Economic Development - Expansions and Relocations

[JHart]

10 hours ago, KJHburg said:

This is interesting and good news hopefully it passes the NC House too.

""The budget proposal the North Carolina Senate released Monday allocates more than $1 billion to a statewide economic development nonprofit backed by some of the state's most influential business leaders.

The Senate is proposing a one-time allotment of $1.425 billion that would serve as a sort of endowment for NCInnovation, which would use the proceeds from investing this endowment to support applied research within universities that could translate to commercial opportunities.

NCInnovation was formed in 2018 by a group of North Carolina business leaders who were concerned about the state's performance compared to others in turning research into innovation. This includes Kelly King, the former CEO of Truist Financial (NYSE: TFC).

The group has already signed memorandums of understanding with four anchor universities – East Carolina University in Greenville, North Carolina A&T in Greensboro, UNC Charlotte and Western Carolina University.""

https://www.bizjournals.com/charlotte/news/2023/05/15/senate-proposes-investment-in-ncinnovation.html

then it makes me wonder if this endowment will help NC get one of these new Federal tech hubs:

https://www.bizjournals.com/triangle/inno/stories/news/2023/05/14/north-carolina-rtp-chips-act-tech-hub-program.html

Charlotte and Raleigh Durham would certainly be contenders in this state.  

 

2 separate things. NCInnovation is targeted at universities and cities in NC who have underperforming in "innovation", hence that list of universities and cities. The group thinks our state is behind our peers and outside of RTP there aren't state led efforts to assist in research grants focused on future commercial development. The tech hub discussion is really only for areas that are actively ready in 10 specific sectors of research. RTP really only fits 1/10 categories, maybe a 2nd but with it being a 10 year program these areas need to be ready for funding today.

[KJHburg]

Here is the criteria and yes NC can compete for this especially with the largest engineering HBCU in the country NC A&T 

https://www.eda.gov/sites/default/files/2023-05/Tech_Hubs_NOFO.pdf

I guess we will see but the state of NC is pursuing one of these tech hubs.  

Edited May 16, 2023 by KJHburg

[JHart]

7 hours ago, KJHburg said:

Here is the criteria and yes NC can compete for this especially with the largest engineering HBCU in the country NC A&T 

https://www.eda.gov/sites/default/files/2023-05/Tech_Hubs_NOFO.pdf

I guess we will see but the state of NC is pursuing one of these tech hubs.  

All I'm saying is the tech hub and NCInnovation are completely separate topics, not that NC can't compete for a tech hub, I know RTP absolutely will pursue and is well qualified for a genetics research tech hub.  The NCInnovation Fund is meant to help those universities/cities catch up to their peers, not showcase them as top of their class.

[CLT2014]

Snider Fleet Solutions is moving their HQ from Greensboro to Indian Land, in an office adjacent to the Red Ventures campus. The HQ will bring 167 jobs. 

https://www.bizjournals.com/charlotte/news/2023/05/23/snider-fleet-solutions-indian-land-hq-move.html?cx_testId=40&cx_testVariant=cx_23&cx_artPos=1#cxrecs_s

[kermit]

Quote

EV ‘cluster developing’ as Charlotte Region lands HQ, tech center

 

 

The Charlotte Regional Business Alliance® championed a key investment in a booming sector of the region’s economy Tuesday, as a company in the electric vehicle industry announced plans to bring its U.S. headquarters and 300 new jobs to the City of Charlotte and Mecklenburg County.

 

Leading EV charging unit manufacturer alpitronic America, Inc. is establishing its U.S. headquarters and tech service center in West Charlotte, investing $18.3 million.

 

“We are ecstatic to have worked with alpitronic to locate its North American headquarters in Charlotte,” CLT Alliance Chief Business Recruitment Officer Danny Chavez said. “As EVs become increasingly prevalent globally, innovative, future-creating companies like alpitronic are a critical component to a dynamic ecosystem. A win like this bolsters the region’s position as a magnet for the EV industry and its infrastructure.”

