Temple Terrace has beaten sites in Utah and Ohio to bring global financial services company Morgan Stanley to the Intellicenter at Telecom Park.
The firm plans to create $6.6 million in capital investment and 110 new jobs at the Temple Terrace facility. The positions will include investment advisors and financial transaction processors, paying an average wage of $55,000 per year, according to a press release from the Tampa-Hillsborough Economic Development Corporation.
The company will also relocate 70 jobs that already exist at Citibank Center in Tampa to Temple Terrace.
“We look forward to welcoming Morgan Stanley to Temple Terrace,” said Mayor Frank Chillura in the release. “They are an exciting addition to our business community, and we appreciate their investment in our city.”
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The company will make enhancements to 25,294 square feet of space at the Intellicenter at Telecom Park and plans to move into the facility in March, the release states. It chose the Temple Terrace location because of the Tampa Bay region’s quality of employees and the availability of a skilled workforce.
“We are excited to expand our presence in Tampa Bay, a region with tremendous resources and a terrific local workforce including many talented, highly-skilled individuals,” said Doug Ketterer, head of U.S. Field Management for Morgan Stanley Wealth Management. “We want to thank Temple Terrace Mayor Frank Chillura, Rick Homans and the Tampa Hillsborough Economic Development Corporation, Chairman Ken Hagan and the Hillsborough County Board of County Commissioners, Enterprise Florida Inc. and the Florida Department of Economic Opportunity, who have all been great partners throughout the process.”
Morgan Stanley serves a worldwide client base, providing a diverse range of investment banking, securities, investment management and wealth management services from 1,200 offices in 43 countries, according to the release.
“We thank Morgan Stanley for the commitment they’ve demonstrated to our community,” Hagan said in the release. “Their decision to expand here will not only create new, high-wage jobs for our residents, it ensures the existing 70 positions will now remain in Hillsborough County.”
In November, the Hillsborough County Board of County Commissioners and the Temple Terrace City Council approved a Qualified Target Industry Tax Refund incentive package for the company.
The package will provide $5,000 for each new job, or a total of $550,000, with $440,000 to be paid by the state, $55,000 by Hillsborough County and $55,000 by the City of Temple Terrace. The incentives, paid over a period of six years, are performance-based, which means no money will be distributed until the jobs are actually created at the promised wages.
“Once created, these new jobs could generate up to $6 million annually in payroll alone,” said David Pizzo, chairman of the Tampa Hillsborough Economic Development Corporation and market president for West Florida for Florida Blue, in the release. “In addition to the direct financial impact on our community, the Morgan Stanley expansion will continue to strengthen our reputation as a premiere location for the financial services industry.”