Stephen Ross Pledges $100 Million to Pine Crest's West Palm Beach Expansion

What happened

People familiar with the matter say Stephen M. Ross's foundation has committed $100 million to back Pine Crest School's West Palm Beach expansion. The school began in the 1930s tutoring children whose families spent winters in Fort Lauderdale and today serves roughly 2,700 students on two campuses in Fort Lauderdale and Boca Raton. "I believe in West Palm Beach's future, and my commitment to Pine Crest reflects my long-term belief in this city," Ross said.

How the financing stacks up

In July, the city approved deal terms for Pine Crest to acquire roughly 57 acres for $6.6 million, but the transaction still awaits sign-off from city commissioners. According to S&P Global Ratings, Pine Crest expects to sell tax-exempt bonds to partially finance construction of the new campus; the agency assigned the upcoming bonds a AA- rating. The school "is pursuing the refinancing of existing debt as part of our ongoing capital projects and the financing for our new West Palm Beach campus," a spokesperson said. S&P's primary analyst Mel Brown wrote, "Management is exploring a range of financing options related to its future West Palm Beach expansion, but we do not anticipate additional debt given the large lead gift pledged for the campus."

Why Ross is leaning in

Ross founded Related Cos., and he is CEO and chairman of Related Ross, a real estate developer focused on Palm Beach County. He has championed turning West Palm Beach into a "model city." As he put it, "World-class education is foundational social infrastructure for a growing community, and a school of Pine Crest's caliber choosing West Palm Beach proves the momentum this city has built can attract some of the world's best civic institutions. Investment at this scale is essential to creating sustainable long-term growth."

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What it means for your wallet

Tuition this year is near $40,000 for pre-school and close to $50,000 for high school. If commissioners approve the land deal and the AA- bonds are issued as outlined, Pine Crest's third campus would rest on a large lead gift paired with planned tax-exempt financing.

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