OSCEOLA COUNTY, Fla. — The new global headquarters for a South Korean manufacturing company is coming to Osceola County.

Commissioners approved a new acquisition and development agreement with the company ELSPES Inc. on Monday to build their new facilities and headquarters at the NeoCity campus, Osceola County’s technology district.

ELSPES is known for creating silicon capacitors, which are used in a wide variety of electronic devices.

“This project that we just gave an initiative to move forward on here in Osceola County is the largest economic development project in our history,” Osceola County District 3 Commissioner Brandon Arrington said.

The two-phase project in total requires ELSPES to pay $470 million, according to the signed agreement, to build their facilities. Phase one of construction at NeoCity starts with ELSPES building its first facility and manufacturing equipment, which will cost $270 million combined.

Phase two is estimated to start in 2035 and be finished in 2038, and ELSPES plans to construct an additional facility and install more manufacturing equipment with an estimated cost of $200 million for this phase.

Assistant County Manager Amanda Clavijo said this will result in more than 600 jobs created.

“We’re projecting the first facility will have 300 jobs, and the second will have an additional 300. So those estimates don’t even include the temporary jobs created through construction,” she said.

Clavijo oversees NeoCity’s development in her role, and she said each facility will be 289,000 square feet.

Commissioner Cheryl Grieb, District 4, led the project and traveled to South Korea to create the connection two years ago with ELSPES, which opened the door for this investment.  

“Florida wasn’t on their radar, but to understand that what we’re doing here in the semiconductor industry, and of course, it relates directly with what they’re doing,” Grieb. We’re the only government defense contractor for the Department of War in the entire nation, which is really unique.”

Grieb said she believes this step with ELSPES will pave the way for future international investment in Osceola County.

“No one wants to be the first in, especially when you’re from another country, and we have now SRS Mobility which we met with while we just came back from Korea and signed our developer’s agreement with them, and now ELSPES,” she said. “So that really opens the door for other companies say, ‘Hey, this is really something this is really happening, and it’s happening right here in Osceola County, which is just amazing.'”

Commissioner Grieb added, “The fact that we’re able to, at least for those first two, to say, ‘Here’s the land, this is our incentive,’ and then have them come in with their investment behind that because the Korean government is putting a lot of money into companies coming here to the states, and we want them to come to Central Florida.”

Phase one of construction is set to begin in January 2027.

In March, NeoCity had another groundbreaking of its planned 30,000-square-foot multi-use lab with wet, dry and cryogenic lab space. That project is also underway and was funded through a $17.5 million grant from the Florida Commerce’s Florida Job Growth fund.