 

The Charlotte Region is emerging as a hub for EV manufacturing, headquarters and research and development. The region is home to the largest lithium deposit in the Southeast and a strategic East Coast location. Couple that with its strong workforce development programs, robust talent pool, and existing industry capabilities, and the region is well-positioned for future investment opportunities to support electric vehicle production throughout the supply chain.

 

Other cities in consideration for the project were Greenville, South Carolina, and Phoenix.

https://charlotteregion.com/news/2023/05/23/economic-development-news/ev-cluster-developing-as-charlotte-region-lands-hq-tech-center/

Quote

Alpitronic plans to operate an approximately 70,000-square-foot facility at 5815 Westpark Drive in Charlotte.

https://www.bizjournals.com/charlotte/news/2023/05/23/alpitronic-us-headquarters-project-italy-ev.html

Edited May 23, 2023 by kermit

[atlrvr]

Not to detract from this announcement, but on their website, they have a page dedicated to their new Italian HQ.....and it's....nicer....than their US HQ here.

https://www.alpitronic.it/en/home/headquarters/

[Madison Parkitect]

1 hour ago, atlrvr said:

Not to detract from this announcement, but on their website, they have a page dedicated to their new Italian HQ.....and it's....nicer....than their US HQ here.

https://www.alpitronic.it/en/home/headquarters/

To be fair, that's not even really a building in those renderings, it's just two impossibly thin horizontal planes with 360-degree butt-jointed glass walls with no attachment points. 

[KJHburg]

2 hours ago, atlrvr said:

Not to detract from this announcement, but on their website, they have a page dedicated to their new Italian HQ.....and it's....nicer....than their US HQ here.

https://www.alpitronic.it/en/home/headquarters/

But this unloads I means gets rid of some class B office space so it is still a win LOL. 

[atlrvr]

Meanwhile...this quietly happened today...

https://www.businesswire.com/news/home/20230524005833/en/Ameriprise-Financial-Expands-Geographic-Footprint-with-Additional-Corporate-Office-in-Charlotte-North-Carolina

 

[KJHburg]

4 minutes ago, atlrvr said:

Meanwhile...this quietly happened today...

https://www.businesswire.com/news/home/20230524005833/en/Ameriprise-Financial-Expands-Geographic-Footprint-with-Additional-Corporate-Office-in-Charlotte-North-Carolina

 

that is great and an office using newcomer which we need more of especially now.  Great news!  

[KJHburg]

from the Biz Journal today and how much space they are leasing

""Minnesota-based Ameriprise Financial Inc. (NYSE: AMP) is planning a new corporate office in uptown Charlotte.

The Minneapolis financial services firm will lease 53,000 square feet across two floors at 300 South Tryon. The space is a fully furnished spec suite. Ameriprise's new corporate office will bring about 400 jobs that the firm plans to gradually fill when it opens this fall.""

I saw only 4300 sq ft available in the building now.  

[DJ8hep]

1 hour ago, KJHburg said:

from the Biz Journal today and how much space they are leasing

""Minnesota-based Ameriprise Financial Inc. (NYSE: AMP) is planning a new corporate office in uptown Charlotte.

The Minneapolis financial services firm will lease 53,000 square feet across two floors at 300 South Tryon. The space is a fully furnished spec suite. Ameriprise's new corporate office will bring about 400 jobs that the firm plans to gradually fill when it opens this fall.""

I saw only 4300 sq ft available in the building now.  

Definitely a wise choice that this Minneapolis firm looking to expand to Charlotte!

Edited May 26, 2023 by DJ8hep

[RANYC]

8 hours ago, KJHburg said:

from the Biz Journal today and how much space they are leasing

""Minnesota-based Ameriprise Financial Inc. (NYSE: AMP) is planning a new corporate office in uptown Charlotte.

