Loading
Few things get real estate people excited like news of a possible corporate relocation. Those in Pasco County are trying to temper their glee lately over the prospect of a major expansion by Raymond James Financial Inc.
The St. Petersburg-based company disclosed last month it is seeking a site that can accommodate between 300,000 and 500,000 square feet for relocation of “critical data systems” from its current headquarters. Raymond James anticipates reaching capacity in the next several years at its Carillon location, totaling 1 million square feet, company spokeswoman Anthea Penrose says.
Although no timeframe is set for the inland expansion, Pasco brokers are already playing a guessing game as to where the new complex might land. Conventional wisdom would put it at Wiregrass Ranch or near Suncoast Parkway and State Road 54 in Odessa where Baltimore-based T. Rowe Price committed to build its new corporate campus two years ago, relocating from Tampa's Westshore district.
While some land parcels in southern Pasco have sold for well above $1,000 per square foot lately, land brokers familiar with the county say it isn't likely those prices will start perking purely on the basis of this news.
“Construction would have to begin before it really affects values,” Nancy Surak of Eshenbaugh Land Co. tells Coffee Talk. She points out that Pasco would be more ideal for Raymond James' expansion because suitable sites are readily available, it's well beyond hurricane evacuation areas (Carillon is in a Level 1 zone) and many company employees are already county residents.
Meanwhile, there is also a question of what will be offered to land Raymond James, such as the $30 million in state and county incentives offered to T. Rowe Price. Having two such firms with key operations would establish Pasco as a financial services center, which presumably would provide a decent return on investment.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
