A West Palm Beach developer is preparing to begin work on a mixed-used development with a 4 million-square-foot industrial park in Pasco County after securing $80.5 million for the project.
Columnar Holdings, which bought 875 acres on the southeast corner of Interstate 75 and State Route 52 in late 2021, came up with the money by selling $80.5 million in bonds.
According to a statement announcing the funding and detailing the project, Columnar intends to build a development that, along with the industrial section, will include 750,000 square feet of office space focusing on health and wellness and more than over 500,000 square feet of retail and multifamily.
The development will be called DoubleBranch and, according to the statement, when completed will “generate over $30 billion in long-term economic impact for the surrounding area and create over 6,000 jobs including many in the logistics, life sciences and healthcare sector.”
Columnar says it has been working with the county since purchasing the property 18 months ago to win approvals and that it expects to break ground in early fall.
Knoxville, Tennessee contractor Phillips & Jordan, which already has a Pasco office, will be the contractor.
The project is part of the county’s Connected City district, a state-initiated pilot program unique to Pasco County that will to be built from the ground-up with a fiber network that will provide high speed internet service in the country.