March 28, 2024

Business Florida 2011 - The Regions

Southeast - Taking Center Court

Southeast Florida profits from right combination of tourism, trade, technology and team sports.

Jeff Zbar | 9/21/2010
Broward Center for the Performing Arts
The Broward Center for the Performing Arts in downtown Fort Lauderdale offers a full slate of dance, music and theatrical performances year-round. [Photo: Visit Florida]

New avenues of economic development

Life science, biotechnology and energy research are capturing attention across the region, and no wonder. Florida's bioscience hiring outpaces the national average, up 18% from 2001 to 2008, compared to just under 16% nationwide, according to a joint study from the Biotechnology Industry Organization and economic research firm Battelle.

Growth begets growth, says Joe Reagan, vice president of Hanover, Md.-based Wexford Science & Technology LLC, which is constructing the first of three buildings at the new University of Miami (UM) Life Science & Technology Park. First tenant — the UM Tissue Bank — will have 200 employees when it opens in 2011, and, says Reagan, more firms will follow. "By putting Miami on the intellectual property map, we're fertile ground for pharmaceutical companies, venture capitalists and technology companies."

In Broward County, plans include a $30-million coral research facility for Nova Southeastern University at John U. Lloyd State Park. Just up the beach at Florida Atlantic University (FAU) Center of Excellence in Ocean Energy Technology, the research focus is on energy derived from Gulf Stream turbines, ocean thermal conversion and offshore hydrogen manufacturing.

In June 2010, Max Planck Society broke ground in Jupiter on its 100,000-square-foot Max Planck Florida Institute. Opening in 2012, the facility will be shared by scientists from around the globe, including faculty and students from FAU's proposed new medical school.

In addition, Nova Southeastern University has begun construction on a 75,000-square-foot multi-disciplinary educational center in Palm Beach Gardens to serve students in its pharmacy, mental health counseling, psychology, business and education programs.

Healthcare provider Palm Health Partners expects to break ground on its Institute for Aging Life Science & Research in Jupiter in early 2011. The $62-million, short- and long-term healthcare facility will collaborate with Scripps Florida and others on research into Alzheimer's disease and other neurological and age-related conditions. Slated for completion in 2012, the facility is expected to employ 220 with average salaries of $46,000.

In St. Lucie County, Oregon Health & Science University's Vaccine and Gene Therapy Institute (VGTI) is building a $42-million, 98,000-square-foot laboratory near Torrey Pines Institute for Molecular Studies in Florida Center for Innovation at Tradition. The new VGTI facility is expected to bring 530 jobs.

INEOS New Planet BioEnergy's newly approved facility in Indian River County will generate 8 million gallons of bioethanol annually from renewable biomass, including yard, wood and vegetative waste. The $100-million project will create 150 construction jobs and 50 permanent jobs when it opens in 2012.

Diverse business fills the gaps

Southeast Florida isn't all tourism, trade, technology and team sports, of course. Unique niche businesses are growing, too:

  • GeoGlobal Partners LLC will relocate from New Jersey to a 45,000-square-foot facility in West Palm Beach. The $3-million, three-year initiative will create 100 new jobs for the solar products company.
  • Extreme Speed Motorsports plans to open a facility in Martin County. The American Le Mans series race team owned by champion race car driver Scott Sharp will hire 31 employees and invest $300,000 in building renovations.
  • Developer Dale Sorensen brings his latest project — Ocean Park of Vero Beach — to Indian River County. The luxury town home community near Gloria Estefan's luxurious Costa d'Este Resort features 11 units priced from $2 million to $6 million on 1.5 ocean-front acres, a restaurant and retail shops. Built by Palm Coast Development, the $25-million project is expected to bring 40 jobs and, along with Minor League Baseball's development at the old Dodgertown facility nearby, pump new life into the area, says Sorensen.

Tags: Southeast, Business Florida

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