Monday, February 19, 2018
Business

Wiregrass gets federal ok for planned Raymond James site in Pasco County

WESLEY CHAPEL – It's not often a note from a federal regulatory agency brings celebratory glee. But an email in J.D. Porter's in-box last week signified a jump start to Raymond James Financial's plans for an office complex in Pasco County.

Porter, owner and developer of the Wiregrass Ranch, received the U.S. Army Corps of Engineers proffer for an environmental permit for the 65-acre site at State Road 56 and Mansfield Boulevard, east of the Shops at Wiregrass mall.

"We couldn't be happier,'' Porter said. "We're excited. Raymond James is excited. I think everybody out there is excited.''

If Wiregrass Ranch and Raymond James agree to the proposed permit conditions, sign the proffer and pay the fee, they'll have the required federal permit. The permit is needed because the construction will impact about 2 acres of wetlands and a ditch, said Tracy Hurst, a U.S. Army Corps biologist.

The review of the permit application had left the Raymond James deal at a standstill for years.

"Because it was the one thing keeping the project from moving forward for so long, it (permit) is a reason to breath,'' said Bill Cronin, president/CEO of the Pasco Economic Development Council "Now we can continue to move forward.''

The company announced in 2011 that was considering a satellite campus in Wesley Chapel and signed a letter of intent with the Porter family to acquire the land at an undisclosed price.

Its initial plans called for two office towers for up to 750 newly created jobs. At the time, a Pasco Economic Development Council analysis indicated the Raymond James expansion could add $40 million to the county property tax rolls and generate $135 million in taxable sales. The state and Pasco County offered $14 million in incentives to complete the deal.

The company never closed on the land, however, pending approval of the federal environmental permit. But, it did submit preliminary site plans to the county in 2013 calling for six, four-story buildings totaling 1 million square feet, plus a parking garage. That same data was included in the permit application to the U.S. Army Corps of Engineers.

In October 2014, the company said it still planned to buy the land, but that its development could be up to five years away.

The delays had left some public doubt whether Raymond James intended to complete the expansion to Pasco County. The lingering questions intensified in spring 2014 after T. Rowe Price scuttled its plans to build a similar campus along State Road 54 in central Pasco that included $30 million worth of incentives to create 1,600 jobs.

"I know that's a question that (the lengthy process) created some doubt in some people's minds, but now that it is in hand everybody feels better and is moving forward with this deal,'' Porter said.

The company said there is no firm timetable for beginning construction. Initial plans called for the company to build its first office building in 2013.

"Raymond James continues to evaluate occupancy needs as a part of the firm's long-term growth strategy. We believe the Wiregrass Ranch property is a good future development opportunity and expect to close on the property within the next three months, but cannot commit to a specific construction schedule at this time." Raymond James spokesman Steve Hollister said via email.

Porter said the next step is to amend the existing county-approved development agreements – providing updated time lines for the project – which would then trigger a contractual obligation to complete the sale within 30 days.

"I think this is another validation of what we've been saying all along,'' said Cronin of the Pasco EDC "Raymond James and the Porters – these guys are committed to doing something great in Pasco County. This is very much a big step forward.''

Comments

Open-mic night at Pilars is a hot spot for Disney talent

WINTER GARDEN — At the end of the day, when the tourists are gone, Disney performers head out to their favorite spot to keep on singing after their shifts are over. Every Thursday, they perform at open-mic night at Pilars, a Winter Garden martini bar...
Updated: 7 hours ago
Here’s how to separate the fund raisers from frauds among gofundme pages

Here’s how to separate the fund raisers from frauds among gofundme pages

Gofundme.com pages proliferated almost as soon as cops took Nikolas Cruz into custody after Wednesday’s 17-death massacre at Marjory Stoneman Douglas High School in Parkland. Donors must parse the funding pages from the fraudulent.Read More: 17 dead,...
Published: 02/18/18
Suffolk tops off Manor Riverwalk project

Suffolk tops off Manor Riverwalk project

Building contractor Suffolk topped off the north tower of its Manor Riverwalk project on Friday.The luxury rental community will replace the old Tampa Tribune building at 202 S Parker Street. Once complete, the project will include an eight-story wat...
Updated: 10 hours ago
Trump administration recommends stiff penalties on steel, aluminum imports

Trump administration recommends stiff penalties on steel, aluminum imports

The Tampa arm of Brazilian steelmaker Gerdau S.A. was cautiously optimistic Friday after the Trump administration took a big step toward a policy Gerdau has been vocally advocating for — higher tariffs on imported steel. "We’re hopeful that President...
Published: 02/16/18
Facebook forges ahead with kids app despite expert criticism

Facebook forges ahead with kids app despite expert criticism

Associated PressNEW YORK — Facebook is forging ahead with its messaging app for kids, despite child experts who have pressed the company to shut it down and others who question Facebook’s financial support of some advisers who approved of the app. Me...
Published: 02/16/18
Inexpensive Tampa Bay homes gain the most value of any in U.S.

Inexpensive Tampa Bay homes gain the most value of any in U.S.

Owners of affordable homes in the Tampa Bay region are seeing the biggest gains in equity among the nation’s top 20 housing markets. A bay area home now worth $110,000 rose 20 percent in value over the past year while a house now worth $337,400 incr...
Published: 02/16/18
Amid CareerSource controversy, allegations of a love affair, big raises and family favoritism at the top

Amid CareerSource controversy, allegations of a love affair, big raises and family favoritism at the top

The anonymous letter described a possible love affair at the top of the local jobs center. President and CEO Edward Peachey was in a romantic relationship with top administrator Haley Loeun, it said.It described how Loeun was seen at a conference co...
Published: 02/16/18
Outback Steakhouse, Carrabba’s experimenting with takeout-only locations

Outback Steakhouse, Carrabba’s experimenting with takeout-only locations

Outback Steakhouse and Carrabba’s Italian Grill have become household names in casual dining. Now, their parent company, Tampa-based Bloomin’ Brands is taking the "dining" part out in a concept that it’s bringing to Tampa Bay for the first time. A ne...
Published: 02/16/18
Which Tampa Bay ZIPs had the priciest, least expensive and most house sales in 2017?

Which Tampa Bay ZIPs had the priciest, least expensive and most house sales in 2017?

If you bought or sold a house in Tampa Bay last year, you were a player in one of Florida’s hottest real estate markets.Even though prices eased a bit from their torrid pace in 2016, the median cost of a single family home shot up 11 percent. That’s ...
Published: 02/16/18
Florida’s liquor license lottery can make you a ton of money. So why is it such a secret?

Florida’s liquor license lottery can make you a ton of money. So why is it such a secret?

Every year, millions of people play the Florida Lotto. Their chances of winning are about as great as those of being struck by a comet. Fewer than 12,000 enter a much lesser known lottery that also is run by the state. Yet the odds of winning are vas...
Published: 02/16/18