Billionaire real estate developer Stephen Ross has launched a 10,000-square-foot immersive Experience Center in downtown West Palm Beach, FL, showcasing his vision for transforming the area into the "Wall Street of the South."
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Ross' boutique, luxury waterfront
condominium, Shorecrest, has already broken ground. While
developers typically open a sales office with life-scale
models of condos, Jordan Rathlev, an executive vice
president at Related Ross who leads the firm's mixed-use
real estate acquisition and development, tells Realtor.comŽ
that the Experience Center goes even further.
The center is an "immersive storytelling destination" that
uses virtual reality, interactive exhibits, and large-scale
architectural models to allow potential condo buyers,
entrepreneurs seeking office space, as well as the general
public to intensely experience the future of Ross' vision.
A giant screen with a virtual replica of
the development will allow visitors to feel they are
practically inside of the future West Palm downtown area.
Bryan Cho, an executive vice president at Related Ross, had
previously described the development to Realtor.com as "a
complete ecosystem, from world-class office and residential
to culture, retail, and infrastructure, that can attract top
companies and talent."
"You can walk through it or fly through it," says Rathlev of
the digital replica. "Think of Google Maps 3D on steroids."
Visitors can also wear virtual reality goggles to simulate
the feeling of strolling through Shorecrest, the
development's ultraluxury condo building with 98 two- and
three-bedroom residences, each offering uninterrupted
Intracoastal water views. Several other luxury residential
developments, including Edgeworth and South Flagler House,
will also be viewable via virtual reality.
Those wearing the goggles or viewing the digital screen can
pull up various highlights of the future West Palm
ecosystem, including the evolving 72-acre mixed-use
CityPlace and Flagler Waterfront, as well as planned
developments such as the Cleveland Clinic campus and
Vanderbilt University's graduate campus.
CityPlace—a collaboration between Related Ross and the city
of West Palm Beach—dates back to 1997. But, in past decade,
it's been reimagined to include a hotel, convention center,
and more commercial and residential spaces.
Rathlev says the Experience Center won't be so much a sales
or marketing office but a "community gathering space," that
will host community-led events and thought leadership
conferences.
"If you're coming as a prospective tenant or buyer, we can
answer all your questions," he says. "But [the center] also
allows people from the community to tell their stories, so
it's more of a collaborative space."
For those interested in snapping up a Shorecrest luxury
condo, goggles may not be enough. Rathlev says potential
buyers can walk through full-scale models of apartments,
allowing them a deeper sensory experience.
Why West Palm Beach?
The center is part of the massive, multibillion-dollar
push—spearheaded by Ross and Griffin—to turn Florida's Gold
Coast, spanning West Palm Beach, Fort Lauderdale, and
Miami—into a sunnier version of Wall Street.
Businesses such as Goldman Sachs, Wells Fargo, and BlackRock
have been rushing to open offices in the area, taking
advantage of its low corporate taxes and zero personal
income taxes.
"The goal [of the center] is to bring awareness to what a
great place South Florida and, in particular, Palm Beach
County is, to live and work and do business," says Rathlev.
But Rathlev claims it isn't even the pro-business atmosphere
that ultimately lures the "decision makers"—it's the state's
ability to attract and retain talent.
"There is no question people love the lifestyle that South
Florida offers," he says.
He ticks off mild weather, the beach, outdoor activities,
golf, and the plethora of food and entertainment options as
key attributes of the area, along with the connectivity of
the Brightline high speed train.
People "may have come historically to visit their
grandparents or go to Disney," he says. "But now you see
these great public spaces, and the great art and cultural
events. It's not just what you saw in the past."
"And people want to go where the jobs are."