Why Ross and Griffin Believe Florida Is the New Frontier for Business

Florida: The New Business Frontier

Over the past few years, high-profile businessmen Stephen M. Ross and Ken Griffin have made a remarkable shift from traditional business hubs like New York and Chicago to the sunny landscapes of South Florida. Their initiative aims not just to relocate themselves but to entice businesses across various sectors to follow suit.

On Monday, they unveiled their latest endeavor: a marketing campaign dubbed “Ambition Accelerated.” This campaign is designed to position the Gold Coast region—including Miami, Fort Lauderdale, and West Palm Beach—as one of the premier locations in the United States for business growth.

The financial stakes of this campaign are notably high, each billionaire has personally contributed $5 million to fund this initiative, collaborating with the Florida Council of 100, a pro-business lobbying group. Mr. Ross asserted in an interview, “Florida is one of the best business states, if not the best business state, in the country.”

Building Foundations for Growth

Both Ross and Griffin have robust business portfolios that underscore their commitment to South Florida. Ross, renowned for developing the Hudson Yards in Manhattan, has invested heavily in real estate projects aiming to redefine the urban fabric of West Palm Beach. Griffin, on the other hand, brought his hedge fund Citadel to Miami, citing Chicago's safety concerns and regulatory issues as key factors for his migration.

“Access to talent, regulatory predictability, cost structure and quality of life are critical,” Griffin stated. “When you're deploying capital and committing resources over a 20-year horizon, getting those basics right matters more than almost anything else.”

The influx of business into the region is palpable, with South Florida gaining the moniker “Wall Street South” as financial firms flock to the area.

Addressing Rising Concerns

The timing of this campaign is crucial, coinciding with a growing unease among business leaders regarding the environment in traditional business strongholds. The dissatisfaction with California's impending wealth tax has prompted notable billionaires to withdraw their ties to that state. The rising cost of living, complexity in regulatory environments, and bureaucratic challenges have all played a part in this movement.

New York City has not been exempt from criticism either. Mayor Zohran Mamdani has faced pushback for pursuing a wealth tax, with detractors claiming that this policy could push more businesses out of the city. Steven Fulop, CEO of the Partnership for New York City, remarked, “Businesses will choose to move out of New York and new businesses will make the decision not to start in New York.”

Competing for Attention

As California's appeal wanes amidst increased bureaucratic hurdles, states like Florida, Texas, and Nevada are actively competing for these transitioning companies. Ross argued that Florida is more advantageous compared to alternatives such as Texas or Tennessee, citing less regulatory complexity and a favorable business environment.

In their quest for growth, Ross and Griffin have notably attracted several sectors, particularly finance. However, they aim to expand this momentum towards other industries, including technology. They have taken tangible steps by collaborating with local officials to bolster educational and infrastructure projects required to support this business ecosystem.

A Comprehensive Approach

This effort includes substantial investments in local education and healthcare, which are essential for creating an attractive environment for families and talent. Ross has financially supported projects like the Vanderbilt University campus and contributed to new private K-12 schools. This reflects a strategic understanding of what businesses consider vital when relocating.

“We knew what our weaknesses were,” Ross said. “That's what we concentrated on for three years. We put the essentials into place.”

Conclusion

As Ross and Griffin push their vision for Florida as the epicenter of business innovation, their efforts reflect a larger trend of shifting business dynamics across the country. With thoughtful investments and a strategic approach, they are redefining what it means to establish a thriving business environment in South Florida. The interplay between access to resources, regulatory frameworks, and the overall quality of life is becoming increasingly critical for businesses navigating the complexities of modern entrepreneurship.

The story here is not just about moving corporate headquarters; it's about creating a meaningful narrative that could reshape the landscape of business for decades to come.