All about business

Some 400 acres of agricultural land could be carved out of southwestern Hillsborough County to make way for a new multi-modal facility that its developers say would add $624 million to the local economy and directly create 1,800 jobs over the next decade.

Inland Port Systems has chosen a site just north of the Manatee County line to build its Tampa Bay Multi-Modal Center, a facility near Port Manatee that would provide a distribution hub directly to consumers using rail and trucks, taking advantage of its proximity to shipping from the Panama Canal and busier Gulf of Mexico transportation traffic.

“When we were looking for the right site, two of the absolute keys we were looking for was its proximity to both rail and highways,” said Dick Ellison, a principal for Inland Port Systems, that is leading the project. “This land was just off [U.S.] 41, which is not heavily traveled at this point in time, but it may be. Interstates 275 and 75 were very close to the site, which means we have some direct points to Tampa, Miami, Jacksonville, Orlando, and Atlanta.”

Construction of the multi-modal center would take approximately 10 years and include 2.6 million square feet of warehouse space, enough to accommodate between 15 and 25 companies. It also is expected to generate some $89 million in total labor income once complete, representing an average annual salary of $49,400 business cards. It’s expected to contribute $6.7 million each year in gross ad valorem property tax income to Hillsborough County, according to projections by WilsonMiller.

But to become reality, it will need to clears some governmental hurdles over the next two to three years, including zoning changes and a necessary amendment to the county’s comprehensive plan, Inland Port Systems plans to spend $125 million in labor alone for construction of the facility. Ellison wouldn’t share how much build out for the Bay area center is expected to cost, but a typical multi-modal center sitting on 500 acres of land with 7 million square feet of structures – more than double of what’s planned near Port Manatee – would have a total value of $750 million, according to an investor presentation on the Inland Port Web site.

Inland Port is expected to present its project to the Hillsborough County City-County Planning Commission April 7. However, it will need approvals at both the county and state level before any work can begin.

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