Osceola County Moves Forward with Key NeoCity Agreement
Published on: Sep 21, 2021
Osceola County, Florida — County Commissioners entered into an agreement that will bring a significant cash investment to the NeoCity technology district, paving the way for the creation of a city center that utilizes “smart technology” and creates a show place for events and the performing arts.
The exclusive agreement approved unanimously on Monday will see Korean tech billionaire Young-hwa Song pay Osceola County $14.125 million for 25 acres in the county’s NeoCity technology district with the intent to create a $1.2 billion mixed-use city center.
The deal is months in the making and comes through diligent work by the County, as well NeoCity Links -- a group contracted by the County that established an office and relationships in the tech-forward country. Recruiting targets have included leading Korean businesses such as LG, Hyundai and Samsung.
“It is hard to believe we are talking about a deal that will lead to an investment of $1.2 billion in our community. We took a long view when we started our development of NeoCity but we have moved rapidly to advance our priorities,” said Osceola Commission Chairman Brandon Arrington. “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.”
Song is the founder and CEO of DS Semicon and holds patents for a host of technologies used exclusively by Samsung.
Monday’s agreement is with DS Semicon’s U.S. affiliate, DSUS, LLC. The developer would pay $14.125 million for the 25 acres designated as NeoCity's city center with have exclusive rights to negotiate to buy an additional 45 acres shown.
The County and company have until Dec. 13 to formalize a conveyance agreement for the transfer of the property, at a price of $565,000 per acre.
The city center is a critical piece of the evolution of NeoCity as it would be a testbed for smart technologies creating a uniquely unified experience for employees, residents, and visitors.
“Forging relationships with technology leaders in South Korea is allowing us to attract impressive technology companies that mesh with the County’s vision for NeoCity,” said Osceola Commissioner Cheryl Grieb. “This agreement is the latest proof that our investment in infrastructure is delivering a more economically diverse community with opportunities for all.”
The development plan to be negotiated calls for a 1.4 million-square-foot retail and entertainment hub, 1,150 condominiums with nearly 400,000 square feet of amenities and common space along the lakefront in NeoCity. The city center would include a commercial office tower, a dining and retail center with a movie theater, a 200-room conference hotel with about 100,000 square feet of convention/exhibition space and an entertainment hall with a 700-seat event center.
The idea is to create a unique, smart city, built from the ground up, in NeoCity. The city center’s amenities would attract more development and employers to the district.
For more information, please contact:
Hunter H. Kim (Honghyun Kim)
Osceola County, Florida
Economic Development Center
10F, 13 Jongro 5 Gil, Jongro-gu, Seoul Korea
Korea Office / +82 2 722 3885
Korea Mobile / +82 10 3107 3885
US Office 407 572 8543
US Mobile 407 592 3400
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