A pair of projects that could have a combined $1.5 billion local impact
At their Monday meeting, the Osceola County Commission gave direction on a pair of projects that could have a combined $1.5 billion local impact at Osceola Heritage Park and NeoCity.
The board approved a Memorandum of Understanding (MOU) with South Korean tech company ELSPES, which intends to develop a 75,000-square-foot facility focused on developing and manufacturing silicon capacitors. The Korean outfit would be the first private entity to acquire and develop property in NeoCity. The five-acre, 75,000 square foot facility would serve as the firm’s world headquarters, where documents filed by the county and the firm say ELSPES would invest at least $470 million through 2031 to build the facility.
As part of the agreement, if ELSPES brings a minimum of 600 employees to the facility, at a average salary of $85,000, the firm will be eligible for incentives that include fasttracking the permit process upon development approval, job creation bonuses and property tax refunds once those jobs arrive. Under the proposed MOU, the jobs would begin arriving in 2025, with the bulk of them coming in 2028.
“In this era of ever-smarter industrialization, ELSPES strives to lead as the No. 1 company in the world pioneering innovative technologies that align with the evolving needs of the industry,” said ELSPES founder and CEO Young Y. Park. “My visit to NeoCity brought a clear understanding of Osceola County’s aspirations and forward-thinking initiatives to build a better future and a definitive commitment to values that inspire and uplift the community. We look forward to working together with Osceola County to fulfill these dreams, making meaningful contributions to the establishment of the ecosystem that is rising due to the (National Science Foundation) Engines award.”
The deal was brokered by NeoCityLinks, which is working to direct South Korean technology investments to NeoCity.
“Attracting ELSPES is not just about creating jobs; it’s about positioning Osceola County as a premier destination for advanced technology manufacturing,” said Commissioner Viviana Janer, who was named the board Chair for 2025 on Monday. “It’s a vision made possible by the NSF Regional Innovation Engines Program.”
County Manager Don Fisher also got unanimous approval from the board Monday to begin negotiating with a group backed by the owners of the Orlando City Soccer Club and Orlando Pride, the most recent champions of the National Women’s Soccer League, on a plan to significantly add to and change the landscape of Osceola Heritage Park.
Mark, Leonard and Zygmunt Wilf, who also own the Minnesota Vikings (so purple is kind of a theme with them) are the principals behind K&K Sports. That group has proposed a major overhaul of OHP called Project Next, which would “Be designed to enhance the daily health and wellbeing of surrounding communities.
K&K sports plan, if completely fleshed out, would bring the soccer complex to 18 fields (with as many as four available for public rental), expand the soccer club’s headquarters and office space and bring in apartment space, medical offices, parking garages, hotels and other retail.
The construction and engineering for the entire plan would cost over $1 billion, and could create 855 jobs, although “some may be less than full-time,” with an average wage for the permanent jobs of $47,579. That would result in a $3 million economic impact to the county once it’s all fleshed out. That’s all detailed in a 108page report sports legal law firm BakerHostetler presented on behalf of K&K Sports.
The group is building a similar development, Viking Lakes in Minnesota, that includes the Vikings’ training camp facility.
Once approved, K&K’s plan would deliver engineering plans in 12-18 months. Construction on each parcel would typically be completed within 18-24 months, the RFLOI states. The first phase would include the expanded fields and team administrative facilities, five apartment buildings, the complex’s first hotel and a parking garage adjacent to the Silver Spurs Arena.
Speaking of the arena, County Commissioner Ricky Booth assured Monday that the existing arena and exhibition space would remain in place, as the proposed development would occur around all that; mostly on land to the west of Shakerag Road and on land on the Bill Beck Boulevard side of the OHP property.
“The (Osceola County) Fair and (Silver Spurs) Rodeo will be involved in this process,” Booth, a former Silver Spurs Rodeo Big Boss, said.
The plans do not currently show development on property that was once Johnson University, across Bill Beck from OHP. The school closed its doors in 2023.
This is in response to the county’s request for development plans it put out in September, with an eye on leasing some of the OHP land for development. The county put out a Request for Letters of Interest, and the Wilf family interest was the only bid offer submitted.
Last year, the county and OHP put out requests for firms to build hotel rooms on property, but no proposals came in.
“That is what is going to make this development significant,” Fisher said.
Public comment against a proposed 265-unit development on 62 acres Story Road, south of Hickory Tree Road, took up much of Monday’s meeting. With residents citing how the development isn’t compatible with longtime existing five-acre lots in the southern part of St. Cloud Manor, the Commission voted 3-2 to deny the plan, with Brandon Arrington, Peggy Choudhry and Booth, whose District 5 includes the area, voting against.
At the meeting, Commissioner Viviana Janer was selected for her fourth stint as the Board chair. She also held that title in 2016, 2020 and 2023. Arrington, who was elected to his fifth term on the dais this year, will be the Vice Chair.
