NEW PORT RICHEY, Fla -- New Port Richey's Community Redevelopment Agency approved several recommendations this week that will allow plans to build a Keiser University campus near the gateway to downtown to move forward.
Here's five things to know about the upcoming project and what it might mean for the area financially:
- The Plan: The city will buy the former Media General (Suncoast News) building and the site of the razed American Seafood and Gyro Restaurant near the intersection of US-19 and Main St. for $2.5 million. Most of that site will become home to a 41,156 sq. ft. building that will house the university's new location. New Port Richey City Manager Debbie Manns said the city will reserve .9 acres to be turned into an entryway to downtown.
- Keiser University: According to Keiser University's web site, the school was founded in 1977 and has 20,000 students and 3,800 employees, making it Florida's third-largest not-for-profit university. It has campuses in 21 Florida major and mid-sized metropolitan areas. The university already has a presence in New Port Richey, currently in a temporary space not far from the site of the new project.
- Economic Impact: Manns said construction of the school alone represents a $12 million investment. The possible construction of a hotel could add another $5 million-$6 million to that. "It represents the largest capital investment on the part of a private developer in over two decades," Manns said. According to the city manager, a financial analysis predicts the project could generate $3.8 million in growth in the district during a 20-year period.
- People and Parking: Manns said the new campus will serve as many as 1,000 students and 100 staff members. Keiser said student numbers would likely be closer to 600-700 at the beginning.
- What's Next: According to Manns, construction is expected to begin in May and should wrap up by April 2021.
For a more in-depth look at the site, the process, and the projected economic impact of the project, watch the video above.