A global biotech firm that develops novel cancer treatments wants to build a facility in NeoCity for its future offices, research and development, and manufacturing.

Osceola County Commissioners are scheduled to vote Monday on a Memorandum of Understanding with Empyrean Medical Systems and its development partner, Concept Companies, for a multi-year expansion in the county’s 500-acre tech district, according to a report in GrowthSpotter. It would be the latest addition to NeoCity, the county’s taxpayer-subsidized effort to attract cutting-edge industries and create higher-paying jobs, diversifying its tourism-based economy.

Empyrean, which is based in Boca Raton, would lease between 1,000 and 5,000 square feet in the OC Building on NeoCity Way in 2025 for the engineering and fabrication of parts for the company’s trademarked Morpheus robotically-assisted, high-beam radiotherapy system. Both Empyrean and MagCorp, its strategic partner on the Morpheus project, would open administrative offices in the county-owned building.

Under Phase 2 of the agreement, Empyrean would lease additional space in the OC Building in 2026 or 2027 to relocate core equipment, staff and R&D capabilities. The county will provide a tenant allowance of up to $50 per square foot for the office buildout during phases 1 and 2.

Osceola County spent $21 million to build the OC — the county’s first Class A office building — and opened it in 2019. The 100,000-square-foot building is anchored by SkyWater Technologies and leases space to imec, BRIDG and the University of Florida, among others.

In Phase 3, Empyrean plans to build a manufacturing facility of 50,000 to 100,000 square feet in NeoCity.

Under the agreement, Osceola County would provide a site in NeoCity where Concept would complete that facility by Jan. 1, 2028. Empyrean would create at least 60 new jobs with an average salary of $80,000 within five years of occupying the building.

Concept Companies has developed more than 300 projects nationally totaling over 10 million square feet, including Gainesville’s 800-acre Progress District, which houses one of the largest biotech clusters in Florida.

As an incentive, Osceola County will donate the land free of charge to Empyrean if it’s the first private company to acquire and develop property in NeoCity.

While the agreement doesn’t specify financial terms, the investment is expected to be hundreds of millions of dollars. County Manager Don Fisher told GrowthSpotter the project’s economic impact would be comparable to the $470 million deal announced earlier this month with Korean tech firm ELSPES.

If commissioners approve the agreement Monday, the companies would have 120 days to finalize the development agreement with the county.

The Empyrean deal is the latest in a string of announced projects in Osceola County that could bring billions of dollars in new investment, making December a historic month for the county.

• The Wilf family, real estate titans and owners of the Orlando City SC and Orlando Pride, are negotiating a development agreement with the county for Project Next, a $1 billion multi-phased, mixed-use development at OHP anchored by team headquarters and training facilities for the men’s and women’s teams.
• ELSPES, will break ground next year on a 75,000-square-foot global headquarters and manufacturing facility in NeoCity. The company pledges to bring at least 600 high-paying jobs in design, research, development, and volume manufacturing over 10 years.
• Magnifica is planning a $2.8 billion resort and super-luxury gated golf community with mansions priced in the tens of millions on Osceola County’s Brown Ranch Six on Poinciana Boulevard.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261. Follow GrowthSpotter on Facebook and LinkedIn.