Osceola County is closing in on a roughly $470 million development agreement that could make South Korea’s ELSPES the next big name at NeoCity, with plans for a global headquarters and U.S. manufacturing campus in the county’s 500-acre tech district. If the deal lands as pitched, it would bring hundreds of high-paying jobs to the area.
According to documents reviewed by GrowthSpotter, the draft contract calls for the county to convey up to 32.56 pad-ready acres to ELSPES and outlines incentives tied to both construction and hiring. County commissioners are preparing to vote on a formal development agreement that would lock in terms first floated last year.
What Osceola Already Put on the Table
In a December 2024 press release, Osceola County announced an MOU with ELSPES that pledged at least $470 million in investment and set a goal of creating 600 jobs with an average annual salary of $85,000. “The MOU represents a transformative step in our economic development strategy and the growth of our ecosystem at NeoCity,” County Chair Viviana Janer said, according to Osceola County.
The National Science Foundation’s Florida Semiconductor Engine page lists ELSPES among private investors being pulled into the NeoCity ecosystem, per the NSF. That same December MOU, including plans for a $470 million tech investment and 600 jobs, also drew early coverage in local media.
Other Deals Circling NeoCity
ELSPES is not the only player moving in. Last month, the county signed off on a development agreement with SRS Mobility to build a 110,000-square-foot U.S. headquarters and advanced manufacturing facility that the county says will create a minimum of 190 jobs. For that project, the county will convey roughly 5.8 acres, according to Osceola County.
Nearby, planning materials and local reporting also show Panacea Global Energy has cleared plans for a large clean-energy campus, reportedly valued at about $500 million, at the Poinciana SunRail site, per GrowthSpotter. For a county that once hung its fortunes mostly on tourism and rooftops, that is a lot of zeroes tied to next-generation industry.
What Comes Next
The draft development agreement with ELSPES still has to clear the Board of County Commissioners before any incentives, land transfers or construction milestones are officially locked in. Board agendas and staff reports are publicly posted through the county’s OnBase portal, according to Osceola County.
Because details such as acreage and project phasing in the new draft do not perfectly match what was outlined in the earlier MOU, commissioners are expected to scrutinize the final language and push for firm hiring benchmarks, construction timelines and clawback provisions before they sign off. In other words, NeoCity’s latest big bet still has to clear one more hometown stress test.
