The City of Titusville, Florida / Community Development / Economic Development / NewsINTERSPACE Florida, to create interactive space themed destination at the Titusville Cocoa Airport.
NewSpace Center, LLC, a 4Frontiers Corporation subsidiary, launched an initial private placement offering today that is intended to finance the first phase of INTERSPACE Florida, a real science interactive space themed destination located on a 75 acre master planned and zoned spaceport territory site eight miles from Kennedy Space Center at the Titusville Cocoa Airport (TICO).
A highly experienced core team of Central Florida based aerospace, financial, and themed entertainment professionals have assembled to support the offering and underscore INTERSPACE credibility. The company's target is to raise $15-$20 million in equity to provide for the first tier of a three tier financing approach that also includes both public bonds and commercial debt. A total of $80 million is required to fund the first phase of INTERSPACE and bring the initial expansion to profitability. The company plans to raise the total amount this year and open INTERSPACE in 2016. The company expects a high return on equity, projecting a five year simple payback that includes a two year period for initial design and construction.
The first phase of INTERSPACE is estimated to create 300 jobs including 200 in the company and 100 secondary positions within the local economy. Titusville and Brevard County have provided a combined ad valorem tax incentive of $1.4 million in support of this expansion. This initial development will build out one third of the site, leaving plenty of space for future planned expansions including supporting technology businesses, light manufacturing, and education facilities. 4Frontiers is also actively negotiating for a local Florida university on-site business incubator operation targeted to open with INTERSPACE.
INTERSPACE will immerse its guests in a dynamic, visceral, hands-on adventure, training with high-tech tools of the space frontier and glimpsing into the future by visiting the largest indoor Mars simulation in the world. Guests themselves will become Explorers and Settlers, bringing visions of our future into current reality. Technical accuracy comes from a 4Frontiers three year unpublished study by 70 engineers, researchers, and scientists that addressed the first two generations of a real Mars settlement. INTERSPACE incorporates study results, including the characteristics and technologies of an expanding 2,000 resident settlement.
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