Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

T. Rowe Price buys land in Pasco County

LAND O'LAKES — On Wednesday, it became official: Investment firm T. Rowe Price owns property in Pasco County.

The Baltimore-based company paid $13.5 million for 94 acres off State Road 54, taking its most concrete step yet toward building an office complex envisioned to bring 1,600 jobs to Pasco County over the next decade.

T. Rowe has said Pasco County is one of five sites it is considering for the relocation of its Tampa regional office. But the company has lined up nearly $30 million in state and county incentives and has obtained its water district permit for the Land O'Lakes site.

The purchase of the land, which is part of what is known as Long Lake Ranch and is owned by the Geraci family, makes Pasco an even surer bet.

"I'm stoked," said Pasco County Commissioner Michael Cox.

He said his reaction was tempered by the fact that T. Rowe has not committed to building the project. Still, he said, "We'll get there."

State Sen. Mike Fasano was equally optimistic. "I have a good feeling they will break ground sometime in the future," he said.

If it moves to Pasco, T. Rowe says it would transfer the 425 jobs from its Tampa operations center and create 1,200 more. The average salary would be more than $47,000.

The firm's relocation would mark a major coup for Pasco, which is seeking to reverse its decades-long status as a bedroom community.

County Administrator John Gallagher said that after representatives of T. Rowe and developer Amprop first met with him and other top officials more than a year ago, his feeling had been that Pasco could be on the verge of luring one of its first big catches: A project that added not houses, but higher paying jobs.

"We'd been on the hunt for a big project for 20 years," he said. "It just made all of us go, 'Hey, have we finally made it? Are we finally on the verge of turning a residential community, at least part of it, into a business center?'"

"I think we're finally coming to an age of doing business with business."

Late last month, commissioners signed off on a document that extended several deadlines on the project. One of those extensions gives T. Rowe until December 2015 — rather than the original deadline of December 2013 — to finish its first building and still remain eligible for the first $1 million of the county's economic development grant.

Back in April, T. Rowe announced it was shedding 288 jobs nationwide as a result of the market losses that had already forced layoffs throughout the financial services sector.

Company spokeswoman Heather McDonold on Wednesday acknowledged the delays that the losses would create in Pasco.

"Given that the market and business environment has changed dramatically over the past year, the timeline for our expansion plans has become less certain, and we are unable to commit to a specific timetable for the start of construction," she said in a statement.

County Commissioner Pat Mulieri said the land deal represented a critical step in the county's vision of State Road 54.

"That's really an important gateway," she said, "and T. Rowe Price is going to be an important anchor."

Jodie Tillman can be reached at jtillman@sptimes.com or (727) 869-6247.

T. Rowe Price buys land in Pasco County 07/01/09 [Last modified: Wednesday, July 1, 2009 9:06pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Who took a knee? How each NFL team responded to Donald Trump's tweets about anthem protests

    Bucs

    NFL players, coaches and owners across the league reacted in various ways on Sunday to remarks from President Donald Trump speaking about NFL players who have protested during the national anthem.

    Bucs receivers Mike Evans and DeSean Jackson both kneeled during the national anthem in protest before Sunday's game at the Vikings. [LOREN ELLIOTT | Times]
  2. Florida State out of the AP Top 25 for the first time since 2011

    Blogs

    Florida State's first 0-2 start since 1989 has led to another low.

  3. From care center to purgatory to 'hellhole': How 11 frail elders died after Irma

    Hurricanes

    As she got ready to say goodbye to her mother at the Hollywood Hills nursing home, Rose Wyda's heart was sick. Hurricane Irma had been gone for nearly 48 hours, but the trail of shattered trees and broken, hissing power lines the storm left behind was still dangerously apparent. And the nursing home was part of the …

  4. Bucs' Mike Evans, DeSean Jackson kneel during national anthem

    Bucs

    Bucs receivers Mike Evans and DeSean Jackson both kneeled during the national anthem in protest before Sunday's game at the Vikings, two days after President Donald Trump made critical remarks about NFL …

    Bucs receivers Mike Evans and DeSean Jackson both kneeled during the national anthem in protest before Sunday's game at the Vikings. [LOREN ELLIOTT | Times]
  5. Authorities ID man killed in Clearwater Beach boating crash; Girl, 4, still in critical condition

    Briefs

    An Altamonte Springs man died and a 4-year-old girl remains in critical condition Sunday morning after their personal watercraft collided with a boat in the Intracoastal Waterway near Clearwater Beach just before 5 p.m.