Rizzetta Real Estate breaks ground for new spec office buildings

WESLEY CHAPEL — Rizzetta Real Estate has broken ground on 54 Crossings, a $27 million speculative project to construct two, 60,000 square foot office buildings near the Suncoast Parkway with help from Pasco County.

Officials announced last week that the first tenant is going to be Utica College of Nursing.

In 2019, the Pasco County Commission approved a $2.94-million incentive package to help construct the office building project. That package includes a $1.5 million loan through the Penny for Pasco sales tax. The county also agreed to rebate $1.435 million in property taxes.

Pasco’s growth in new residents and business expansions is driving demand for new office and industrial facilities as the county continues to attract companies to the north Tampa Bay community, according the news release from the Pasco County Economic Development Council.

Even with unprecedented demand, building speculative space is a risky business considering the overwhelming costs of developing infrastructure, the release noted. The Penny for Pasco tax approved by voters included speculative building development among its incentives for economic growth.

This project will create approximately 400 new jobs, provide total salaries to directly and indirectly in the amount of $17.7 million, and contribute an average of $26.5 million to the gross county product, economic development officials said.

Officials from Pasco County and the Economic Development Council joined Rizzetta Real Estate in the ground breaking ceremonies at 17907 Aprile Drive, Land O’ Lakes, last week.