Tesla Said To Submit Plan For 100,000-Sq-Ft Sales And Delivery Center In This Florida City

Tesla Inc TSLA has proposed to open a 100,000-square-feet sales, service and delivery center in St. Petersburg, Florida, a local real estate news portal reported on Monday.

What Happened: Austin, Texas-based Tesla is under contract to buy a 4.21-acre site in the major city that currently features an existing building requiring renovation, according to St. Pete Rising.

Tesla plans to use about 3,000 square feet for a showroom, 35,000-45,000 square feet for maintenance and repairs, about 8,000-10,000 square feet for a parts department, and 50,000 square feet for a vehicle storage facility, the report said, citing plans submitted to Pinellas County.

The report did not mention a construction timeline.

See Also: Elon Musk Touts Giga Texas As Earth's Most Advanced Car Factory: 'Feels Like An Alien Has Landed'

Why It Matters: The Sunshine State’s decade-old lower taxes have been luring finance industry bigwigs to relocate during the pandemic. Popular stock picker Cathie Wood last year relocated her investment firm Ark Invest from New York to St. Petersburg. Billionaire Paul Singer’s hedge fund Elliott Management Corp also shifted its headquarters to West Palm Beach from Midtown Manhattan. 

Tesla has recently begun commercial production at Giga Texas and Giga Berlin. Its CEO Elon Musk has previously said the company does not have a demand issue but is restricted due to its ability to produce as many electric vehicles.

Price Action: Tesla stock closed 4.8% lower at $975.9 a share on Monday.

Photo courtesy: Tesla