PORT ST. LUCIE — Following a recent visit from U.S. Housing and Urban Development Secretary Scott Turner, Port St. Lucie officials are asking Gov. Ron DeSantis to nominate new Opportunity Zones aimed at spurring investment and redevelopment on the city’s east side.
City leaders say the designation could help accelerate economic growth in targeted areas, particularly along the Walton Road and U.S. 1 corridor, where some businesses have struggled and redevelopment efforts are already underway.
Kate Parmelee, the city’s deputy manager for strategic initiatives and innovation, said the designation would build on existing economic momentum while aligning with long-term planning efforts.
“Opportunity Zones really will help us accelerate our work as the heart of the Treasure Coast, building on recent economic development success, such as in Southern Grove, and turning into your strategic plan where you focus on the east side, particularly the Walton and One redevelopment project,” Parmelee said.
The Walton and One area has emerged as a central focus for city officials seeking to attract new investment and revitalize aging commercial spaces.
“We believe the Walton and One area is a perfect fit with it as it will really transform this aging commercial corridor, enhance property values, and drive economic development, and it's received extensive public engagement and local priority,” Parmelee said. “We also have currently an Opportunity Zone that is not really being able to be used because it's primarily in a residential area, so that's one of the reasons why you prioritize the Walton and One area, as there is tremendous investment potential.”
Opportunity Zones are a federal designation that provide tax incentives to encourage private investment in areas with slower economic growth, with the goal of creating jobs and increasing economic activity.
Vice Mayor Jolien Caraballo said parts of the targeted area are in need of that kind of boost.
“We have some that are thriving, but we do have some businesses that are dying, and there's some empty plazas, and so I wanted to hopefully see that we provide more jobs and then bring back those businesses,” she said.
In addition to Walton and One, city officials are considering other corridors for nomination, including sections along U.S. 1 and Port St. Lucie Boulevard.
“We also recommend there's two eligible tracks along US-1 and along Port St. Lucie Boulevard that we also recommend that the City Council consider nominating as an Opportunity Zone in those priorities,” Parmelee said. “You can see here we recommend first beginning with Walton and One parcel as the first priority, followed by the parcel along US-1, Census Tract 382010, and finally this section along Port St. Lucie Boulevard. But each of these areas helps advance different areas of your strategic plan, particularly along the US-1 Corridor and Veterans Memorial, as well as the Port District. And this new section of Port St. Lucie Boulevard, of course, would also align with some redevelopment efforts near City Hall potentially moving forward.”
Parmelee said Turner’s visit helped reinforce the focus on the city’s eastern areas as candidates for investment.
“What the council priorities have been is economic potential and redevelopment potential, particularly at Walton and One, but it can be used for multiple things, especially on the east side,” she said. “I know Secretary Turner kind of noticed that as driving in from the west side of the city to the east side, just seeing that this was an ideal opportunity to lift the east side and being able to encourage reinvestment in some of the aging areas, particularly along US-1.”
Mayor Shannon Martin said the proposed designations align with broader goals for coordinated growth and redevelopment.
“What I loved about the conversation that Secretary Turner mentioned is that it's a way you bring all the stakeholders together, and that's exactly what we did through our master plan with Walton and One,” Martin said. “So it completely aligns with what we're already doing and what we want to do in the future in order to make sure that we have a thriving destination point at Walton and One.”
The proposed Opportunity Zone nominations will be submitted to the Florida Department of Commerce for consideration.