A Fortune 500 company is planning to relocate and establish its new global headquarters in St. Pete.
The company, codenamed Project Athena, would lease at least 100,000 square feet in St. Pete and bring 300 jobs that would pay an average annual wage of $120,000.
The site selection firm assisting the Fortune 500 company has been working with the city and the St. Petersburg Economic Development Corporation to explore sites, answer questions, and discuss economic programs and community partnerships. The company’s headquarters are currently located in the Northeast, according to city documents.
A Fortune 500 company’s new presence in the Tampa Bay area can be a major draw for investors and be a signal for other firms to consider expanding in the region.
Today, the Tampa Bay region is home to several Fortune 500 companies such as Jabil Inc., Raymond James and Tech Data.
The unknown company is seeking a financial incentive of up to $475,000 from the city for the economic impact the global HQ would carry.
“With the emergence of the St. Petersburg office market and with the impact of the pandemic, the city has been exploring new incentive ideas to attract more headquarter opportunities, knowing that they create economic development stability, strengthen the business sector and establish community partners for a growing city. That opportunity has presented itself with this project,” city documents read.
Therefore, the $475,000 would come from the unappropriated balance of the general fund to the Economic and Workforce Development Department to provide funding for the company if it met certain conditions such as the job creation component and office space.
A new job that’s one of the 300 promised jobs may include a current employee who relocates to work in the company’s global HQ in St. Pete, or is a new hire.
Under the consideration for the incentive, the company must meet with St. Pete Works, a city employment program, to consider individuals for job openings at its global HQ.
If the company meets the conditions required to receive the initial base incentive of $250,000, it may receive a one-time hiring incentive up to $125,000.
The company would be eligible for a workforce development incentive in the amount of $50,000 if the company prepares and submits a workforce plan to the city related to its workforce plan within the first year after the company relocates to St. Petersburg.
The workforce plan would identify training opportunities for residents to obtain skills necessary to be considered for future employment.
The EDC declined to comment on the project; however, the project is not related to Cathie Wood’s plans to relocate ARK’s headquarters from New York to St. Pete, according to other sources.