Osceola Commissioners are scheduled to vote Monday on a development agreement with South Korean firm, ELSPES, to build its global headquarters and U.S. manufacturing facility in NeoCity.
According to the contract, ELSPES will invest at least $470 million in new development and will employ 600 employees with an average salary of $85,000. The county will donate up to 32.56 pad-ready acres in the NeoCity tech district to the company for its manufacturing facility and corporate offices. The first phase will be approximately 289,000 square feet and will commence construction in January. The first 300 employees will be in place by 2030.
The second phase will double the size of the facility and add another 300 employees by 2037, according to the agreement.
Launched in 2021, ELSPES produces silicon capacitors used in high-computing devices for companies such as LG and Samsung. Commissioners first approved the Memorandum of Understanding with the company in December 2024, but the project has grown in scale and value from the initial $370 million proposal.
NeoCity and its Center for NeoVation semiconductor manufacturing facility has attracted more than $500 million in public investment through state and federal grants and defense contracts. ELSPES represents the largest private investment in the tech district.
It’s the latest in a series of deals that have been percolating with county leaders over several years — part of the ongoing effort to diversify the county’s tourism-based economy.
The future performing arts center in NeoCity will have iconic architecture that will anchor the waterfront entertainment district. (SHoP Architects)
Last week, Commissioners approved a development agreement with another Korean tech firm: Smart Radar System, SRS Mobility. Under the agreement, SRS will invest more than $53 million to develop a 110,000-square-foot facility within NeoCity’s 500-acre master-planned technology district. The project will include office, research and development, and advanced manufacturing and assembly space focused on cutting-edge radar-based safety and smart sensor systems.
The investment is expected to create a minimum of 190 high-wage jobs, with an average annual salary of $85,000, further accelerating Osceola County’s economy and expanding economic mobility opportunities for residents.
“I was introduced to SRS back in 2022 and first learned of the company’s innovative technology systems being integrated into autonomous vehicles, heavy industrial equipment, and military applications. We cultivated this relationship with SRS through the years and worked closely together, which has led us toward this agreement,” said District 4 Commissioner Cheryl Grieb, Vice Chairwoman of the Osceola County Board of County Commissioners. “Our county’s economic development efforts have not only brought us Korea’s high-tech investment and expertise to NeoCity, creating technology jobs but also bringing safety innovations that will keep our kids safe through a partnership with the School District of Osceola.”
Last December, Commissioners also approved a revised development agreement with the New York developers who were selected to build the mixed-use city center in the county’s NeoCity tech hub. The contract revised the terms from the 2022 MOU with co-developers, Sciame Construction and Edward J. Minskoff Equities, and updated the phasing to account for the new Performing Arts Center that will anchor the city center. It’s an important milestone in bringing the NeoCity vision of an arts-focused, technology hub closer to reality.
Across from NeoCity, the owners of Orlando City SC and the Orlando Pride are making progress on their $1 billion development plans for Osceola Heritage Park. The team owners are currently in their due diligence phase after signing agreements with the county last month for phase one of the “Project Next” soccer hub and mixed-use district. Commissioners allocated $25 million of Tourist Development Tax revenue to match the private investment for the team’s new training facilities, headquarters and stadium expansion.
Another major employment center is taking shape with the pending development of Green Gardens Village next to the Poinciana SunRail Station. Panacea Global Energy has approved development plans and will break ground this spring on phase 1 of the $500 million clean energy campus, which will include offices, factories, a data center and a mixed-use apartment building.
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