Pasco approves deal for $200 million warehouse rumored to be Target
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 22, 2022

Pasco County has approved an infrastructure incentive deal with a national industrial developer that will pave the way for a 1.4 million-square-foot warehouse rumored to be an e-commerce facility for Target Corp.

Commissioners on Tuesday approved a deal that will reimburse Northpoint Development LLC $6.3 million for on- and off-site roadway improvements. Infrastructure needs for the project, code-named Project Channel, total $9.9 million. Funds will be held in escrow until the developer receives a certificate of occupancy for at least 1.15 million square feet of light industrial space on the property.

Northpoint, based in Kansas City, is under contract to acquire the I-75 Logistics Center, which is in the northeast quadrant of Interstate 75 and State Road 52, according to county documents. Jacksonville-based Chestnut Hill Investments has owned the property since early 2021, and Cushman & Wakefield Inc. industrial brokers have been marketing it for Chestnut Hill.

Construction costs for the warehouse will be more than $200 million, and it will create 2,400 new full-time jobs, according to a memo to commissioners from David Engel, the county’s economic growth director. The grant will be paid over 20 years and be equal to 33% of the ad valorem taxes paid the prior year.

Engel’s office “calculates that the project will generate $19.1 million in ad valorem tax that will flow directly into the county’s general fund over the 20-year period, well in excess of the grant proceeds offered to the project.”

The Tampa Bay Business Journal first reported that Target was zeroing in on the site in April.

“Over the last eight years, we’ve worked hard as a team to bring high-paying jobs to improve the quality of life for our citizens and ensure Pasco County is not just a bedroom community,” Commissioner Mike Moore said in a statement. “I’m thrilled to welcome these jobs to our community in the near future.”