The Minneapolis financial services firm will lease 53,000 square feet across two floors at 300 South Tryon. The space is a fully furnished spec suite. Ameriprise's new corporate office will bring about 400 jobs that the firm plans to gradually fill when it opens this fall.""

I saw only 4300 sq ft available in the building now.  

Kudos to Uptown.  Still absorbing new to town tenants like Bank of London and now Ameriprise.  Uptown isn’t always the all-night party district we all sometimes want, but it’s still a draw.  I don’t know if we all appreciate how much we’re the envy of so many sunbelt cities who can’t get new companies into their downtowns, and instead those companies head to some far-flung suburban office park (looking at you Jacksonville, FL).

 

 

[15895]

I must be missing something on the significance of this. Austin, Nashville, Atlanta, Houston, Dallas, Orlando, Tampa, Miami, seem to be drawing new to town tenants to their downtowns too at a similar pace?

I don’t think any sunbelt city is envious of Charlotte for its downtown development because most cities seem to be doing pretty strong in Urban Dev. 

This is great news though - glad to see it!

[DCMetroRaleigh]

3 hours ago, AirNostrumMAD said:

I must be missing something on the significance of this. Austin, Nashville, Atlanta, Houston, Dallas, Orlando, Tampa, Miami, seem to be drawing new to town tenants to their downtowns too at a similar pace?

I don’t think any sunbelt city is envious of Charlotte for its downtown development because most cities seem to be doing pretty strong in Urban Dev. 

This is great news though - glad to see it!

How about Richmond and Norfolk?

[kermit]

^ I am in Norfolk fairly regularly. Other than The Main project, which was finished pre pandemic and basically just a Hilton and a couple of restaurants, there is absolutely nothing happening downtown (that I noticed). The downtown mall (which not dead yet but is in hospice care) is really dragging downtown Norfolk down. It may be the lowest growth downtown in the South.

Edited May 26, 2023 by kermit

[15895]

57 minutes ago, DCMetroRaleigh said:

How about Richmond and Norfolk?

Yeah. Add Greensboro to the list too. Asheville, Wilmington, Winston-Salem, Fayetteville AK, Birmingham, Memphis, Louisville. I guess they’re envious.

Which areas should Charlotte be envious of? Austin? Nashville? Atlanta? Talk of envy is just cringe to me. That was my point. I’m glad Charlotte got this win whether it makes Norfolk envious or not (which would be random. Why Charlotte specifically? That just seems odd). 

Edited May 26, 2023 by AirNostrumMAD

[RANYC]

5 hours ago, AirNostrumMAD said:

I must be missing something on the significance of this. Austin, Nashville, Atlanta, Houston, Dallas, Orlando, Tampa, Miami, seem to be drawing new to town tenants to their downtowns too at a similar pace?

I don’t think any sunbelt city is envious of Charlotte for its downtown development because most cities seem to be doing pretty strong in Urban Dev. 

This is great news though - glad to see it!

 

5 hours ago, AirNostrumMAD said:

I must be missing something on the significance of this. Austin, Nashville, Atlanta, Houston, Dallas, Orlando, Tampa, Miami, seem to be drawing new to town tenants to their downtowns too at a similar pace?

I don’t think any sunbelt city is envious of Charlotte for its downtown development because most cities seem to be doing pretty strong in Urban Dev. 

This is great news though - glad to see it!

I actually mentioned Jacksonville, FL in my post but for your benefit I should have included a longer list.  My post was celebrating Charlotte’s most recent absorption, and in this environment, any absorption is a win and worthy of envy.

The CBRE May report measures significant Q1 negative net absorption in commercial real estate across the country.  Outliers were Nashville (1), Charlotte (2), Miami (3), Dallas-Ft Worth (4).  Phoenix-negative, Houston-negative,  Austin-negative, Atlanta-negative, San Diego-negative, and a host of others both in the sunbelt and outside of it.  While outside of sunbelt, DC negative also even with the aid of the feds and those sucking up to, I mean supplying the feds, but I’m rooting for its turnaround.

