The billionaire developer has reshaped downtown West Palm Beach with offices, condos, and hotels. His latest move is a $100 million gift to land a top private school.
Key Takeaways
- The Stephen M. Ross Foundation pledged $100 million to bring Pine Crest School to West Palm Beach, one of the largest gifts ever to a K-12 school.
- The city tentatively agreed to sell Pine Crest about 57 acres on Roebuck Road for $6.6 million, a price some residents call too low.
- Groundbreaking is targeted for 2027 and opening for 2029, on what would be Pine Crest's largest campus.
To understand why a real estate developer is paying for a school, you have to look at the whole board, not the single move. Stephen Ross has spent two decades and a reported $10 billion turning downtown West Palm Beach into what he calls a "model city," stacking Class AA offices, luxury condos, and hotels block by block. A top-tier school is what makes executives move their families, not just their money. So his foundation pledged $100 million to bring Pine Crest School, one of Florida's most selective private schools, to the city for its third campus.
What Did Stephen Ross Actually Give, and to Whom?
The gift comes from the Stephen M. Ross Foundation, his philanthropic arm, separate from his Related Ross development company. The $100 million goes to Pine Crest School, a Fort Lauderdale-based independent school with existing campuses in Fort Lauderdale and Boca Raton, to open a third campus in West Palm Beach. Pine Crest called the gift "extraordinary," and it ranks among the largest philanthropic gifts ever made to a K-12 school.
The timing is the tell. Ross announced the contribution in June without naming a figure, and the $100 million figure emerged in late September 2026, around a key land deal. West Palm Beach city commissioners tentatively agreed in July to sell Pine Crest about 57 acres along Roebuck Road, near Florida's Turnpike, for $6.6 million, with 55 acres deed-restricted for educational use and 2 acres for an access road. If final approval comes through, the developer targets groundbreaking in 2027 and an opening in 2029. At 248,000 square feet, it would be Pine Crest's largest campus, bigger than both existing sites.
Why Would a Developer Pay for a School?
This is where the strategy shows. When you are one of the biggest players in a tertiary market, you can steer it, and every piece you add tends to support the others. Offices need workers; workers with families need schools; good schools attract more families; and more families fill condos and hotels.
As Larry Mastropieri put it on the Discover South Florida Podcast: "Having a top-tier K through 12 school supports the high-end demand from these class AA office buildings he just built, right, the high-end condos that he's selling at like $10 million a pop."
Call it the soft infrastructure layer of the model city. Ross himself framed it as "world-class education is foundational social infrastructure for a growing community." There is also a plain tax logic underneath it. A billionaire is going to give money away regardless, so directing those gifts into the city where he owns offices, condos, and hotels makes every dollar do double duty. The donation is real, and it also strengthens the investments around it.
Wondering how a new top-tier school could move home values near Roebuck Road? Talk to a West Palm Beach real estate agent who tracks how these anchor projects ripple through nearby neighborhoods. Reach out to The Mastropieri Group or call (561) 556-9853.
Is the $6.6 Million Land Deal a Problem?
Here is the honest wrinkle: the $6.6 million price for roughly 57 acres of city-owned land drew public pushback as too cheap. Critics point out that developable land east of the Turnpike has reportedly traded near $1 million an acre, which would put this parcel's raw-market value far above what the city agreed to accept. On those numbers, it looks like the city handed a Ross-backed buyer a steep discount.
There is a fair counterpoint, though. Of the 57 acres, 55 are deed-restricted for educational use only, so this is not developable land that could become condos or a data center. A deed restriction like that strips out most of the speculative upside and pulls the comparable value way down, which is part of why the school could afford it. Final city approval is still pending.
How Does Pine Crest Fit Ross's Bigger West Palm Beach Play?
Ross has layered institution on top of institution: $50 million to help bring Vanderbilt University's new campus to the city, another $50 million toward the Cleveland Clinic's West Palm Beach hospital, and a $13 million Emerging Scholars program sending 1,000 students from two public high schools to Palm Beach State College. Higher education, health care, and now K-12, all stacked around the offices and condos of his multibillion-dollar downtown bet.
The demand case is not hard to see. As Larry said, "There's plenty of demand for it, clearly, given the wealth that is relocating to the area." When a developer can hand a market a nationally ranked school, a major hospital, and a research university inside a few years, he is not just selling square footage. He is selling a place families want to land, which is the whole point of the CityPlace build-out and everything around it.
Watch More on This Topic: Watch this segment | Full Episode | Watch last week's recap
Frequently Asked Questions
How much did Stephen Ross give to Pine Crest School?
The Stephen M. Ross Foundation pledged $100 million to bring Pine Crest to West Palm Beach, one of the largest philanthropic gifts ever made to a K-12 school. The foundation is Ross's charity and is separate from his Related Ross development company.
Where will the new Pine Crest West Palm Beach campus be?
On about 57 acres along Roebuck Road near Florida's Turnpike. The city tentatively agreed to sell the land for $6.6 million, with 55 acres deed-restricted for educational use and 2 acres set aside for an access road.
When will the West Palm Beach campus open?
If final approval comes through, groundbreaking is targeted for 2027, with an opening in 2029. At a planned 248,000 square feet, it would be Pine Crest's largest campus, bigger than its Fort Lauderdale and Boca Raton locations.
How much is Pine Crest tuition?
Tuition and application details for the West Palm Beach campus are not set yet. At the current campuses, tuition runs from about $39,010 for pre-kindergarten and kindergarten up to $49,670 for grades nine through twelve, plus a one-time $1,500 matriculation fee.
Was the Pine Crest land sold too cheaply?
Some residents argue the price was too low for roughly 57 acres of city land, noting that developable acreage in the area has reportedly traded near $1 million an acre. Supporters counter that 55 acres are deed-restricted for educational use, which sharply limits the land's market value.
Local Help for Buyers and Investors in West Palm Beach
If you are buying, selling, or investing in West Palm Beach, Palm Beach Gardens, or Wellington, work with a team that tracks how schools, hospitals, and offices reshape value across the city. Reach out to The Mastropieri Group, Realtors®. For practical, hands-on support across Palm Beach County, call (561) 556-9853. You can also browse current homes for sale in West Palm Beach.
Posted by Larry Mastropieri
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