The city of Port St. Lucie is abuzz with anticipation as a massive, nearly 200-acre development is rumored to be on the horizon. Located in Southern Grove, an area already home to major companies like FedEx and Amazon, this project has been kept under wraps and given the fitting code name "Project Everest." The secrecy surrounding it only adds to the intrigue.
Including past projects?
Image: A map of Southern Grove shows the outline of the new Project Everest, as well as other properties
Adding to the enigma surrounding Project Everest, city documents reveal a map that suggests it encompasses a smaller area previously associated with another secret project called "Project Apron." Additionally, "Project Green" is mentioned in conjunction with Project Everest. In fact, the city had already approved site plans for Project Apron and Project Green in 2022, both of which were set to surpass 1 million square feet.
Image: Project Apron was slated for Sansone Group
Image: Project Green was slated for Sansone Group
Details and impact of Everest
Although the identity of the company behind Project Everest remains undisclosed, some details have managed to surface. According to city documents, this publicly traded company has been in operation for 40 years and holds a position on the prestigious Fortune 50 list. With an annual revenue exceeding $200 billion, it functions as an international wholesaler, distributor, and retailer. Spanning over 800 locations supplied by 24 depots, the company employs more than 300,000 individuals worldwide.
The Economic Development Council of St. Lucie County estimates that Project Everest would create 265 jobs with an average wage of $55,350, along with significant benefits. The construction of the project is projected to have an economic impact of nearly $85 million, while the annual impact of the newly created jobs is estimated at approximately $198 million.
Image: The Southern Grove masterplan, approved by City Council in 2020, called for the creation of three sub-districts; a town center district, a workplace district, and a bio-health district.
Two city votes on Monday
Excitement builds as the city prepares for two crucial votes related to Project Everest. Firstly, at 11 a.m., the Government Finance Corporation, comprised of city council members, will vote on the sale of approximately 133 acres of city-owned land to developer JDN Enterprises for a sum of around $16.24 million. When combined with the land assigned to Project Apron, the total area would reach approximately 192 acres.
At the same time, the city plans to grant the buyer an infrastructure credit of almost $18.7 million to facilitate infrastructure development. In return, the buyer commits to funding additional infrastructure improvements beyond the allocated credit, borrowing $11,357,156.98 to meet these requirements, as stated within the draft of the contract.
Following this, at 1 p.m., the City Council is set to vote on a package of tax breaks. The proposed tax breaks include an exemption from all ad valorem taxes to the city and St. Lucie County for the first five years. The exemption decreases to 90% in the sixth year, 80% in the seventh year, 60% in the eighth year, 40% in the ninth year, and finally 20% in the tenth year. Furthermore, the county plans to offer a five-year grant of $2,100 per new employee, while the city grants a $3,500 per new job impact and mobility fee waiver.
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Expanding Southern Grove
Southern Grove, a 3,605-acre stretch of land acquired by the city in 2018, has been earmarked as a prime location for development. The city devised a comprehensive master plan for the region, dividing it into distinct plots designated for various purposes. Besides the existing industrial sites, Port St. Lucie envisions future commercial, retail, and entertainment development within Southern Grove.
The Project Everest property is a combination of several of these original lots. The upcoming City Council meeting, the first of the year and held under a new schedule, marks a significant milestone in the city's progress.
Wicker Perlis is TCPalm's Watchdog Reporter for St. Lucie County. You can reach him at [email protected] and 504-331-0516.
