Economic Development - Expansions and Relocations

[Miesian Corners]

On 5/8/2018 at 12:15 PM, CLT2014 said:

Really Uptown and UNCC are the only major employment centers covered by the Blue Line. Residents are living in the neighborhood for the lifestyle, but not necessarily because it it close to work. The amount of RedVentures employees in SouthEnd is a great example of people living in TOD developments, but using cars for their job. 

Which is why I've never understood the reason Red Ventures (or any company rife with millennial employees) built a giant suburban office park no one wants to live near. 

[CLTProductions]

E&Y deets:

$8.2m Capital investment for HQ expansion

375 new jobs over 5 years (avg wage of $84k)

100% of new jobs hired locally

872 current CLT E&Y employees retained

30,648 SF of space leased in Rail Yard (7 year initial lease)

[KJHburg]

Another company with an existing Charlotte office is looking to expand may add 100+ jobs and lease space in Parkway Plaza (those older buildings are very affordable office space)  Xylem Inc. from NY.  https://www.bizjournals.com/charlotte/news/2018/05/10/water-technology-company-planning-119-job.html?ana=e_ae_set1&s=article_du&ed=2018-05-10&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1525981380&j=81516301

[Windsurfer]

6 hours ago, Miesian Corners said:

Which is why I've never understood the reason Red Ventures (or any company rife with millennial employees) built a giant suburban office park no one wants to live near. 

rent/price sq. foot.  What's the price in the outskirts versus South End?

[KJHburg]

Just now, Windsurfer said:

rent/price sq. foot.  What's the price in the outskirts versus South End?

They were in Ballantyne then jumped the state line and got huge $$$ incentives from SC.    They would have gotten some incentives from NC if they expanded but by jumping the line they got them for all the jobs. 

[Scribe]

7 minutes ago, KJHburg said:

They were in Ballantyne then jumped the state line and got huge $$$ incentives from SC.    They would have gotten some incentives from NC if they expanded but by jumping the line they got them for all the jobs.

That is a big part of it. The other part of it is that the owners of RedVentures also were/are in real estate. They developed/owned the offices they used in Ballantyne.  And found it very profitable to sell it once they outgrew them.

[joenc]

Red Ventures is basically a super-affiliate marketing company.

NC passed a nexus law around that time where if you were an affiliate of, say, Amazon, they would then have a nexus in the state and would have to pay sales tax. 

[KJHburg]

CoStar who chose Richmond over Charlotte says Charlotte is one of the best cities in the southeast for office relocations due to supply and new supply of office space in live work districts like Uptown.    http://www.costar.com/News/Article/Charlotte-Office-Primed-For-Corporate-Relocations-and-Expansions/200786

Interesting they chose sublease space at rock bottom rates in downtown Richmond from a company that consolidated to Atlanta but why dwell on the past.  Even they admit Charlotte's got a lot! 

 

Edited May 12, 2018 by KJHburg

[KJHburg]

NC is the winner of the 2018 Prosperity Cup which ranks states on new business and business climate.  we were #1 last year too.  SC #10  Tennessee #2    This is the #1 magazine read by real estate relocation consultants and corporate real estate people. 

https://siteselection.com/issues/2018/may/2018-prosperity-cup.cfm

[rancenc]

1 hour ago, KJHburg said:

NC is the winner of the 2018 Prosperity Cup which ranks states on new business and business climate.  we were #1 last year too.  SC #10  Tennessee #2    This is the #1 magazine read by real estate relocation consultants and corporate real estate people. 

https://siteselection.com/issues/2018/may/2018-prosperity-cup.cfm

This is the type of rankings that I feel are important since they are based on the opinions of the actual business decision makers unlike rankings by Forbes, Yahoo, Time and the like which are based on unrelated criteria; some of it 1-2 years behind.

[KJHburg]

Amazon might be behind this major possible 2.4 million sq ft multi level warehouse on airport property at the corner of I-485 and I-85.   Charlotte has not really seen any multilevel warehouses but they are starting to pop up around the country and Amazon is behind many of them as they want to be close to urban centers where land is a premium.  

Here is the site plan revised in the rezoning process.  However this should pass fairly easily as the CLT airport owns the land and is seeking to develop into non residential uses.  

http://ww.charmeck.org/Planning/Rezoning/2018/016-031/2018-025 site plan 2nd rev.pdf

here is a subscriber article about it

https://www.bizjournals.com/charlotte/news/2018/06/04/could-project-quattro-translate-to-amazons-fourth.html

Edited June 4, 2018 by KJHburg

[NCMike1990]

24 minutes ago, KJHburg said:

Amazon might be behind this major possible 2.4 million sq ft multi level warehouse on airport property at the corner of I-485 and I-85.   Charlotte has not really seen any multilevel warehouses but they are stopping to pop up around the country and Amazon is behind many of them as they want to be close to urban centers where land is a premium.  

Here is the site plan revised in the rezoning process.  However this should pass fairly easily as the CLT airport owns the land and is seeking to develop into non residential uses.  

http://ww.charmeck.org/Planning/Rezoning/2018/016-031/2018-025 site plan 2nd rev.pdf

here is a subscriber article about it

https://www.bizjournals.com/charlotte/news/2018/06/04/could-project-quattro-translate-to-amazons-fourth.html

I hope this happens. Since this building backs up to I-85, it will look great from there. The area around the airport needs more density. 

Also, I had no idea there were plans to realign Tuckaseegee. 

