Signal · Development

ELSPES will build its global HQ at NeoCity — a $470 million deal

noted Aug 31, 2026

Osceola commissioners unanimously approved a development agreement with South Korean firm ELSPES to build its global headquarters and U.S. manufacturing facility at NeoCity — called the largest economic development project in the county’s history. ELSPES commits at least $470 million and 600 jobs at an average salary of $85,000; the county donates up to 32.56 pad-ready acres. The first phase, roughly 289,000 sq ft, starts construction in January with the first 300 employees in place by 2030, and a second phase doubles the facility by 2037. The deal grew from a $370 million memorandum first approved in December 2024. A week earlier, commissioners approved a separate agreement with Smart Radar System’s SRS Mobility for a $53 million, 110,000-sq-ft facility in the 500-acre district.

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