Penny for Pasco-Supported Speculative Project, 54 Crossings, to Host Ribbon Cutting in Pasco County, Florida

May 18, 2023

PASCO COUNTY, FLORIDA (May 18, 2023): Rizzetta Real Estate is hosting a ribbon cutting to celebrate the grand opening of the highly anticipated 54 Crossings project. They have invested $15 million into the first 60,000 square foot Class A Office Space building and will be investing another $15 million into the second building. The project is in an area experiencing massive growth off State Road 54 near the Suncoast Parkway in Pasco County.

Their first major tenant, Universal Background Screening, has signed a lease to occupy 13,500 square feet to run its Florida business operations. Universal Background Screening is headquartered in Scottsdale, Arizona, and is expanding its Pasco location to add 32 new jobs, retain 80, and invest nearly $1,000,000.  

Rizzetta Real Estate has also announced that Wells Fargo Financial Advisors has signed a long-term lease to occupy 5,000 square feet on the first floor of the South building, and they are currently negotiating full occupancy for the second floor with a well-known law firm.

Even with unprecedented demand, building speculative space is a risky business considering the overwhelming costs of developing infrastructure. Early in the current development cycle, the Penny for Pasco, a Pasco taxpayer approved $0.01 sales tax increase, helped fill capital gaps with loans to developers willing to build speculative.

In fall of 2019, the Pasco County Board of County Commissioners approved incentives totaling $2.94 million to help construct 54 Crossings. The county will loan $1.5 million to the developer from its Pasco Accelerated Development Sites and Pasco Occupant Ready Structures programs from Penny for Pasco funds. In addition to the loan, the county agreed to rebate $1.435 million in property taxes.

What:   Rizzetta Real Estate will unveil Building 1 of the highly anticipated 54 Crossings Project.

When: Wednesday, May 24, 2023; 9:00 - 11:00 a.m.

            9:30 a.m. - Guest Speakers and Ceremonial Ribbon Cutting and Photos

10:00 a.m. – Office Tours (media will have access to first facility tour)

Where: 17907 Aprile Drive, Land O’ Lakes, FL 34638

Who:    Bill Rizzetta, President & CEO, Rizzetta Real Estate,

Todd Pillars, representing Gary Bradford, Pasco County Commissioner District 4

Bill Cronin, President & CEO, Pasco Economic Development Council

David Engel, Director, Pasco County Office of Economic Growth

Why:    This project will directly and/or indirectly create approximately 400 new jobs, provide total salaries to direct and indirect workers in the amount of $17.7 million, and contribute an average of $26.5 million to the gross county product.

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About Pasco Economic Development Council
The Pasco Economic Development Council is committed to developing Florida's most competitive climate for business growth by providing businesses that seek to start, move, or grow in the North Tampa Bay area, a comprehensive suite of programs that can help them to reach their full economic potential.  Since 1987, Pasco EDC has fostered a strong partnership funded by corporate and public investors focused on the economic vitality of Pasco County.  Discover more at www.pascoedc.com.