KPMG pays $41.84 million for 54-acre site in Orlando
KPMG, one of the world’s largest accounting and professional services firms, paid $41.84 million for 54 acres in Orlando’s Lake Nona community to build an 800,000-square-foot training and conference center with lodging facilities. KPMG – which had considered alternate locations in Atlanta and Dallas – expects to create 80 new Orlando jobs with average annual pay of $66,000 in connection with the development. KPMG estimates that the total cost of the project will be $430 million.
The Orlando City Council approved financial incentives for the KPMG development totaling $320,000 including $64,000 from the city and the rest from the state. The city would pay $64,000 over four years if KPMG actually creates 80 new jobs as expected. Orlando also may grant KPMG property tax rebates on the property totaling as much as $3.5 million, or a maximum of 25 percent of property tax over seven years. [Orlando Sentinel] – Mike Seemuth
Source: The Real Deal