Monday, November 12, 2018
Business

WellCare says its headquarters will remain in Tampa through 2030

TAMPA — The last thing regional economic development leaders want to see is a company as big and important as WellCare Health Plans, the second largest publicly traded company in the bay area by market value, move its headquarters someplace else.

Turns out, that’s the last thing WellCare wants, too.

So on Monday, the managed care services company announced it had renewed its lease and was committing to keep its headquarters in Tampa through 2030.

"When you have a good thing, you stay with it," WellCare CEO Kenneth Burdick said after a news conference outside the company’s offices at 8725 Henderson Road, about three miles north of Tampa International Airport.

"We love you here," said Tampa Mayor Bob Buckhorn (though, technically, WellCare’s corporate campus is outside the city limits). "You are putting Tampa on the map."

Established in 1985 by a small group of local doctors and owned in the 1990s by Dr. Kiran Patel, WellCare leases about 810,000 square feet of space in Tampa for its main corporate campus and three satellite offices.

The company employs nearly 9,000 people nationwide, has annual revenues of $17 billion and has 4.4 million members in its Medicaid, Medicare Advantage and prescription drug plans. Its $8.7 billion market capitalization is second only to Raymond James among publicly traded companies based in the Tampa Bay area.

WellCare had a workforce of 1,500 when it moved to the Henderson Road offices in 2004.

Now it has 4,500 employees in the bay area. This is, by far, its largest concentration of employees, many of them working in well-paying jobs as nurses, physicians or information technology professionals.

"For a company of our size with our demographic, we think we would be an attractive headquarters to many cities and many states, but, honestly, we’re so happy here that we did not go through an Amazon-like process of having people bid for us," Burdick said. "We like it here. We have a very fair arrangement with the landlord, so we wanted to re-up and we wanted to extend it, so we could provide an important message of stability and security to our associates and to the community."

PREVIOUS COVERAGE: At Tampa’s WellCare Health Plans, strong revenues driven by higher enrollments

WellCare anticipates further local growth, but Burdick said there’s no specific plan.

There were no incentives offered by the state or local government to get WellCare to stay. Burdick said all of the company’s negotiations were with its landlord, Vision Properties/Arena Capital Group. The terms of the company’s rental agreement, beyond it lasting through 2030, were not disclosed.

"There’s a lot of change going on in our business as we grow, and if we can eliminate one variable, which would be changing location for 4,500 people, then let’s do that," he said. "Tampa’s been a very good asset as we try to attract new hires from all over the country."

MORE: Go here for more Business News

Contact Richard Danielson at [email protected] or (813) 226-3403. Follow @Danielson_Times

Comments
Want to sell your home quickly for cash? Here's a new option for Tampa Bay sellers

Want to sell your home quickly for cash? Here's a new option for Tampa Bay sellers

Coldwell Banker is teaming up with Home Partners of America on a pilot progam that lets Coldwell sales agents present cash offers to their clients in Hillsborough and Pinellas counties.
Updated: 11 hours ago
Publix trails only Wegman's as best retail workplace in U.S.

Publix trails only Wegman's as best retail workplace in U.S.

Publix was named by Fortune as the second best retail company to work at in the U.S.
Published: 11/12/18
Tampa Bay homes prices lag in third quarter

Tampa Bay homes prices lag in third quarter

According to Florida Realtors, the median price of a single-family home rose to $236,000 in the three months ended in September.
Published: 11/12/18
2.8M Floridians expected to travel for Thanksgiving

2.8M Floridians expected to travel for Thanksgiving

AAA, The Auto Club Group, forecasts a 5 percent increase in Floridians hitting the roads, skies, waterways and rails for the holiday weekend. Here's what to expect.
Published: 11/12/18
Feeling Lucky? Specialty grocer Lucky's Market proposed for central Pasco

Feeling Lucky? Specialty grocer Lucky's Market proposed for central Pasco

Lucky's Market would fill the space vacated by Winn-Dixie at State Road 54 and Collier Parkway in Land O' Lakes.
Published: 11/12/18
Pasco Business Digest for Nov. 16

Pasco Business Digest for Nov. 16

News and notes on local businesses
Published: 11/12/18
Dear Penny: I need a will, but I’ll have nothing left after attorney fees

Dear Penny: I need a will, but I’ll have nothing left after attorney fees

Dear Penny,My wife and I just had twins and have realized that we need to get a will put in place. We started searching for a lawyer and found that it could cost anywhere from $1,000, up to as much as $5,000, to get a will created. We won’t have anyt...
Published: 11/12/18
Hernando Business Digest for Nov. 16

Hernando Business Digest for Nov. 16

News and notes on local businesses
Published: 11/12/18
HSN’s revenue slumps 5 percent, but parent company still posts higher sales

HSN’s revenue slumps 5 percent, but parent company still posts higher sales

St. Petersburg-based HSN has seen quarterly revenues drop 5 percent compared to a year ago, according to the parent company that laid off hundreds of Tampa Bay employees last month, Qurate Retail Group. Pennsylvania-based Qurate Retail came out with...
Published: 11/09/18
Updated: 11/10/18
Look inside the new Target: six stores have been overhauled in Tampa Bay

Look inside the new Target: six stores have been overhauled in Tampa Bay

• Six Tampa Bay Targets have been overhauled this year•1,000 will be remodeled by the end of 2020• A new handheld tool allows employees to cash shoppers out anywhere in the store• The new toy department will remind you of Toys R Us, and the beauty se...
Published: 11/09/18