SMARTstartMEDIA ALERT: Penny for Pasco Supported Speculative Space, 54 Crossings, to Break Ground in Pasco
February 15, 2022
PASCO COUNTY, FLORIDA (February 15, 2022): Rizzetta Real Estate is set to break ground on the highly anticipated 54 Crossings project. They are investing nearly $27 million in two Class A office buildings consisting of 60,000 square feet each near the Suncoast Parkway in Pasco County.
Pasco's tremendous 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.
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 is set to break ground on the highly anticipated 54 Crossings project.
When: Thursday, February 17, 2022; 9:30-11:00 a.m.
Where: 17907 Aprile Drive, Land O’ Lakes, FL 34638
Who: Bill Rizzetta, Rizzetta Real Estate,
Christina Fitzpatrick, Pasco County Commissioner District 4
Kathryn Starkey, Chairman, Pasco County Commissioner District 3
David Engel, Director, Office of Economic Growth
Bill Cronin, President & CEO, Pasco Economic Development Council
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.