NeoCity is a growing industrial park for advanced technology in Osceola County, Florida with numerous ties to South Korea including investment in the planned city center, an agreement with the Korea Institute of Advancement of Technology, and an office for Seoul National University.
On the outskirts of downtown Kissimmee, Florida, a former piece of agricultural land is undergoing an ambitious transformation into what Osceola Country leaders envision as the focal point for advanced technology production in the state. Known as “NeoCity”, the planned 500-acre research and industrial park for microchips, optics, semiconductors, and nanotechnology anticipates generating more than 34,000 direct jobs and up to $28.8 billion in economic output over the next five decades after full build-out. NeoCity is also strategically located next to what its leaders bill as “America’s only spaceport, seaport, airport, and rail grouping”, promising to take on a role on the national and international stages as the United States seeks to onshore manufacturing firms in critical industries.
Among its numerous partners and investors, South Korea is poised to play a key role in achieving this vision.
More Than Just a Fab
NeoCity is home to its own fab, or microchip fabrication plant, named the “Center for Neovation” and is bolstered by “state-of-the-art infrastructure” for semiconductors with a focus on smart sensor technology. However, unique among most other industrial parks, NeoCity also places a strong emphasis on the surrounding area. Guided by a set of urban design principles, the greater NeoCity area is envisioned to be a community powered by sustainable and smart technologies, surrounded by neighborhood parks and trails, where people can come work and mingle in a collaborative environment.
At the heart of this area is the planned City Center. In December 2021, Young-hwa Song, founder and CEO of South Korean-based DS Semicon, agreed to invest $14.125 million for up to 25 acres to create a $1.2 billion multi-purpose city center for events and showcasing NeoCity’s latest technologies. The center would feature a new commercial office tower, a retail and dining area with a cinema, a 200-room conference hotel, and a 700-seat entertainment hall. The agreement also provides exclusive rights to develop an additional 45 acres in a potential Phase 2 plan.
DS Semicon holds patents used exclusively by Samsung, thus promising a wealth of experience and technologies to bring NeoCity to life.
A Technology-based Alliance
As part of South Korean President Yoon Suk Yeol’s state visit to Washington, DC in April 2023, BRIDG, a non-profit entity promoting business opportunities for technology produced at NeoCity, signed a Memorandum of Understanding (MOU) with the Korea Institute of Advancement of Technology (KIAT) to increase South Korean semiconductor investments at NeoCity.
The MOU builds on Osceola County’s $50.8 million award from the US Economic Development Administration (EDA) Build Back Better Regional Challenge. As the only Florida entity out of the 21 awardees from across the United States, these funds continue to expand NeoCity’s fabrication plant and manufacturing capacities. Investment from the federal government has in turn helped attract businesses and industries in other countries like South Korea to start bringing in their semiconductor businesses to the United States.
Through this signing, KIAT promises, “to accelerate technological innovations and support efforts for a comprehensive strategic technology-based alliance between the countries”. On the other hand, BRIDG will open the door to its network of industry partners and technological tools to support Korean businesses.
BRIDG President James Vandevere, KIAT President Byung Joo Min, US Secretary of Commerce Gina Raimondo, South Korean Minister of Technology, Industry and Energy Lee Chang Yang, and Osceola County Commissioner Peggy Choudhry were among the attendees at the signing in DC on April 27th.
Education and Exchanges
In August 2023, Seoul National University (SNU)—one of the most prestigious research universities in South Korea—became the latest tenant focusing on smart city technology in “The OC” building at NeoCity. Named after the initials of Osceola County and forming the infinity (∞) symbol when put together to represent “without limits”, The OC is a dynamic 100,000-foot office building strategically situated next to the Center for Neovation. A ribbon-cutting ceremony featured SNU Executive Vice President Jae Young Kim, SNU Global R&DB Center Director Junseok Hwang, and Osceola County leaders including US Representative Darren Soto (FL-09).
The SNU office and The OC are across the street from NeoCity Academy, a STEM-based magnet high school currently ranked as the best high school in Osceola, 11th in the state, and in the top 100 in the nation.
Moreover, there have been numerous congressional and county-level exchanges on NeoCity including a June 2024 visit by Sangpyo Suh, Consul General of the Korean Consulate in Atlanta, to Rep. Soto’s office in Kissimmee, FL where they discussed South Korea’s investments in aerospace chip research.
Rep. Soto and Osceola County Commissioner Cheryl Grieb previously visited South Korea in 2021 and met with more than 70 representatives from government, education, and companies such as LG CNS, KT, and Hanhwa. On this same trip, Grieb visited Pangyo District in the city of Seongnam known as the “Silicon Valley of Korea”, and the four-story LG ThinQ House showcasing the latest smart technology developed by LG. She also met Anyang City Mayor Daeho Choi to discuss the city’s Smart Square technological district.
South Korean innovation in Osceola County has also extended beyond NeoCity. In July 2024, the county announced a partnership with the Korean company Smart Radar System to improve public school bus safety by installing radars inside, outside, and under the bus with alarms and lights that would notify the driver if someone were too close or caught underneath.
Inside and outside of NeoCity, South Korea’s presence in Osceola County, Florida will continue to grow as the county carves its future in the tech sphere and pushes to “be first to what's next.”
Oscar Escobar is a Summer 2024 Young Professional at the East-West Center in Washington. He is a rising second-year student at Georgetown University’s Walsh School of Foreign Service pursuing an M.S. in Foreign Service with a concentration in Global Politics and Security and a certificate in Diplomatic Studies.