Pinellas asks feds for millions more to fund new ARK Innovation Center
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 13, 2021

Pinellas County is asking the U.S. Economic Development Administration for an additional $3.8 million in funding for the ARK Innovation Center.

The 45,000 square-foot facility is located on 2.5 acres donated by the city in the Innovation District of St. Petersburg. Previously known as the Tampa Bay Innovation Center, the project is moving forward after securing a naming rights deal with Wall Street icon Cathie Wood’s Ark Investment Management LLC.

Initially, the project was slated to cost $12 million, but due to rising construction costs, the new figure for completion is $15.87 million. The U.S. EDA has already approved approximately $7.46 million for the project. If it honors the county’s request, it will bump its total commitment in contributions up to almost $11.26 million.

Wood is shuttering her Manhattan headquarters at the end of October and moving the company to St. Petersburg. Beyond the Ark headquarters at 200 Central, Wood also plans to play a pivotal role in the innovation center, which will be a startup incubator.

“With the unprecedented costs of construction, the project cost has increased from the original request, and so we requested additional funding,” Cynthia Johnson, director of Pinellas County Economic Development, told the Tampa Bay Business Journal. “It’s just a request we put in. We have not gotten any confirmation for that from the EDA.”

The request came from the county before the announcement that New York-based Ark Investment Management LLC was planning on collaborating with the innovation center. The company pledged $2 million for naming rights, which the county’s economic department said will be used in construction costs as the request for additional funding is still pending.

Ark projects the center will create more than 1,200 direct and indirect jobs by 2026 and that it will bring $28 million in economic impact.

Johnson said that at the moment, their focus is on requesting additional funds. If they do not get approved, they will look at other ways to “approach the increasing costs to build.” She ensured the county is committed to bringing the project to life.