Billionaire West Palm developer not worried about economy fears: 'I feel very optimistic'
Stephen Ross, billionaire developer and owner of the Miami Dolphins, who is investing heavily in the rebirth of downtown West Palm Beach, among other projects, recently waved off worries about the economy, tariffs or market instability.
President Donald Trump's tariff wars with Canada, China and Mexico are roiling the markets and already leading to price hikes on commodities and consumer goods. Recently, former U.S. Treasury Secretary Lawrence Summers warned there was a "real possibility" of a recession.
"I think everybody long-term recognizes where we're going and what we are as a country," Ross said after a March 12 groundbreaking of the company's newest planned office towers, 10 and 15 CityPlace. "I think Palm Beach is going to be a leader long-term. So, I feel very optimistic even though we may have some short-term instability."
But Ken Himmel, president of Related Ross, acknowledged concerns about the current and future economic forecast.
On the topic of tariffs, Himmel said that Related Ross already entered into contracts for guaranteed prices from subcontractors on 90% of the 10 and 15 CityPlace office towers.
For another project, the twin-tower south Flagler House condominium being built along South Flagler Drive, Related Ross locked down prices on 70% of the project, and 90% of what would be subject to tariffs.
"We have no tariff exposure," Himmel said.
But Himmel acknowledged concerns about the economy's uncertain future.
Growth plans by corporate executives "definitely are going to be in question more today than they would have been a year ago. I'm sure this is going to have some impact on some people," Himmel said.
But Himmel thinks that economic declines will have limited effects on Related Ross' roster of new tenants. This is because these tenants are in the healthcare field "and health care is not going away," as well as the still-growing finance and wealth management fields.
"As long as people keep moving here, which they are, that will keep fueling growth in these sectors," he said.
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Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@pbpost.com. X: @acloughpbp. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Post: Billionaire West Palm developer Stephen Ross not worried about economy
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