Penny for Pasco Supported Speculative Space, 54 Crossings, to Break Ground in Pasco County

Rizzetta Real Estate is set to break ground on the highly anticipated 54 Crossings project. They are investing nearly $27 million in two Class A office buildings consisting of 60,000 square feet each near the Suncoast Parkway in Pasco County.

Pasco’s tremendous growth in new residents and business expansions is driving demand for new office and industrial facilities as the county continues to attract companies to the north Tampa Bay community.

Even with unprecedented demand, building speculative space is a risky business considering the overwhelming costs of developing infrastructure. Early in the current development cycle, the Penny for Pasco, a Pasco taxpayer-approved $0.01 sales tax increase, helped fill capital gaps with loans to developers willing to build speculatively.

In fall of 2019 the Pasco County Board of County Commissioners approved incentives totaling $2.94 million to help construct 54 Crossings. The county will loan $1.5 million to the developer from its Pasco Accelerated Development Sites and Pasco Occupant Ready Structures programs from Penny for Pasco funds. In addition to the loan, the county agreed to rebate $1.435 million in property taxes.

What: Rizzetta Real Estate is set to break ground on the highly anticipated 54 Crossings project.

Where: 17907 Aprile Drive, Land O’ Lakes, FL 34638

Who: Bill Rizzetta, Rizzetta Real Estate,

Christina Fitzpatrick, Pasco County Commissioner District 4

Kathryn Starkey, Chairman, Pasco County Commissioner District 3

David Engel, Director, Office of Economic Growth

Bill Cronin, President & CEO, Pasco Economic Development Council

Why: This project will directly and/ or indirectly create approximately 400 new jobs, provide total salaries to direct and indirect workers in the amount of $17.7 million, and contribute an average of $26.5 million to the gross county product.