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Feds Award $7.5 Million to St. Pete for Business Incubator

Business | Innovation | Business Incubator

With a total budget of about $12 million, the Tampa Bay Innovation Center Incubator is anticipated to create more than 450 new jobs and leverage more than $65 million in private capital.

ST. PETERSBURG – U.S. Rep. Charlie Crist, D-St. Petersburg, and the U.S. Economic Development Administration announced Monday (July 29) that the federal government has awarded a $7.5 million grant for a center to spark start-up businesses.

The money will be used to design and construct the Tampa Bay Innovation Center Incubator in downtown St. Petersburg. The center will be a 45,000-square-foot state-of-the-art business incubator facility that will, among other things, provide affordable office space for the start-up business community in Pinellas County. With a total budget of about $12 million, the Tampa Bay Innovation Center Incubator is anticipated to create more than 450 new jobs and leverage more than $65 million in private capital.

“Pinellas County is fast-becoming a launchpad for new businesses and innovative ideas. But for many entrepreneurs, the high cost of office space is a significant barrier to getting off the ground,” Crist said. “The new Tampa Bay Innovation Center Incubator will provide a critical boost for entrepreneurship in our region. I’m excited to see the creativity and innovation it will foster and grow.”

This project was made possible by a partnership between Pinellas County and the City of St. Petersburg. The city will convey the land for the incubator, located on the southwest corner of 11th Avenue S and 4th Street. Pinellas County will provide matching funds for the grant of up to $4.5 million. The operator of the incubator will be the Tampa Bay Innovation Center, currently housed at 501 First Ave. N in St. Petersburg.  The county also plans to seek additional project funding from the state of Florida and private sector investors.

“This investment by the EDA, along with support from Pinellas County and our partners at the city of St. Petersburg, will help launch the next generation of entrepreneurs in our community,” said Pinellas County Commissioner Karen Seel. “We’re grateful for this wonderful opportunity.”

This project is located within the City of St. Petersburg’s Innovation District and the city’s Community Redevelopment Areas, as well as a federal Opportunity Zone. The proposed split-level, two-story structure with an atrium will include a prototype lab equipped with 3D printers, a podcast studio, educational and collaborative space, a coffee shop and space for corporate innovation partners. This project will be designed and constructed over a three-year period from the date of the grant award.

Rick Kriseman | St. Petersburg Mayor | Politics
Rick Kriseman

“St. Petersburg’s thriving Innovation District will provide the seeds for entrepreneurial growth for this new business incubator,” St. Petersburg Mayor Rick Kriseman said. “My thanks to the U.S. Economic Development Administration for recognizing the potential within the St. Petersburg Innovation District, and our partners in Pinellas County for their leadership and vision, as well as our own Economic Development team for working so hard on this project.”

The newly constructed building will facilitate an innovative environment to house an incubator program that will launch business ventures that create high-tech career opportunities.

In Pinellas, more than 95 percent of our businesses are entrepreneurs and small businesses with 50 or fewer employees,” County Administrator Barry Burton said. “This commitment by Pinellas County extends our support of local small businesses and entrepreneurship to further economic growth and job creation in our community.”

Said Tonya Elmore, president and CEO. of the Tampa Bay Innovation Center., “”This is the next step in our evolution. We’re excited for the construction of this purpose-built incubator that will foster high-tech and advanced manufacturing ventures. The programs provided will include coaching, mentoring, educational opportunities, access to investment and more innovative programs aimed at early-stage entrepreneurs.”

Pinellas County is one of the Florida counties declared a federal disaster area because of Hurricane Irma. The hurricane illustrated the county’s reliance on industries more easily subject to disruption by natural and/or economic disturbances. The incubator is key to the region’s efforts to strengthen its economic resiliency by diversifying and broadening its economic base and strengthening its high wage industry sectors.  The incubator will help create a more entrepreneurial, diversified and resilient economy.

“Increasing economic resiliency will be a significant goal of the new Tampa Bay Innovation Center,” said Mike Meidel, director of Pinellas County Economic Development. “By further diversifying the economy and creating an environment for technology jobs, we can actively encourage smarter growth and higher wages for our citizens.”

This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), under which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance Program funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires and other calendar year 2017 natural disasters under the Stafford Act.

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