A four-month-long conversation has come to fruition for the Tampa Bay Innovation Center, bringing with it one of the most prominent investors in the emerging tech scene.
The Tampa Bay Business Journal first reported Wednesday that New York-based Ark Investment will be moving its headquarters to St. Petersburg. In addition to the HQ move, it will collaborate on the long-awaited Tampa Bay Innovation Center in St. Pete, which will now be named the ARK Innovation Center.
Tampa Bay Innovation Center renderings
Ark’s team first reached out to TBIC president and CEO Tonya Elmore in May, who then spent the summer working out an agreement for their collaboration.
“I thought, ‘What a great opportunity, this is wonderful for us,’” Elmore said in an interview with the Business Journal, referring to the region as a whole. “I think for our side of the bridge, and what we’re doing, it’s a game-changer for our organization. And a name is a name, but it’s definitely more than that.”
Elmore said the company was drawn to TBIC’s ties with the city, county and state, along with their shared passion for emerging technology, including artificial intelligence and the Internet of Things.
“We are thrilled to relocate our corporate headquarters to St. Petersburg, Florida, as we believe the Tampa Bay region’s talent, innovative spirit, and quality of life will accelerate our growth initiatives,” Cathie Wood, Ark’s founder, CEO and CIO, said in a statement. “Ark is not a traditional Wall Street asset management firm, and we are looking forward to breaking the mold further by relocating to St. Petersburg, a city investing in technology, science, and innovation.”
The center will break ground in Q1 of 2022, spanning 45,000 square feet on a 2.5-acre plot donated by the city. Ark projects the center will create more than 1,200 direct and indirect jobs by 2026, bringing $28 million in economic impact.
“You get a relocation of a headquarters of a great company with the founder as well, an innovation foundation coming down and partnering with an incubator,” Elmore said. “To me, it’s ideal. I don’t know how you can come up with collaboration better than this.”
Elmore was tight-lipped on other potential opportunities TBIC could be working on with Ark, stating there are ongoing discussions but nothing formalized. Ark’s team will move into a space Nov. 1 at 200 Central in downtown St. Pete.
The announcement marks a significant shift in the already rising Tampa Bay tech tide. While coastal-based companies have been expanding or relocating to the Tampa Bay region for months, investment has been slower, with many choosing to set up shop in the Miami-Dade region instead.
However, Wood finds herself in good company. In 2019, Dynasty Financial Partners announced it would be closing its New York offices and move to St. Petersburg. And in August, Los Angeles-based DoubleLine Capital announced it is opening a Tampa office.
