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T. Rowe closes on land deal

By KEVIN WIATROWSKI

Kwiatrowski@tampatrib.com

Published: July 3, 2009

LAND O' LAKES - T. Rowe Price made it official this week: The financial services company is coming to Pasco County.

The Maryland-based company closed Wednesday on 90 acres at the southwest corner of State Road 54 and Sunlake Boulevard for $13.5 million.

The closing came about a week after county commissioners sealed their deal with the company. That deal includes $30 million in state and county subsidies and plans for the county to extend Sunlake Boulevard into northern Hillsborough County.

For its part, T. Rowe Price plans to employ 1,600 people at the Pasco campus. About 430 jobs will be moved from its Tampa operation, and 1,200 jobs will be created. T. Rowe has had offices in Tampa since 1994.

T. Rowe spokeswoman Heather McDonold confirmed the sale but declined to say when construction might begin on the three-building, 450,000-square-foot complex.

"Given that the market and business environment has changed dramatically over the past year, the timeline for our expansion plans has become less certain and we are unable to commit to a specific timetable for the start of construction," McDonold said.

State subsidies require buildings to go up by next year, but county officials have said that deadline could be pushed back given economic conditions.

"Obviously, the expectation is that this site will accommodate our long-term growth," McDonold said.

Reporter Kevin Wiatrowski can be reached at (813) 731-8168.

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