Edited June 4, 2018 by NCMike1990
adding detail

[Dale]

On ‎5‎/‎10‎/‎2018 at 8:35 PM, joenc said:

Red Ventures is basically a super-affiliate marketing company.

NC passed a nexus law around that time where if you were an affiliate of, say, Amazon, they would then have a nexus in the state and would have to pay sales tax. 

I survived Red Ventures.

[KJHburg]

Chief Executive Magazine surveyed 300 CEOs and they rank North Carolina #3 best state to do business in after only Texas and Florida.

Now this is a survey that does have implications for new expansions, corporate moves, new plants etc.

https://edpnc.com/chief-executive-magazine-300-ceos-rank-n-c-no-3-state-business/

https://chiefexecutive.net/best-worst-states-business-2018/

[rancenc]

16 minutes ago, KJHburg said:

Chief Executive Magazine surveyed 300 CEOs and they rank North Carolina #3 best state to do business in after only Texas and Florida.

Now this is a survey that does have implications for new expansions, corporate moves, new plants etc.

https://edpnc.com/chief-executive-magazine-300-ceos-rank-n-c-no-3-state-business/

https://chiefexecutive.net/best-worst-states-business-2018/

These are the type of surveys that hold more credence in my opinion.  These are the actual decision makers on company location sites and corporate moves too!

[QCxpat]

NY Times  06/08/2018 "Business Day" story and link removed.   Very sorry, no intention to cause a sad or negative reaction.  

Edited June 10, 2018 by QCxpat
Removed as courtesy to reader

[KJHburg]

City of Charlotte may deed over airport owned land to Amazon for a massive 2.5 million sq ft warehouse.   Wonder if this involves Prime Air too which does fly here already.   Plus Amazon already has 600K of warehouse space in Charlotte off Wilkinson    http://www.charlotteobserver.com/news/business/article213592009.html#emlnl=Breaking_Newsletter

[KJHburg]

Correction to the above story 

Correction

An earlier version of this story incorrectly stated the city would be giving Amazon land valued at $7.5 million. The company will buy the property from the city for $7.5 million.

[KJHburg]

1500 jobs coming with Amazon in its new 2.5 million sq ft warehouse multistory heard as high as 90 feet $200 investment on airport owned vacant land at I-85/485 and Wilkinson   One of only 6 of these new warehouse types and one is going in Atlanta not sure where the others are at. 

https://www.bizjournals.com/charlotte/news/2018/06/25/amazon-to-hire-for-1-500-jobs-in-upcoming-200m.html?ana=TWT_staffES

another story from the Observer 

http://www.charlotteobserver.com/news/politics-government/article213819209.html#emlnl=Breaking_Newsletter

Edited June 26, 2018 by KJHburg

[Richhamleigh, DC]

3 hours ago, KJHburg said:

1500 jobs coming with Amazon in its new 2.5 million sq ft warehouse multistory heard as high as 90 feet $200 investment on airport owned vacant land at I-85/485 and Wilkinson   One of only 6 of these new warehouse types and one is going in Atlanta not sure where the others are at. 

https://www.bizjournals.com/charlotte/news/2018/06/25/amazon-to-hire-for-1-500-jobs-in-upcoming-200m.html?ana=TWT_staffES

another story from the Observer 

http://www.charlotteobserver.com/news/politics-government/article213819209.html#emlnl=Breaking_Newsletter

"The airport rezoned the land where Amazon's project will be built to allow up to 2.5 million square feet of warehouse and distribution development. The site is at the southeast corner of interstates 85 and 485."

The land is zoned for up to 2.5 million square feet.  I haven't read anywhere that says Amazon's facility will be 2.5 million square feet.  

[KJHburg]

9 hours ago, Phillydog said:

"The airport rezoned the land where Amazon's project will be built to allow up to 2.5 million square feet of warehouse and distribution development. The site is at the southeast corner of interstates 85 and 485."

The land is zoned for up to 2.5 million square feet.  I haven't read anywhere that says Amazon's facility will be 2.5 million square feet.  

Some people have told me that it is a multi story warehouse that will be up to 90 tall vs 30-36 feet of normal new warehouse type and this is a huge automated facility.  This rezoning was done specifically for this tenant Amazon not as a speculative warehouse.  I guess we will see but why ask for so much space if you are going to build half that on that building envelope?   This is one building not a multiple phase project.  Also in Atlanta a multistory Amazon warehouse is proposed there too and it is 2.5 million sq ft by the same developer! 

[southslider]

On 6/21/2018 at 5:55 PM, KJHburg said:

Correction to the above story 

Correction

An earlier version of this story incorrectly stated the city would be giving Amazon land valued at $7.5 million. The company will buy the property from the city for $7.5 million.

But then the City will spend over $12M in infrastructure, including the relocation of Tuckaseegee Rd.

[Matthew.Brendan]

Glad to see Charlotte getting this next-gen warehouse development from Amazon. Warehouses may not be as sexy as office towers but it’s great to know we are a leading market for their massive distribution footprint. Once again our Airport provides a pivotal role. Woo!

[Crucial_Infra]

 

4 hours ago, Matthew.Brendan said:

Once again our Airport provides a pivotal role. Woo!

You wanna talk about crucial infa, the Airport is the critical piece. Without it, Charlotte is nowhere. 

[KJHburg]

Amazon has wasted no time as site work has already begun on their huge new warehouse site at 485/85 intersection SE corner off Wilkinson.  Would have gotten a drive by photo but was not expecting this to be underway so quick.