Pasco County commissioners have approved a large-mixed use development project at Interstate 75 and State Road 52.
It could generate 2,700 new jobs and create an economic gateway for the county, officials said.
The prime developer will be Hines, which has also been tapped to build the Historic Gas Plant District and new Tampa Bay Rays Stadium in St. Petersburg.
It will include 3 million square feet of industrial space, along with office and retail space, and 2,300 rental and single-family homes.
Planning and Economic Development Director David Engel said the developer is incentivized to get the project going fast by tying tax breaks to actual construction.
The county doesn't pay out $29 million in tax credits until certain construction benchmarks are reached.
"The developer will have to submit invoices after they install and do the work, we check the work, we check the invoices and then we release funds so there's no automatic distribution of funds without deliverables," explained Engel.
With the tax credits taken out, Engel said, the project will generate $107 million over the next 20 years for the general fund.
Road and utility work could begin in 2028 or even earlier.
Why the rush?
"We want to speed up the development so we can capture all of the economic development that will transpire in the region. Now that I-4 is being built out this is the next place to create jobs and pay taxes," Engel said.
Engel said the demand for development in this area is "very robust."
