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Verizon to build 200,000-square foot center in Lake Mary

On Wednesday, Verizon announced that it will build a new financial and accounting center in Lake Mary.

By 2016, the center will house 750 employees, each of whom will make an annual salary of $55,000 or more.

Verizon is building a four-story, 200,000-square foot building to house the center on International Boulevard. Shovels will hit the ground in the next three months and the center should be finished in time for a 2014 move-in.

Verizon decided to build the center after receiving $6 million in incentives from the state of Florida. There is also the potential it will receive $1.5 million more as a form of a training grant.

The center will consolidate smaller Orlando-area operations, as well as those currently under way in Tulsa, Oklahoma.

Presently, about 10,000 Floridians already work for Verizon.

If you check in with this blog now and then, you will realize that this is one of several recent commercial real estate developments in the Orlando area that are worth noting. The Sunshine State was one of the worst-hit by the mortgage and foreclosure crisis and the subsequent recession, so we certainly welcome any indication that things are changing.

Regular readers will also note this is one of many stories lately to pertain to grants from the state to promote employment. Florida is noted for being very liberal with tax incentives. Are there any industries or employment sectors you think the state should focus more on? If you have any thoughts, we invite you to share them in the comments section of this post.

Source: The Orlando Sentinel, "Verizon to create finance hub in Lake Mary with 750 jobs by 2016," Martin E. Comas, Feb. 13, 2013

  • Commercial Real Estate is one of the areas in which the attorneys in our law office practice. We invite you to click on the link in the previous sentence to learn more about that area of our work.

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