Anecdotally, while Charlotte was #2, it appears differentiated from the very few markets showing positive absorption in that it has significant momentum in core urban absorption, especially impressive given it’s a sunbelt city.  For example, while some absorption was in Dallas CBD, lots of it was along the LBJ Freeway and in Far North Dallas.

Edited May 26, 2023 by RANYC

[KJHburg]

2 hours ago, DCMetroRaleigh said:

How about Richmond and Norfolk?

downtown Richmond has the new Costar tower going up and is the most vibrant downtown currently in VA

1 hour ago, kermit said:

^ I am in Norfolk fairly regularly. Other than The Main project, which was finished pre pandemic and basically just a Hilton and a couple of restaurants, there is absolutely nothing happening downtown (that I noticed). The downtown mall (which not dead yet but is in hospice care) is really dragging downtown Norfolk down. It may be the lowest growth downtown in the South.

was just there a few weeks ago I saw one apartment complex downtown under construction but that is it.  Norfolk and Va Beach cities are both losing population.  (check out my photos in the Norfolk thread) 

in terms of other downtowns that are very vibrant now in the southeast would be Tampa, St Pete, the south Florida cities (Miami FL, WPB) Midtown Atlanta is pretty active but not so much downtown ATL.  Of course downtown Nashville is booming.  Raleigh has a few things going up apartment towers, office tower, hotels etc.  

we take for granted how much construction goes on in Charlotte and yes in the Florida cities, Texas cities, Nashville there is few others in this huge southern region like Charlotte.  My head is on swivel when I see construction and lets just put it this way I was not finding much in Norfolk VA Beach.  

Enjoy the long weekend! 

 

[15895]

23 minutes ago, RANYC said:

 

I actually mentioned Jacksonville, FL in my post but for your benefit I should have included a longer list.  My post was celebrating Charlotte’s most recent absorption, and in this environment, any absorption is a win and worthy of envy.

The CBRE May report measures significant Q1 negative net absorption in commercial real estate across the country.  Outliers were Nashville (1), Charlotte (2), Miami (3), Dallas-Ft Worth (4).  Phoenix-negative, Houston-negative,  Austin-negative, Atlanta-negative, San Diego-negative, and a host of others both in the sunbelt and outside of it.  While outside of sunbelt, DC negative also even with the aid of the feds and those sucking up to, I mean supplying the feds, but I’m rooting for its turnaround.

Anecdotally, while Charlotte was #2, it appears differentiated from the very few markets showing positive absorption in that it has significant momentum in core urban absorption, especially impressive given it’s a sunbelt city.  For example, while some absorption was in Dallas CBD, lots of it was along the LBJ Freeway and in Far North Dallas.

I really don’t want to get into it. Live in la-la land. Talk about markets you don’t know, I mean. DC inner core scored 3 Fortune 500 HQ’s this year, Capital One’s new 30+ Floor tower just opened this year, Amazon’s twin 22-floor buildings just opened up this week, SouthEnd’s high rise growth wouldn’t probably even be in the top 5 of DC’s Suburban downtowns’ high rises U/C. & those are just suburbs. Especially residential with multiple 25-35 floor towers going up everywhere. 

Outside of high rises, DC has the highest number of office to residential conversions - thousands of units. It has a lot of new office U/C and a lot of conversions. That’s unique to the market because it has a lot of buildings prime for it. But I don’t think you’re a person interested in talking about urbanism intellectually rather than talking about who envies who with unintentional inferiority complexes. 

