The Pinellas County Commission, along with dozens of business and community partners, on Tuesday held a groundbreaking ceremony for a new, 45,000 square foot state-of-the-art business incubator. The facility, slated for completion in 2023, will drive economic impact by catalyzing future startups and technology companies in the Tampa Bay region. The groundbreaking ceremony was held at the site of the future ARK Innovation Center, which will house the incubator that will become known as the Tampa Bay Innovation Center (1101 Fourth Street South, St. Petersburg).
“The new ARK Innovation Center perfectly fits with the Pinellas County Strategic Plan goal of accelerating job growth in our economy. I am proud of the collective leadership and work to leverage our partnerships and grant opportunities to create this new incubator,” said Charlie Justice, Chairman of the Pinellas County Board of County Commissioners.
Pinellas County, in partnership with the U.S. Economic Development Administration, the City of St. Petersburg, the Tampa Bay Innovation Center, and ARK Invest, will design, construct, and equip the new facility. The County will contribute approximately $2.6 million in design and construction costs, the U.S. Economic Development Administration has awarded an approximately $11.3 million grant for the project design and construction costs, and ARK Invest will contribute funds to cover $2 million in construction. The City of St. Petersburg generously donated the 2.5 acres of land within the Innovation District to bring the project together. Overall, the incubator project cost will total $16 million.
“This facility will be the first in Pinellas County purposely constructed as an incubator for entrepreneurs to thrive,” said Ken Welch, Mayor of St. Petersburg.
Right in the heart of St. Petersburg’s Innovation District, the property is located south of downtown within a census tract that is a federal Opportunity Zone and is within the South St. Petersburg Community Redevelopment Area at the southwest corner of Fourth Street South and 11th Avenue South.
The County’s partner and operator, the Tampa Bay Innovation Center, was selected through a competitive process to operate the incubator with a well-established team of board members, advisors and mentors with a track record of generating successful graduates in target industry sectors. Startups and entrepreneurs participating in the Tampa Bay Innovation Center’s programs will have the opportunity to receive dedicated coaching and technical assistance and participate in entrepreneurial programs—all in a modern facility offering affordable leased space and flexible collaborative workspaces.
“Since the launch of our partnership with Pinellas County for an Innovation Center, we have made great progress. This groundbreaking marks the next phase of our long and successful partnership. Our recent collaboration with ARK Investment Management, LLC provides even greater potential to shape our region as an innovation-led economy that will serve to attract talent, wealth, and the most innovative startups. We are excited about the journey ahead,” said Tonya Elmore, President & CEO of the Tampa Bay Innovation Center.
ARK Invest has been a crucial partner in elevating the incubator and the blossoming startup scene in St. Petersburg within the tech community.
“We chose St. Pete among all other cities because of the innovative spirit in the DNA of St. Petersburg,” said ARK Invest CEO and CIO Cathie Wood.
Sitework for the construction of the incubator began in July 2021 and the new building will be finalized by end of Summer 2023. The ceremonial groundbreaking was attended by the Pinellas County Board of County Commissioners, County administrators and other staff, Mayor Ken Welch of St. Petersburg and other City of St. Petersburg leaders, local business leaders from the Tampa Bay region and Cathie Wood, CEO and CIO of ARK Invest.
“Fostering continual economic growth, vitality, and a strong workforce is a priority for Pinellas County Economic Development, and it is because of the commitment of our partners and a host of community collaborators that we can celebrate the ARK Innovation Center as a new regional economic asset in St. Petersburg, the next epicenter for innovation,” said Dr. Cynthia Johnson, Director of Pinellas County Economic Development.
B-roll of the event is available for download:
Tampa Bay Innovation Center Feb 2022 _ B Roll.mp4 (dropbox.com)
SOTs from the event are available for download:
Tampa Bay Innovation Center Feb 2022 SOT.mp4 (dropbox.com)