Billionaire Ken Griffin gives $7 million for Phipps Ocean Park restoration in Palm Beach
A $7 million gift from hedge-fund billionaire Ken Griffin will support the "transformational" restoration of Phipps Ocean Park, the Preservation Foundation of Palm Beach announced in a release Tuesday.
The gift from Griffin, founder and CEO of the hedge fund Citadel LLC and founder of Citadel Securities, will increase the park’s accessibility and appeal as a public space and recreational facility with the restoration of natural ecosystems and the addition of new features, the foundation said.
One of those new features is the Kenneth C. Griffin Coastal Conservancy, which the foundation said will serve as a cornerstone for environmental and cultural education in the region.
"Ken Griffin’s landmark gift will enable us to breathe new life into a resource that can serve our growing community and create new and exciting ways for every visitor to connect with nature,” Preservation Foundation President and CEO Amanda Skier said. “His outstanding commitment to supporting public-private partnerships that enhance public spaces and bring people together will significantly advance our efforts to create meaningful connections with historic places in Palm Beach.”
The Preservation Foundation of Palm Beach is spearheading the $30 million restoration of Phipps Ocean Park, which includes the park redevelopment as well as improvements to the tennis facility and the town’s lifeguard station at the top of the dune there.
The foundation will pay for the majority of the project. The town's Recreation Department will pay for the tennis center work, and improvements to the lifeguard station will come from the town's capital improvement fund, the town said.
Redesign plans for the park, which sits just north of the Par 3 golf course in the town's South End, call for restoring and moving the Little Red Schoolhouse to a more visible spot near the base of a 22-foot beach dune. The schoolhouse will anchor the great Great Lawn and wildflower garden to the west. The Garden Club of Palm Beach will collaborate with the Preservation Foundation on the design of the garden.
A new feature to the north of the schoolhouse will be an outdoor classroom. Plans also include a Coastal Restoration Center, a nursery and propagation area for native plants that will support healthy beach dune ecosystems within the park and throughout the island.
The park’s recreational facilities will be improved with ADA accessible walking paths, spaces for the community to gather, a bespoke playground inspired by native fauna as well as new cabana bathrooms and beach pavilions.
In a statement, Griffin said he was pleased to support the Preservation Foundation's "visionary renovation" of Phipps Ocean Park.
A Miami resident, Griffin owns the largest ocean-to-lake estate in Palm Beach by far, comprising more than 27 acres of mostly vacant land.
"This project will elevate the park into a world-class public space and ensure that it remains an important destination in Palm Beach for families and friends to gather," Griffin said.
The Phipps Ocean Park gift is one of several Griffin has given to South Florida organizations in recent months. Griffin gave $50 million to the University of Miami's Sylvester Comprehensive Cancer Center last month, as well as a $50 million gift to the Baptist Health Foundation.
The Preservation Foundation has collaborated closely with the town to develop plans for Phipps Ocean Park, which the town owns. Construction is expected to begin in June and take about 15 months to complete.
A groundbreaking will be held Friday.
For information on the Preservation Foundation of Palm Beach, visit www.palmbeachpreservation.org/.
Jodie Wagner is a journalist at the Palm Beach Daily News, part of the USA TODAY Florida Network. You can reach her at jwagner@pbdailynews.com. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Daily News: Billionaire Ken Griffin gives $7 million for Palm Beach park redo
