Power Design has expanded its property holdings in north St. Petersburg as it reinforces its commitment to the city.
The company, through an entity called Mid-Atlantic at Gateway LLC, bought a building just to the south of its headquarters at 11600 Dr. Martin Luther King Jr. Boulevard North. It now has a 40-acre campus in St. Petersburg.
Power Design paid $5.265 million for the 56,000-square-foot property at 11200 Dr. Martin Luther King Jr. Blvd. N., according a deed filed Aug. 25 in Pinellas County. Beach Community Bank provided a $4 million mortgage, property records indicate.
“We do business all over the country but all our management and support staff is in St Pete,” said Lauren Permuy, senior vice president of business development. “We’re really dedicated to the city and our continued growth is going to be here.”
Power Design, a mechanical, electrical and plumbing contractor and systems integrator, is one of the largest employers in St. Petersburg, with 800 local workers and more than 2,000 workers nationally. It is one of the fastest-growing privately held companies in the area. The company ranked No. 4,037 on the 2020 Inc. 5000 with 86 percent revenue growth over three years. It was No. 12 on EC&M magazine’s 2020 list of top 20 electrical contractors, which said 2019 electrical revenue was $741 million and cumulative revenue exceeded $2 billion.
The company has expanded geographically across the U.S. and has added mechanical and HVAC services to its core electrical contracting offerings. It also has a systems division that focuses on audio-visual, security, asset control, building automation and smart buildings, Permuy said. It’s taken on additional personnel to support that growth.
Power Design has rented space in a nearby building to accommodate its growing workforce and now can house them in its own building, said David Redden, general counsel and risk manager.
It’s part of an ongoing acquisition strategy, Redden said. The company bought buildings at 11300 and 11500 Dr. Martin Luther King Jr. Blvd. N. in September 2018. The newly acquired property lines up well with those earlier acquisitions, Redden said.
The current tenants of the newly purchased property are Global Technical Systems and Tampa Microwave. Power Design might continue to lease the space to them for a while, Redden said.
“Having one centrally located office is all about creating a one-of-a-kind experience of pride and energy for our staff, maintaining agility to respond to market needs and continuing to be efficient,” Power Design said in a statement sent to the St. Pete Catalyst. “The existing campus boasts an onsite café for employees, fitness and sport court, technology experience center and lake with walking path.
“As the business continues to diversify and grow, the next phase of the campus expansion will support innovation, technology and a continued commitment to culture that will take the company to the next level. Future plans include a new prefabrication facility where construction assembly can be done before it reaches the jobsite, a larger space for an in-house systems department of more than 190 employees who focus on integrating technology into Power Design’s projects, and moving the proprietary lighting distribution center from Atlanta to Bradenton.
“Potential event space that allows for more employee engagement (once it becomes safe again!) is also on the table, as keeping Power Design’s award-winning culture at the forefront is their best tool for future recruitment and retention.”