Milton Imperils $4 Billion of Florida Projects Under Construction

Researched by Industrial Info Resources (Sugar Land, Texas)--Hurricane Milton made landfall along the west-central coast of Florida last night, around Tampa, as a Category 3 storm with maximum sustained winds of 125 miles per hour. It will traverse the panhandle and exit the east coast into the western Atlantic Ocean this afternoon, according to the National Hurricane Center (NHC). Industrial Info is tracking more than $4 billion worth of projects under construction across central Florida, in the areas receiving the worst of Milton's wrath, the bulk of which are in the power-generation and warehousing sectors. It is not yet clear how any of these projects will be affected by the devastation.

Click on the image at right for a graph detailing the top 10 parent companies for projects under construction across central Florida, by total investment value.

Pasco County, which is just north of Tampa, began construction in August on one of the state's most ambitious energy projects: a $525 million expansion of its Resource Recovery Facility in Spring Hill, which is designed to increase the county's waste processing by 475 tons per day through the installation of a new municipal waste combustor. Its features would include a 15-megawatt (MW) steam turbine generator. The project was set to wrap up next summer, but Milton could push back the completion date, depending on whatever damage is incurred. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report and plant profile.

The Sunshine State has long been a haven for solar energy, with a broad swath of projects coming online in recent years. Florida Power & Light, a subsidiary of NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida), began construction in October 2023 on the $150 million Hog Bay Solar Energy Center in Arcadia, about 45 miles north of Fort Myers. The facility is designed to utilize 200,000 photovoltaic (PV) panels from First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona) to provide 74.5 megawatts (MW) of solar generation. Subscribers can learn more from a detailed project report.

Among the major retailers building new warehousing and distribution centers in the area are Target Corporation (NYSE:TGT) (Minneapolis, Minnesota) and Amazon.com Incorporated (NASDAQ:AMZN) (Seattle, Washington). Target aims to boost its e-commerce operations with a new, $200 million distribution center in San Antonio, about 25 miles northeast of Tampa. It is expected to include more than 340,000 square feet of distribution space and nearly 400,000 square feet for manufacturing and packaging.

Subscribers to Industrial Info's GMI Industrial Manufacturing Project and Plant databases can learn more about Target's San Antonio project from a detailed project report and plant profile.

On the opposite side of the state, near the Atlantic Coast, Amazon was putting the finishing touches on a $22 million "last mile" delivery station in Melbourne. These facilities, much smaller in scale than Amazon's massive distribution centers, accommodate the storage space and vehicles used in the final stage of package delivery to customers. Named "DFH3," the Melbourne facility joins two others under construction in Jacksonville, the $45 million DJX4 and $16 million DJX5, which were set to wrap up toward the end of the year and next spring, respectively. Subscribers can read detailed reports on the DFH3, DJX4 and DJX5 projects.

The Melbourne facility is being built partly in response to Amazon's "Project Kuiper," a Florida-centered venture designed to deliver faster, more affordable internet service through a series of internet-beaming satellites. These satellites were set to be launched from Cape Canaveral during the fourth quarter of the year, according to Florida Today, but it is not yet known how Milton could affect these plans.

"Florida will play a key role in connecting us to our customers, both with faster package delivery speeds and also delivering fast, affordable broadband internet through Project Kuiper," said Brian Huseman, Amazon vice president of public policy and community engagement, at a symposium in late August.

Numerous players in the Food & Beverage Industry also are building out distribution space across Florida. United Natural Foods Incorporated (NYSE:UNFI) (Providence, Rhode Island) started building a $150 million automated food-distribution center in Sarasota in August 2023, while The Coca-Cola Company (NYSE:KO) (Atlanta, Georgia) began construction in late 2022 on a $250 million manufacturing and distribution center in Brandon, which is just east of Tampa. United Natural was in its final construction phase before Milton hit, while Coca-Cola expected to finish its project next summer. Subscribers can read detailed reports on the Sarasota and Brandon projects.

Subscribers to Industrial Info's GMI Plant and Project databases can click here for a full list of detailed reports for projects under construction in the area to be affected by Milton most severely.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).