The Costco Port St. Lucie distribution center aims to create hundreds of jobs for locals, producing a wave of financial growth throughout the region. The depot is expected to generate millions in revenue for Port St. Lucie. The Costco depot is one of the largest economic developments in the city’s history and is hopeful to accelerate Port St. Lucie’s economic prospects.
The Costco Port St. Lucie distribution center will comprise two facilities of nearly two million square feet. The project will happen in phases. The first phase includes a cold and dry storage facility measuring 595 thousand square feet. During the second phase, a million-square-foot dry goods distribution center will be built. Each phase will employ hundreds of people and generate millions in labor income. The estimated price tag for the project is over $71 million. The project has been in the works for months and even has a codename: Project Everest.
Port St. Lucie City Council Plans Big Tax Breaks for Costco
The Port St. Lucie City Council is enthusiastic about the project and even approved a package of tax breaks for the company. From approving the project earlier this year, the tax incentives include ad valorem tax exemptions for real and tangible personal property at 100% for the first year and then reduced taxes for the next five years.
However, the company must still pay 100% of all school, fire, and voter-approved debt and other taxes. The council was more than happy to offer the tax incentives because of the number of jobs and revenue the project would generate for St. Lucie County.
Hopes of High-Paying Jobs for Costco Employees
Port St. Lucie Mayor Shannon Martin is incredibly excited about the project and looks forward to the jobs the distribution center will bring. She believes that the company will make a positive difference in the lives of hundreds of local families. Costco is known for paying its workers above-average wages.
The Economic Development Council in St. Lucie County believes that the average salary for workers at the new Costco in Port St. Lucie will be $55,350 plus benefits. Mayor Shannon Martin explained that the lowest paying jobs at the new Depot will start at $26 per hour. According to the US Census, the average hourly wage in Port St. Lucie is about $24 per hour.
The increased wages will greatly benefit Port St. Lucie. The center will considerably increase the tax revenue base for Port St. Lucie and the surrounding areas, allowing the city to invest in new projects. Costco will spur economic development, and the city is excited about the broader economic impact.
Will Port St. Lucie, Florida, Get a Costco Wholesale Store?
Mayor Shannon Martin is hopeful about a future Costco Wholesale Store. The mayor says that the city is working with Costco on the possibility of a retail establishment. Many residents have asked, “Is Costco coming to Port St Lucie?” Mayor Martin believes the Depot is a good sign that a retail center will arrive in the future, but for now, the city is happy with the depot. It seems that it will be replacing the current distribution center in West Palm Beach, following many companies and residents who are moving further north in the state.
Rendering of Costco Port St. Lucie location in Legacy Park. (Source: City of PSL)
Costco Wholesale stores are popular among millions of Americans searching for good deals and the opportunity to buy in bulk. The store consistently offers high-quality products at prices that are hard to beat. Costco Wholesale stores are also famous for providing delicious samples for free.
Costco has taken an interest in the Treasure Coast and wants to partake in the growing region. The company currently has a warehouse under construction in Stuart, Florida, and is hoping to open the warehouse in Spring 2025. It isn’t the first time the company has tried opening a store in Stuart. In 2014, Costco approached Martin County about building on Martin Highway. However, the project plans failed to pass the county’s review process, and eventually, Costco gave up on the project. It wasn’t until 2023 that Costco overcame its legal obstacles and got a thumbs up on the project. The Stuart Costco will be just south of Martin County High School and includes a gas station.
Where is Port St. Lucie’s New Costco Distribution Center Located?
According to the St. Lucie County of Economic Development, the new facility will be located in the Southern Grove Corridor at the Legacy Park at Tradition on I-95 and Southwest Becker Road. The Legacy Park at Tradition is an industrial park comprising 425 acres. Several large retailers already have developments in the area, including Amazon, FedEx, Cleveland Clinic, and Cheney Brothers. Costco’s development could take about a year and it has purchased 192 acres to begin the project.
The company’s new space in the Legacy Park at Tradition is a relocation. The Costco Port St. Lucie was previously located in West Palm Beach, Florida. The Costco Director of Real Estate, Eric Orren, explained that the relocation was because Costco had outgrown its current location. Port St. Lucie allows the company to expand. The West Palm Beach location will close once the Port St. Lucie location officially opens.
