Orlando Sees Major Business Acquisitions and Innovations This Year
Orlando, Florida, is buzzing with exciting developments as multiple significant business acquisitions and innovations unfold in the area this year. From advancements in semiconductor technology to major company mergers, there is a lot of activity reshaping the local economic landscape.
NeoCity Gains Major Federal Support
In a landmark achievement, NeoCity, located in Osceola County, secured a grant of up to $160 million over the next decade from the U.S. National Science Foundation in January. This funding is part of the NSF Regional Innovation Engines program aimed at strengthening the U.S. position in semiconductor research and development.
The Central Florida Semiconductor Innovation Engine, with the nonprofit Bridg as the leading organization, is among ten selected teams for this major investment, which totals up to $1.6 billion nationwide. Each selected group will initially receive $15 million for the first two years. The coalition includes various prominent entities such as Osceola County government, the University of Central Florida, and the Orlando Economic Partnership.
Tim Giuliani, president and CEO of the Orlando Economic Partnership, highlighted that this achievement marks a pivotal change for the region: “NeoCity is on the verge of transitioning from what once was just an idea to an economic engine anchoring a critical industry cluster.” The economic impact of NeoCity, a 500-acre mixed-use business park, is projected to reach $50 billion, potentially generating 4,000 to 16,000 direct jobs.
Osceola County Infrastructure Upgrades
Adding to the momentum, Osceola County received a $50.8 million Build Back Better Regional Challenge grant to improve infrastructure at NeoCity. The county also obtained $21.5 million through the Florida Department of Commerce for various projects, highlighting a strong commitment to fostering an innovative business environment.
Major Company Acquisitions
On the corporate side, Rotech Healthcare Holdings Inc., a local home-based care company, was acquired by Owens & Minor Inc. for $1.36 billion in cash. This merger, announced on July 23, is pending approval from the Federal Trade Commission. Robin Menchen, president and CEO of Rotech, expressed enthusiasm about joining Owens & Minor, emphasizing their shared commitment to serving patients more effectively.
Another noteworthy development involved Satcom Direct, a global provider of satellite in-flight connectivity, merging with Gogo Inc. in September. This partnership aims to broaden Gogo’s growth strategies, enhancing services for 14,000 business aircraft globally. Chris Moore, president of Satcom Direct, noted that their combined strengths will lead to significant future technological advancements.
Real Estate Transactions Make Waves
The real estate market is also seeing substantial transactions. An apartment complex named Osprey Links, located in the Hunters Creek neighborhood, was sold for $100.6 million, marking the only multifamily sale to exceed the $100 million mark in 2024. The complex, which consists of 424 units, demonstrates strong interest in the multifamily sector despite a lack of available sellers.
Additionally, Trader Joe’s made headlines by purchasing a property on Sand Lake Road from Unicorp National Developments, expanding their footprint in Central Florida with the largest store in the region at 17,121 square feet.
A Bright Future for Orlando
As Orlando continues to attract investments and innovations, the local economy seems poised for growth. The combination of substantial federal support, major corporate mergers, and thriving real estate transactions suggests a robust and vibrant business environment ahead.
For residents and local businesses, these changes underscore the importance of Orlando as a critical hub for technology and innovation in the coming years.
