Palm Beach County commissioners gave final approval for a satellite campus of Vanderbilt University near downtown West Palm Beach.
Following conceptual approval two weeks ago, representatives from the Nashville, Tennessee-based private university submitted a final contract on Tuesday, which culminated in a unanimous vote to donate a five-acre parcel valued at $46 million.
The effort received strong support from public comments — elected officials, businesspeople, alumni and local residents.
"It is so important for us as a community, the business community," said County Commissioner Mack Bernard, a senator-elect who played a key role in bridging the research institution to the city.
"The public community to just come together to have a vision for Palm Beach County and that's what we’re doing today."
The county’s property is located next to two acres owned by the city of West Palm Beach, which was already donated to Vanderbilt. The properties, which are required to build the campus, are located along South Tamarind Avenue, in an area of the city known as Government Hill.
Vanderbilt's graduate campus, with an emphasis on finance and technology industries, will include 300,000 square feet of facilities for more than 1,000 students, school parking and student housing, and is projected to cost more than $520 million.
READ MORE: A Vanderbilt University campus in West Palm Beach could rain billions on local economy
A Vanderbilt economic impact study shows the university’s more than $7 billion in economic activity in 25 years could double over a 50-year period.
There was one slight hang up to solve. The commission voted unanimously to terminate an agreement with Transit Village LLC, a private development, that allows the firm to store its equipment on a small section of the property designated for Vanderbilt.
Instead, Transit Village will work directly with Vanderbilt to reach a license agreement to use the location on a temporary basis for parking.
The county policy includes what’s known as a reverter clause, which allows the donated land to be returned to the county and the city if the project isn’t complete within a specified time frame.
Palm Beach County, specifically West Palm Beach, has experienced significant population and business growth in the last few years — attracting companies from major aerospace and finance industries to manufacturing headquarters.
Harvey E. Oyer, III, a local Land Use Attorney and lobbyist, said a Vanderbilt campus in the area would maintain a "talent pipeline" that could keep companies at bay.
