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T. Rowe Price Buys Expansion Site

TAMPA, FL-The financial firm takes 75 acres in Pasco County, but won't build on it right away.

By Carl Cronan | Updated on July 01, 2009

TAMPA, FL-T. Rowe Price Group Inc. appears to be making good on its promise to move its Tampa Bay operations to southern Pasco County. But when it will begin construction of its new offices is anyone’s guess.

The Baltimore-based financial services company closed Wednesday on the purchase of 75 acres along State Road 54 near Interstate 75, where it plans to develop a three-building, 450,000-square-foot campus with more than 1,600 employees. The company paid $13.5 million for the family-owned Long Lake Ranch site, which calculates to $180,000 per acre or just over $4 per square foot.

T. Rowe Price has had the site under contract for more than a year and had to go through extensive county and state approvals, says Eric Schoessler, principal of Tampa-based Amprop Development Corp. who brokered the deal. The company is considered a target industry for Pasco County, which has long sought to add office development to its residential and retail sectors.

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