LAKE MARY, FL-Verizon Communications announced plans yesterday to build a multi-million dollar new finance center here.

State of Florida officials peg the total investment by the company at approximately $50 million. The firm plans to bring 750 jobs to the region in Seminole County by 2016.

Part of the initiative includes Verizon constructing a 200,000-sf, four-story building on Heathrow Park Lane, just off International Parkway, according to the Orlando Sentinel.

Construction is expected to begin later this year, with Verizon moving into the $30-million building by the end of 2014.

“This is really good news because there are a lot of people out there—especially in this area—that need good jobs. This is one of the bigger projects that has come into not just Seminole County but into the state of Florida in terms of job creation,” says John Krug, Seminole County’s economic-development director.

The State of Florida is providing up to $7.5 million in incentives to Verizon in connection with the project. See story in the Orlando Sentinel.