Billionaire Stephen Ross backs $200 flying taxi rides to beat Miami site visitors hell

The billionaire real estate magnate who owns the NFL’s Miami Dolphins is backing a flying taxi company that will charge $200 for a 30-minute experience from Miami to West Palm Beach, Fla.

Stephen Ross is placing his financial muscle behind Archer Aviation, serving to its plans to fly between his personal golf course in Hobe Sound and the Hard Rock Stadium in Miami with its electric vertical takeoff and landing aircraft, or “eVTOL” automobiles, The Wall Street Journal reported.

The flights, which might start as soon as next yr, will also service local airports, including the ones at Miami, Fort Lauderdale and Palm Beach.

Stephen Ross, the billionaire real estate mogul who owns the Miami Dolphins, is backing an air taxi company set to launch commuter flights in South Florida. Getty Images

Adam Goldstein, founder and CEO of Archer, told The Journal that South Florida’s booming population makes it an ideal setting for eVTOL flights.

“We believe South Florida is one of the best places in the country to do this,” he said.

Archer has already accomplished take a look at flights in San Jose, Calif., the place it’s based. It plans to build out air taxi networks in Abu Dhabi, New York City and Los Angeles.

Archer flights will cut down on commuter time for tenants of his business and residential buildings in West Palm, Ross said.

Ross, the founder of Hudson Yards developer Related Companies, is placing his financial muscle behind Archer Aviation. REUTERS

“As areas become more popular, there’s more congestion and the more there’s more congestion … the more the need for this type of transportation,” he told The Journal. “The value of people’s time, that’s what it’s really all about.”

Archer’s flagship plane is called the Midnight — a piloted four-passenger eVTOL that is considerably quieter than a helicopter.

Designed for short journeys between 20 and 50 miles, the Midnight is said to have the ability to attain a top speed of 150 mph while carrying a payload capability of more than 1,000 kilos.

Archer states that it hopes to roll out the technology in city corridors affected by extreme site visitors congestion.

Ross will help Archer ferry passengers to and from his personal golf course in Hobe Sound and the Hard Rock Stadium in Miami, according to the Wall Street Journal. Justin Blount – stock.adobe.com

Instead of automobile commutes that take an hour or longer, the eVTOL is touted as a means to cut down journey time to between 10 and 20 minutes per flight.

South Florida’s population has surged in recent years, fueled primarily by strong worldwide migration that has more than offset home out-migration.

Miami-Dade, Broward and Palm Beach counties all posted steady population growth from 2023 to 2024, serving to make the area as one of the fastest-growing in the nation.

The state of Florida’s total population jumped more than 8% between 2020 and last yr, underscoring the broader growth pattern benefiting South Florida.

South Florida’s population increase has also exacerbated congestion on the roadways. REUTERS

But the population increase brings challenges — like an increase in freeway congestion and wait instances in site visitors for commuters.

Traffic congestion between Miami and Palm Beach is extreme and chronic, with major highways like I-95 and Florida’s Turnpike carrying peak daily volumes exceeding 200,000 automobiles, according to the US Department of Transportation.

Peak-hour delays are excessive — particularly in Miami-Dade, the place journey instances can more than double attributable to heavy commuter flows.

Navigate the fast-paced world of business with us. At OurFinancetoday.com/business, we offer well timed and insightful coverage on all the pieces from market traits and startup success tales to financial news, entrepreneurship suggestions, and global financial shifts.

Whether you are an aspiring entrepreneur, a small business proprietor, or a seasoned govt, our content is designed to tell, empower, and inspire your next transfer in the business world.

Our editorial team dives deep into real-world methods, company profiles, and skilled analysis to carry you articles that matter. We simplify complicated business developments and highlight the innovations, challenges, and alternatives shaping industries today.

Make sure to bookmark our Business part and go to often — in a world that never stops transferring, staying informed is your largest benefit.