Opportunity Site One: Greeneway Interchange District
The City of Winter Springs has identified four targeted industry groups for development within the City. Development of these targeted industry sectors will provide high-paying job opportunities for current and future residents, strengthen the existing business community and continue the diversification of the Winter Springs local economy. The City's targeted industry groups are:
- Financial and Information Services;
- Arts & Digital Media, including simulation and video game development;
- Life Sciences, Bio-Tech, and medical instruments applications; and
- Technical and Research Services, including "Green Bio-Tech" and "Green Building" concepts.
Winter Springs offers excellent opportunities for the development of high technology industries. Situated on the eastern edge of the City, Seminole Way is a strategic economic development initiative focused on attracting high value jobs and businesses to Seminole County. The State Road 417 (Central Florida Greeneway) corridor defines the boundaries of the Seminole Way district, spanning the length of Seminole County and connecting to both Orange County's "Innovation Way" and the "Medical City" located at Lake Nona. The City has targeted this Greeneway Interchange District (GID) for technology industry development complemented by commercial and retail establishments. It is expected to become a premier employment center with professional and high tech office buildings, conference facilities, and hotel rooms.
The GID opportunity site is comprised of 26 potential sites with over 378 acres. One of the key features of this opportunity site is the ease of assemblage: it offers the largest consolidation of vacant developable land within the City under one ownership-over 232 acres. An additional 64 acres of this opportunity site are controlled by a second owner, totaling 296 (78%) of the 378 acres under the control of just two entities.
Development incentives available for the GID include regulatory incentives that allow a intensity from 1.0 FAR (Floor Area Ratio) up to 2.0 FAR and a maximum residential component of up to 25% vertical mix. Because the GID is also located in one of the City's three Seminole Economic Enhancement Districts (S.E.E.D.), developers are eligible to apply for a range of site development incentives. For more information on the incentive programs offered please see page 19. For additional information regarding the SeminoleWAY program visit: www.seminoleway.com.
UCF Business Incubator - Winter Springs
The Seminole County/Winter Springs location of the UCF Incubator opened its doors in 2008 to serve high growth startup firms in Seminole County. Business incubation is a critical element of regional economic development strategies-studies show that 95% of companies stay in the community where they are established. Incubator support also greatly reduces the risk of failure: 87 to 91% of companies that graduate from an incubator program are still in business 5 years later. Companies participating in the incubator receive competitive rental rates, business counseling and expert advice from professionals, who either volunteer their time or provide their services at reduced rates. This ongoing mentoring has resulted in the incubator program having a 100% success rate to date. For more information about the Seminole County/Winter Springs Incubator visit www.incubator.ucf.edu, or contact Ms. Esther Vargas-Davis, Site Manager, UCF Incubator-Seminole County, (407) 278-4881, firstname.lastname@example.org