Press Releases

Not All Stimulus Comes From Washington

This Florida Town is Moving Ahead with $150M of Infrastructure Projects

The pace of federal stimulus spending on roadway construction has been a matter of hot debate in Florida, but in the City of Port St. Lucie, large road projects are moving forward quickly, stimulated in a more … traditional way.

The 8,300-acre Town of Tradition in western Port St. Lucie has long been focused on driving economic development in what is rapidly becoming known as Florida's Research Coast, promoting its nearly five-mile-long employment corridor along I-95 and its Florida Center for Innovation research campus.

Now, rapid residential, commercial and research development in Tradition has both necessitated and, through impact fee assessments, helped to fund one of Florida's largest infrastructure improvement projects, with more than $150 million in roadway and utility improvements reaching completion.

The openings of I-95 interchanges at Crosstown Parkway and Becker Road on March 28 and July 31, respectively, combined with the Aug. 3 opening of an expanded interchange at Gatlin Blvd., represent dramatic improvements in transportation access to the community, and will open significant tracts of permitted property for ongoing development.

"These improvements, along with the completion of a north-south connector within Tradition over the next 12 months, will provide greater access for our existing commercial and research tenants while also expanding access to our prime I-95 frontage for new corporate prospects," said Tradition President Wesley McCurry.

Even with residential development slowing during the economic downturn, construction on these projects moved forward largely on the prospects for long-term commercial development and job creation in Tradition's employment corridor. "Our original plan called for commercial space that could create as many as 15,000 jobs, but our plans have since focused on intensified commercial entitlements that could create as many as 30,000 jobs over the next 25 years," said McCurry.

The hub of this job creation corridor is already earning a reputation on a global stage. The Florida Center for Innovation at Tradition (FCI) (www.fciattradition.com), a 150-acre research campus, is already home to headquarters for the Torrey Pines Institute for Molecular Studies (TPIMS), and will soon be home to the Florida operations of the Oregon Health & Science University's Vaccine and Gene Therapy Institute (VGTI), whose scientists recently announced a breakthrough in HIV research.

Tradition has commitments for 1.6 million square feet of commercial space in FCI, and according to Enterprise Florida, TPIMS and VGTI alone are expected to generate 6,000 direct and indirect jobs, $3.2 billion in labor compensation and $6 billion in gross state product in the next 20 years.

Also under development at FCI is the Mann Research Center, an initiative of medical device entrepreneur Alfred E. Mann, which will consist of a multi-building life sciences research complex including wet lab facilities, as well as supporting service and medical office facilities. Martin Memorial Health Systems is planning a 300-bed acute care hospital and medical center that will bring clinical trials capabilities partnered with the Moffitt Cancer Center to FCI.

In addition to FCI, Tradition features a vibrant commercial corridor including the fully leased Tradition Square and the 600,000-square-foot retail center, The Landing, which continues to run near full occupancy and draws thousands of visitors daily.