Port Saint Lucie approves Costco Depot phase 2 economic development incentives

The City of Port St. Lucie City Council convened on April 14, 2025, to address several key agenda items, including infrastructure improvements and economic development initiatives.

The meeting began with the approval of a resolution authorizing the mayor to execute an amendment to a locally funded agreement with the Florida Department of Transportation. This amendment pertains to design services for the reconstruction of Port St. Lucie Boulevard, extending from south of Parr Drive to south of Darwin Boulevard. The resolution was passed unanimously following a motion and a second, with no opposition.

Next on the agenda was a significant discussion regarding an economic development incentive package for Costco Wholesale Depot's Phase 2 expansion. Katie Knight, the Business Development Director for the Economic Development Council of Saint Lucie County, presented details about the project. The expansion will add over one million square feet to the existing 600,000 square foot facility currently under construction at Legacy Park, Distribution Park at Tradition.

Knight highlighted the economic impact of the Phase 2 project, which includes a combined capital investment of $113.4 million, with $15 million allocated for machinery and equipment. The project is expected to create 15 full-time jobs with an average wage of $26.61 per hour, exceeding the county's average wage. The construction phase alone is projected to inject over $133 million into the local economy.

To support this expansion, the city and county have proposed a tiered Ad Valorem tax exemption over ten years, alongside impact fee mitigation and expedited permitting processes. Knight emphasized the importance of tailored incentives to attract high-quality growth to the region.

The council expressed appreciation for the collaborative efforts of the Economic Development Council in crafting a performance-based incentive package that aligns with community needs. The resolution for the Costco incentive package was subsequently approved, marking a significant step forward for economic development in Port St. Lucie.

In conclusion, the meeting underscored the city’s commitment to infrastructure improvement and economic growth, with the Costco expansion poised to deliver substantial benefits to the local economy. Further discussions and follow-up actions are anticipated as the projects progress.