How Palm Beach’s ‘Wall Street South’ Hopes to Bring Financial Firms To Florida

The Business Development Board of Palm Beach County has launched a campaign to attract financial firms away from Wall Street, employing digital billboards in Manhattan as their medium. The campaign featured three 15-second ads displaying the phrase "Wall Street South" alongside picturesque aerial views of a sunny coastline. These digital billboards graced Times Square at 43rd Rotunda, Times Square Tower, and the I Love NY Board at 1530 Broadway.

Although the ads were only displayed for a single day, they are set to make a return appearance on New Year's Eve, as confirmed by Kelly Smallridge, President and CEO of the development board. This endeavor is part of the board's broader mission to entice coveted employers from higher-tax regions to Palm Beach County.

Smallridge articulated the strategy, stating, "This goes in line with this 10-year strategy we’ve embarked on to bring more financial services firms to Palm Beach County. It’s all about presenting this constant image of Palm Beach County as an attractive place to do business."

Funded by Palm Beach County taxpayers and businesses, the Business Development Board has even trademarked the slogan "Wall Street South." The cost of the ad buy for this one-day campaign amounted to $20,000, with Smallridge expressing, "If all we get is one inquiry that lands in Palm Beach County, they’ll spend a lot more than that."

Even prior to the pandemic, advocates in Palm Beach County and across Florida had been marketing the state as a warmer and more cost-effective alternative to New York. During the pandemic, the exodus of Wall Street companies to southern states escalated significantly.

According to Bloomberg News, New York and California saw the departure of financial firms with nearly $1 trillion in assets to Sun Belt states over the past three years. While Texas, Tennessee, and North Carolina attracted new recruits, Florida stood out as the top destination for financial companies leaving New York.

Florida's proactive recruitment efforts have a long history. In the early 2000s, former Governor Jeb Bush initiated a $1 billion investment in biotech, including subsidies for California labs Scripps Research Institute and Torrey Pines Institute for Molecular Studies.

Dev Motwani, President and CEO of Merrimac Ventures in Fort Lauderdale, noted that the influx of capital to South Florida has gained momentum. He highlighted the region's attractive attributes, including favorable weather and tax advantages, which have become even more apparent during the pandemic. Smallridge also credited Florida's early reopening and the availability of office space, such as the Class A building 360 Rosemary in West Palm Beach, for bolstering the region's appeal.