County, Korean developer to work on deal to build NeoCity town center

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  • An agreement would include selling 25 acres of county land for $14.125 million to DSUS developer Young-hwa Song. DSUS would then develop a mixed-use city center, like job centers, residential units, hotels, a multi-story commercial office tower, dining and entertainment space. The investment could have an impact of $1.2 billion. PHOTO/NEOCITY
    An agreement would include selling 25 acres of county land for $14.125 million to DSUS developer Young-hwa Song. DSUS would then develop a mixed-use city center, like job centers, residential units, hotels, a multi-story commercial office tower, dining and entertainment space. The investment could have an impact of $1.2 billion. PHOTO/NEOCITY
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Calling it the first deal that puts the “City” in NeoCity, Osceola County commissioners Monday approved an agreement to exclusively negotiate with the American subsidy of a Korean company to develop a city center at the tech farm.

The County and DSUS, LCC will have a window through Dec. 13 to work on an agreement that will include selling 25 acres of county land for $14.125 million to DSUS developer Young-hwa Song. DSUS would then develop a mixed-use city center, like job centers, residential units, hotels, a multi-story commercial office tower, dining and entertainment space. The investment could have an impact of $1.2 billion — with a ‘B’.

“This has the potential to be the biggest investment into NeoCity yet, it’s what would draw the high number of high-paying jobs we’re looking to attract,” County Manager Don Fisher said. “It’s not unusual to broker exclusive negotiating deals with companies, this way there’s no feeling the county is leveraging its position against other companies, and we feel this company is more apt to put its best deal on the table.”

Fisher said the county would use about $11 million from the sale to build infrastructure within NeoCity.

The sides have also talked about a future Phase II project

If the agreement, which Fisher said is “not a done deal,” is brokered in the timeline this year, construction could begin in 2023. Commissioner Cheryl Grieb met with DSUS’ Korean counterparts in the Far East on trips to foster relationships that, she said, resulted in agreements like this.

“It’s an aggressive timetable, but it’s an exciting time for the county right now,” she said. “This is a win-win for the county.”

Also at Monday’s meeting, the county rejected a development plan to bring a townhome community to a neighborhood near Simpson Road and Hilliard Isle Road just east of Buenaventura Lakes.

Residents that spoke said their homes are zoned for one home per acre, and the new development would bring traffic problems with three to eight houses per acre.

Commissioner Viviana Janer, whose district 2 includes the area, noted planned infrastructure for the area, like a traffic light at Hilliard Isle and a widening of Simpson Road, won’t come until 2023 and ’24.

“To approve this is premature in my opinion,” she said.