Osceola's NeoCity Master Plan Reveals Major Biz Opportunities

Architectural firm Perkins + Will is ready to present its master plan for a 500-acre tech campus in Osceola and the report is brimming with business opportunities and innovative ideas.

The Austin-based firm, selected in March 2016 to master plan the tech campus now known as NeoCity— land that will surround the 109,000-square-foot, $70 million Florida Advanced Manufacturing Research Center— will present its 186-page master plan report to Osceola County Commissioners this week.

The report offers early renderings, local partners to source ideas for the project and details how much land will be used for office space, residential space, research, parking and more. It also estimates jobs creation, economic impact and full build-out costs — all information that would be useful for construction teams, developers, general contractors, designers and more. Overall, Perkins + Will predicts NeoCity will be a 50-year project.

Perkins + Will's report offers a variety of options that Osceola County could follow on how NeoCity should be designed — offering an office-focused schematic with more commercial and residential space, and less industrial space; or an option for more industrial space and less commercial and residential space.

Given NeoCity's mission and Osceola County officials' statements on how they envision NeoCity, the design focus may stick to more office and residential space, which is also the option that creates more job and capital investment opportunities.

Here's a breakdown of how much space Perkins + Will recommends for each building type, covering 10.9 million square feet:

  • Commercial: 8.5 million square feet
  • Industrial: 691,000 square feet
  • Residential: 1.7 million square feet

And here's a breakdown of jobs the project may create:

  • Direct jobs: 26,900 to 34,300
  • Total labor incomes for direct jobs:$4.6 billion to $4.7 billion.
  • Indirect jobs: 40,700 to 45,300 indirect jobs
  • Total labor incomes for indirect jobs:$2.2 billion to $2.4 billion.
  • Induced jobs: 45,700 to 48,100
  • Total labor incomes for induced jobs:$2 billion to $2.1 billion

The predicted total tax revenue for NeoCity's full 50-year build out is between $781 million-$831.2 million.

Osceola County Manager Don Fisher told Orlando Business Journal in an earlier report that he sees NeoCity as a live, work and play district where tech startup entrepreneurs can connect easily with CEOs of major corporations to share ideas.

Osceola County Commissioner Viviana Janer shared those same ideas. "We expect this to be a magnet for attracting new investment, creating high-wage jobs and spotlighting the groundbreaking work of University of Central Florida programs in photonics, optics and engineering," she said in the Perkins + Will report.

A timeline for when development may start is still in the works.

Source: Orlando Sentinel