Osceola County continues to develop their vision for their high-tech community, NeoCity. Per an agreement approved on Sept. 20, the innovative area will have its town center designed by South Korean tech giant Young-hwa Song, founder and CEO of DS Semicon and its US affiliate, DSUS LLC. Song will give Osceola County $14.1 million for the 25 acres of land and launch their groundbreaking plans for the hub, which will ring in at an estimated $1.2 billion value.
The center of NeoCity is intended to be a hotspot for technology, events, performing arts, and a multitude of other uses. 1.4 million square feet will host retail and entertainment amenities as well as residential space. 1,150 condominiums will overlook the lakefront, and the NeoCity center will provide approximately 400,000 square feet of amenities and dining options, office space, a movie theater, 700-seat entertainment hall, and a hotel with conference capacity and extensive event space.
Osceola County District 4 Commissioner Cheryl Grieb had led a trip to South Korea to discover and meet with Korean tech billionaires in hopes of forging new relationships that align with Osceola’s vision. Congressman Darren Soto, representatives from the American Chamber of Commerce, NeoCity Links, and the United States Embassy joined Commissioner Grieb on the trade mission.
“This agreement is the latest proof that our investment in infrastructure is delivering a more economically diverse community with opportunities for all,” said Commissioner Grieb.
Osceola County and DSUS LLC have less than two months to finalize an agreement for the sale of the property at $565,000 per acre.
Ultimately, Osceola County aspires to host a smart city that suits their vision of forward-thinking technology and top-of-the-line features. Through the agreement, DSUS is allocated exclusive negotiating rights to work on an additional 45 acres in NeoCity in the case that it comes time for the smart city to expand.
With the agreement between the Korean tech billionaire and the county officially approved, the long road of planning and development can begin. Stay tuned for more announcements regarding Osceola County’s exciting new community.
“It is hard to believe we are talking about a deal that will lead to an investment of $1.2 billion in our community,” said Brandon Arrington, Osceola County Commission chairman. “We took a long view when we started our development of NeoCity, but we have moved rapidly to advance our priorities. Even so, we knew that it would take time, patience and capital to succeed. Our investment is starting to take root, and we are on a path to give our residents options for a much better future.”