Summit Holdings Breaks Ground on $50M HQ
- Mar 09, 2020
Summit Holdings is getting a new headquarters. The workers’ compensation insurance provider has broken ground on its new office building in Lakeland, Fla., situated within the Lakeland-Winter Haven metropolitan area. The new development has a tentative completion by the fall of 2021.
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Located at 117 N. Massachusetts Ave., the eight-story, 135,000-square-foot Class A project will house nearly 500 of the company’s 750 employees that will be relocated from Summit’s other Lakeland office. According to The Ledger, Summit purchased the 1.29 acres for $2.5 million from the City of Lakeland in late 2019. The company plans to spend $50 million to construct its new headquarters that will move employees over from its current office at 2310 Commerce Point Dr., according to the same source. Summit closed on the property on March 3.
Carol Sipe, president & CEO of Summit, said in prepared remarks that the new offices will create significant economic benefits for downtown Lakeland, making the area even more successful and vibrant than it already is.
Lakeland’s industrial growth
While the growing downtown Lakeland features community events and local businesses, the city has seen a lot of activity in the industrial sector. In March 2018, a Los Angeles-based REIT purchased a 605,412-square-foot distribution facility in Lakeland for $59.6 million. Earlier that year, Dalfen American Corp. purchased a four-property industrial portfolio, three of which were in Lakeland, for $28.8 million.
And in November, Amazon unveiled plans to build a more than 1 million-square-foot fulfillment center in Auburndale, Fla, which is less than 30 minutes away from Lakeland, Fla.