung up. Beauty salons. Pizza shops and floating tiki bars.

This month, Related launched sales for Shorecrest, its newest luxury condominium. The 28-story, 140-unit building is set to be built on prime land facing the Intracoastal Waterway.

In November 2023, Related began marketing preconstruction units for South Flagler House, another ultra-luxury condo project comprised of two 28-story towers.

Ross, the chairman of the New York-based development firm, was valued at $8.64 billion in February 2024, according to the Bloomberg Billionaires Index.

He is a personal friend of Donald Trump and has a hand in a slew of ventures including Equinox Holdings, known for its high-end gyms.

The 83-year-old is also the principal owner of the Miami Dolphins and their home field, Hard Rock Stadium.

Most notably, Ross serves as chairperson emeritus of the Real Estate Board of New York, the city’s premiere real estate trade association.

He has put his multi-billion-dollar fortune to good use. In December, the developer announced that he would be donating $8 million to support educational initiatives in Palm Beach County.

Previously Ross made several generous donations to his alma mater, the University of Michigan, giving up to $200 million at a time. Following a series of donations, the title of the business school was changed to bear his name.

Related Companies has planned two ultra-luxury condominiums, Shorecrest and South Flagler House

The population of Palm Beach County, including West Palm Beach grew by around 13 percent between 2010 and 2020. Pictured, a luxury home under construction

Ross and his controversies  

Despite his philanthropy, Ross remains a deeply polarizing figure, especially in the area.

There he is ‘referred to in turn as a visionary and a narcissist – sometimes by the same people,’ as Daisy Prince wrote in a Vanity Fair piece.

In a now-infamous incident in 2022, the Miami Dolphins and Ross himself were hit with cheating accusations.

Former Dolphins coach Brian Flores accused the franchise of tampering with coaches and players from other teams, as well as intentionally losing games to improve its draft prospects.

Following an NFL probe, Ross was suspended and slapped with a $1.5 million fine. Along with co-conspirators like Bruce Beal, the team’s vice chair, the 83-year-old was deemed an ‘active participant’ in tampering.

Rather than apologize, Ross issued a statement decrying the league’s decision to punish him.

‘With regards to tampering, I strongly disagree with the conclusions and the punishment,’ the billionaire wrote.

‘However, I will accept the outcome because the most important thing is that there will be no distractions for our team as we begin an exciting and winning season.’

This seemingly brazen display of rule-breaking would have a devastating impact on his reputation.

As Greg Cote wrote in the Miami Herald: ‘Ross not only cheated, he cheated badly, unsuccessfully, with no guile whatsoever, but as clumsily ham-handed as an amateur thief smiling at the security camera.’

He characterized the developer as ‘the shamed, scandalized, found-guilty owner of the Miami Dolphins.’

The city was initially intended as a neighborhood for hotel workers before turning into a middle – and working-class community, spurred on by developers like Ross. The bridge between West Palm Beach and Palm Beach is shown

Another spectacular condo tower in downtown West Palm Beach. Locals love the laid-back, sunny vibe in a city that is booming

The octogenarian has also drawn criticism for his political leanings, which came to light in 2019 when Ross hosted a fundraiser for Trump’s reelection campaign.

For $100,000, attendees were promised a photo and lunch with the former President. For $250,000, they would receive both incentives plus a seat at a private roundtable discussion.

Following the event – which was held in Ross’ ritzy Hamptons home – celebrities and influencers took to social media, calling for a boycott of Equinox Fitness clubs and SoulCycle, a subsidiary of Equinox Holdings.

Critics said his outspoken support of president – to whom he referred as ‘probably the world’s greatest promoter’ in 2016 – was at odds with the mission Equinox and its subsidiaries claimed to profess.

‘What’s your policy for canceling memberships once a member finds out your owner is enabling racism and mass murder?’ comedian Billy Eichner tweeted before cancelling his membership.

Among the critics was then-Dolphins wide receiver Kenny Stills, who questioned how Ross could back Trump when his nonprofit, Ross Initiative in Sports for Equality, had committed to ending racial discrimination.

‘You can’t have a non profit with this mission statement then open your doors to Trump,’ Stills tweeted.

Equinox and SoulCycle issued a joint statement denouncing the fundraiser while deemphasizing the billionaire’s role with the brands, calling him a ‘passive investor.’

But Ross, who has known Trump for over 40 years, told The Washington Post he has ‘never been bashful about expressing’ opinions that may differ from those of the former President.

In the same breath, he described himself as ‘an outspoken champion of racial equality, inclusion, diversity, public education and environmental sustainability’ who ‘will continue to support leaders on both sides of the aisle to address these challenges.’

Soaring home prices and gentrification continue to squeeze both middle- and lower-class residents out of the city

West Palm Beach’s future: Top investments, but trouble for middle classes 

Despite the string of controversies, Ross has had an undeniable role in shaping much of the landscape in West Palm Beach.

More than ever, his luxury towers are prime real estate for business and residents relocating from states like New York and California.

While the fast-paced growth may be attractive to newcomers with deep pockets, there is some cause for concern for those with ties to the area.

‘It puts a strain because a lot of high-income people moving into any area increases demand for goods and services,’ Donald Burgess, president of the Chamber of Commerce of the Palm Beaches, told WPTV.

In October, Palm Beach County approved a $200 million deal for affordable housing. However, gentrification continues to squeeze both middle- and lower-class residents out.

The area has seen an unprecedented peak in housing prices roughly coinciding with the arrival of COVID transplants.

Data from the Federal Housing Finance Authority shows a 92.16 percent increase in home prices in the West Palm Beach area over the past 5 years, including Boca Raton and Boynton Beach.

Since 1991, prices have jumped over 509 percent. The median home price as of February 2024 was around $400,000.

‘I know it must be very disconcerting that we see progress, but progress is making some people really suffer,’ Burgess said. ‘There are many of us looking into how can we ensure that it’s a fair deal for everyone.’

The city and its agencies have honed in on the problem for years, directing their energy towards an area referred to as the Historic Northwest.

In 2018, West Palm Beach became the 20th city in the nation to join the Purpose Built Communities network.

The nonprofit, founded by a coalition of businessmen including Warren Buffet, aims to redevelop its partner cities, supplying advisers from the organization and working alongside local leadership and advocacy groups.

The target area in West Palm Beach starts north of Northwood Village and 25th Street and stretches to the city’s northern edge.

Craig Glover, the executive director of the project, titled ‘Northend RISE,’ has conceded that breaking the cycle of poverty is a lofty goal.

However, he is confident the model will work…’over a period of time.’