Work has begun on the much-anticipated industrial site on the southeast corner of the Interstate 75 exchange at State Road 52 in Pasco County.
Double Branch Development Inc. has begun its first phase, which includes 2.5 million square feet of industrial and life sciences development and 100 acres of mixed-use development. When the overall project, previously known as the Pasco Town Center, is completed, it is expected to generate $600 million in economic impact, according to a news release by the Pasco County Economic Development Council.
Columnar Land, which has scheduled a ceremonial groundbreaking next week, has invested over $60 million so far and is investing another $75 million in its phase one infrastructure. The contractor is Phillips & Jordan of Pasco County, which is headquartered right across the highway from the industrial park.
In June 2022, the Pasco County Commission approved a $55.8 economic million incentive package for the project. For every $1 Pasco contributed, the new Pasco Town Center project will produce $100 in return, said county Economic Growth Manager David Engel. The incentives were structured to encourage rapid development of the infrastructure to kick start the project.
A county Economic Development Council press releases refers to the project as DoubleBranch. State corporate records list the owner as Double Branch Development Inc.
The build out cost of the total site is expected to hit $2 billion, including 4 million square feet of industrial space, 725,000 square feet of offices, 400,000 square feet of retail, 3,500 housing units and 300 hotel beds.
As companies move in, the development is anticipated to be home to 6,000 jobs including many in logistics, life sciences and health care. Double Branch Development Inc., based in Evansville, Indiana, bought approximately 380 acres of the larger parcel for $66.4 million in June, according to Pasco County property records.
The project is in a hot development zone for Pasco. It is adjacent to the connected city corridor, a 7,800-acre swath of the county stretching from Wesley Chapel into eastern Pasco. Part of the draw of the connected city district is a planned high-speed internet system to support businesses that locate there.
The site is also close to the new State Road 52, a four-lane, 7-mile highway costing $82 million. Earlier this year, the Florida Department of Transportation opened the first two lanes of the new stretch, which provides a direct route from just east of I-75 to U.S. 301 at the southern tip of Dade City.
Also nearby is another industrial area north of State Road 52 at the same interchange. That site covers more than 200 acres. Northpointe Development LLC is expected to bring 2,400 more jobs to the area and also received $6.3 million in development incentives from Pasco County. The site is currently under construction as a Target distribution center.