Osceola County continues to position itself as one of Florida's fastest-growing innovation hubs.
In a unanimous vote, the Osceola County Board of County Commissioners approved a development agreement with South Korean semiconductor manufacturer ELSPES to establish its global headquarters and U.S. manufacturing facility within NeoCity, the county's master-planned technology district.
County leaders described the project as a transformational milestone for the region.
"This is the largest economic development project in the history of our community," said Osceola County Chairman Brandon Arrington during the approval meeting.
A $470 Million Commitment to Osceola County
Under the agreement, ELSPES will invest a minimum of $470 million into the development of its corporate headquarters and advanced manufacturing operations. The project is expected to create 600 high-paying jobs with an average annual salary of approximately $85,000.
To support the project, Osceola County will provide up to 32.56 acres of pad-ready land within NeoCity.
Construction of the first phase is expected to begin in January and will include approximately 289,000 square feet of manufacturing, research, and office space. The company plans to employ its first 300 workers by 2030.
A second phase will nearly double the facility's size and add another 300 jobs by 2037, bringing total employment to 600 positions.
Strengthening America's Semiconductor Supply Chain
Founded in 2021, ELSPES manufactures advanced silicon capacitors used in high-performance computing devices and electronics produced by global technology leaders such as Samsung and LG.
The company's decision to locate its North American operations in Osceola County further strengthens NeoCity's growing reputation as a center for semiconductor research, manufacturing, and innovation.
The project has expanded significantly since the county first approved a Memorandum of Understanding in late 2024. Initial plans called for a $370 million investment, but the project has since grown by more than $100 million in value.
NeoCity Continues to Attract Global Technology Leaders
ELSPES represents the largest private-sector investment ever announced within NeoCity.
Over the past decade, NeoCity has attracted more than $500 million in public investment through federal grants, state funding, defense contracts, and advanced manufacturing initiatives. The district's Center for NeoVation has become a focal point for semiconductor innovation and workforce development throughout Florida.
The announcement also follows another major technology recruitment victory for Osceola County.
Just days earlier, county commissioners approved a separate development agreement with South Korean technology company SRS Mobility (Smart Radar System).
SRS Mobility Brings Additional High-Wage Jobs
SRS Mobility will invest more than $53 million to construct a 110,000 square foot facility within NeoCity's 500-acre technology district.
The project will feature:
• Advanced manufacturing operations
• Research and development laboratories
• Corporate office space
• Assembly facilities for radar-based safety and smart sensor technologies
The facility is expected to create at least 190 new jobs with average annual salaries of approximately $85,000.
What This Means for Osceola County
For decades, Osceola County's economy has been heavily tied to tourism and hospitality. These latest investments demonstrate the county's long-term strategy to diversify its economy by attracting high-tech industries, advanced manufacturing, and global innovation companies.
Combined, ELSPES and SRS Mobility represent more than $523 million in private investment and nearly 800 high paying jobs.
For residents, business owners, investors, and real estate professionals, the continued growth of NeoCity signals a major shift in the economic future of Central Florida. As advanced manufacturing and semiconductor industries expand, demand for housing, commercial development, infrastructure, and workforce talent is expected to follow.
The result is a stronger, more diversified economy that creates new opportunities for generations to come.
The Bottom Line
NeoCity is no longer simply a vision for the future it is becoming one of Florida's most significant technology and semiconductor hubs.
With over half a billion dollars in new private investment announced in recent weeks, Osceola County is rapidly establishing itself as a destination for
global innovation, advanced manufacturing, and high wage careers.
