Financial services giant Morgan Stanley is expanding in Hillsborough County, adding up to 110 more jobs as it invests $6.6 million in a new facility in Temple Terrace.
Gov. Rick Scott announced the deal Tuesday, calling it evidence that "Florida's economy continues to head in the right direction."
Locally, Morgan Stanley employs 70 at its current location in Citibank Center. Those workers will join the new employees in moving into the Temple Terrace facility at Telecom Park slated to open in March.
The project and others in the pipeline are cited by economic development officials as a sign that a drought in job recruitment and expansion projects is ending.
"We're seeing strong activity with companies looking at expansion here in the marketplace, especially in the financial services and shared services sector," said Rick Homans, president and CEO of the Tampa/Hillsborough Economic Development Corp.
"This is a real win for us because they obviously chose to stay in Hillsborough County. It's an even bigger win for Temple Terrace: It's 180 jobs coming into that community … good-paying jobs."
In vying for the project, Tampa Bay competed against sites in Utah and Ohio. The incentives package approved in November by the county and Temple Terrace is valued at $5,000 per new job, or up to $550,000.
The state of Florida would cover $440,000 of the incentives, with the county and Temple Terrace each covering $55,000. The incentives are to be doled out over six years and are performance-based, meaning no funds will be distributed until the promised jobs are created.
The new jobs, which will include investment advisers and financial transaction processors, will pay an average of $55,000 per year.
"We are excited to expand our presence in Tampa Bay, a region with tremendous resources and a terrific local workforce," Doug Ketterer, head of U.S. field management for Morgan Stanley Wealth Management, said in a statement.
In December, the Tampa/Hillsborough EDC said a then-unnamed financial service company generating 110 jobs was part of a promising pipeline of job creation in the works for 2013.
Bigger potential deals are still looming, the EDC said at the time, including a credit card processor that could generate 1,000 to 5,000 jobs and an unidentified cast-iron foundry company that could employ 400 people in a $40 million facility.
Jeff Harrington can be reached at [email protected] or (727) 893-8242.