Economic Development
FloridaWest and the Pensacola Economic Development Commission (PEDC) held a joint meeting this morning. FloridaWest CEO Chris Platè reported a significant surge in project activity.
Strategic Overview & ROI
FloridaWest is currently operating at 206% of its annual capital investment goal.
- Economic Impact: The organization generates $5.28 for every $1.00 invested by the county.
- Capital Investment: $185 million in new capital investment generated year-to-date, more than double its $90 million.
- Job Creation: 600 new high-paying jobs created, also doubling the annual goal of 300.
- Tax Revenue: Projected to provide up to $1.2 billion in tax revenue to the county before depreciation and expenses.
Project Pipeline & Development
The project pipeline has expanded significantly, shifting from a “cylinder” shape to a traditional funnel due to aggressive lead generation.
- Pipeline Volume: 44 active projects representing approximately 4,300 potential jobs.
- Sector Breakdown: Aerospace now accounts for 32% of projects, followed by Manufacturing (42%), Maritime (13%), and Cyber (7%).
- Key Sites:
- The Bluffs: Plans for a roundabout are in hand; bidding is expected to commence shortly. Platè said, “We’ve got a site at Ascend property that we want to really start to push as well with freight rail access, and the FPL site with large barge access. This will really kick off the Bluffs area.”
- Central Commerce Park in Cantonment: A 175,000 sq. ft. building project exceeding $40 million in value, expected to bring over 200 jobs. Platè plans to request funds, “in the range of $25 million,” from Triumph Gulf Coast. He said, “It’s a client that will put a stamp on that park to allow others to know that you can do this, and they should really turn up the heat for people that are wanting to be in that park.”
- Downtown Tech Park: Discussions are underway for a 90,000 sq. ft. tech building (Life Sciences/R&D) with potential “angel” funding—“retail on the bottom and then three stories of research and development, life science, office development.”
- Midtown Commerce Park: Exploring an “inland port” concept with the city and a separate client interested in a brownfield/superfund site pad.