Trading Manhattan's busy streets for Florida's sunshine, Footlocker will move its worldwide headquarters to St. Petersburg next August. The company plans to invest $20 million in the new location, bringing 150 new jobs to the area.
St. Petersburg officials offered $475,000 in incentives to seal the deal. Employees at the new headquarters will make six-figure salaries, averaging $120,000 yearly. This boost will add $18 million to local payrolls and generate $37 million in economic impact throughout the city.
The city's business momentum keeps building. For example, WeBull, the stock trading platform, bought a prime spot in Carillon for $29.5 million in late 2022. They've since hired 135 people, and their valuation has climbed to $7.3 billion.
“It does seem that things are slowly starting to recover,” Kirsch, director of digital and data for VSPC, said to St. Pete Catalyst.
This year alone, St. Petersburg's economic team has logged 185 new positions. While they're working to bring in businesses, city officials are also handling a massive $1.3 billion deal with their baseball team.
The city and county will share the public costs for the new stadium project. In July, local leaders approved plans to build both a new ballpark and redevelop the Gas Plant District.
The Rays haven't paid rent for 25 years. The new agreement goes beyond baseball, including plans for housing, hotels, and a museum highlighting Black history.
Hurricane Milton damaged their current stadium. The team will play at Tampa's Steinbrenner Field next season, leaving their old home unused until at least 2026.
County officials will use hotel taxes to cover their $312.5 million portion. Overnight guests pay a 6% tax that will help fund the construction.
During their eighth annual meeting, business leaders discussed both Footlocker's move and the baseball situation. They analyzed how keeping or losing the team would affect the local economy.
