The Atlanta-based beverage company plans to team with Cutrale Citrus Juices and Peace River Citrus Products, according to a news release.
The investment will enable growers to plant 25,000 acres of orange trees.
It also will create 4,100 jobs.
As part of the collaboration, Coca-Cola will buy all of the fruit produced by the trees during the next 20 years.
The investment's economic impact is expected to be more than $10 billion over the next 25 years, or about $422 million per year, according to the release.
"A thriving Florida citrus industry is critical to helping us build our Simply and Minute Maid juice brands,” Steve Cahillane, Coca-Cola Americas president, said in the release.
He made the announcement with Florida agriculture commissioner Adam Putnam in Auburndale May 7.