Similarly, I don’t know the in’s & outs of Austin, Nashville, Dallas, Miami, Phoenix. I just don’t know, so I don’t make presumptions of them being envious. But I do know they’re kicking but, I mean. I’m super impressed with Austin & Nashville . While I don’t know the specifics, I do know they’re scoring Econ wins too & I know their urban growth is very impressive. I just wish we could talk about it without talk of envy etc 

[carolinaboy]

18 minutes ago, KJHburg said:

downtown Richmond has the new Costar tower going up and is the most vibrant downtown currently in VA

was just there a few weeks ago I saw one apartment complex downtown under construction but that is it.  Norfolk and Va Beach cities are both losing population.  (check out my photos in the Norfolk thread) 

in terms of other downtowns that are very vibrant now in the southeast would be Tampa, St Pete, the south Florida cities (Miami FL, WPB) Midtown Atlanta is pretty active but not so much downtown ATL.  Of course downtown Nashville is booming.  Raleigh has a few things going up apartment towers, office tower, hotels etc.  

we take for granted how much construction goes on in Charlotte and yes in the Florida cities, Texas cities, Nashville there is few others in this huge southern region like Charlotte.  My head is on swivel when I see construction and lets just put it this way I was not finding much in Norfolk VA Beach.  

Enjoy the long weekend! 

 

To be fair, one of the tallest buildings (River tower) in Norfolk was recently completed along with two other towers near Norfolk Sentara hospital. These are not in downtown though but are very close. There are several mid-rise apartment buildings under construction in downtown Norfolk and adjacent with a very sizeable one proposed but not yet approved I don't think. No office construction eminent that I know of.

Does Norfolk (not really a peer city to Charlotte anyway) have a lot going on compared to Charlotte? No.

Is Norfolk dead and devoid of growth/development, urbanity, walkability, etc? Also no. I think Norfolk strives to be like Charlotte in a lot of ways (economic growth, industry other than ship building/repair and the military) which is good. I think Charlotte strives to be like New York City in a lot of ways. Big difference.

[KJHburg]

17 minutes ago, carolinaboy said:

To be fair, one of the tallest buildings (River tower) in Norfolk was recently completed along with two other towers near Norfolk Sentara hospital. These are not in downtown though but are very close. There are several mid-rise apartment buildings under construction in downtown Norfolk and adjacent with a very sizeable one proposed but not yet approved I don't think. No office construction eminent that I know of.

Does Norfolk (not really a peer city to Charlotte anyway) have a lot going on compared to Charlotte? No.

Is Norfolk dead and devoid of growth/development, urbanity, walkability, etc? Also no. I think Norfolk strives to be like Charlotte in a lot of ways (economic growth, industry other than ship building/repair and the military) which is good. I think Charlotte strives to be like New York City in a lot of ways. Big difference.

Norfolk downtown is nice with lots of historic buildings restored and like I said some new apartments.  I am very impressed with their conversion of office building into apartments downtown.  And all the water makes the downtown look great! 

[CLT2014]

We should be focused on making Charlotte the best place it can be for our residents versus worrying about what other cities think of us or are envious about. I also think office buildings are like that last thing anybody is envious about outside of us UP nerds. Office buildings are just places we are all forced to go work and spend our time to earn a pay check. And once you've been in one office skyscraper... you've been in them all. There are only so many ways to make a cube or open office with inspiring corporate messaging on the walls like "Innovate" ; "Inspire" ; "Culture". Same format nationwide. 

In our center city... I'd love to see a little less office and a bit more or a mixed use. I know a ton of people that haven't been to Uptown in years in Charlotte (if they don't work there). Let's make it the true heat of the city where people come to connect as a community. 

Edited May 26, 2023 by CLT2014

[RANYC]

1 hour ago, CLT2014 said:

We should be focused on making Charlotte the best place it can be for our residents versus worrying about what other cities think of us or are envious about. I also think office buildings are like that last thing anybody is envious about outside of us UP nerds. Office buildings are just places we are all forced to go work and spend our time to earn a pay check. And once you've been in one office skyscraper... you've been in them all. There are only so many ways to make a cube or open office with inspiring corporate messaging on the walls like "Innovate" ; "Inspire" ; "Culture". Same format nationwide. 

In our center city... I'd love to see a little less office and a bit more or a mixed use. I know a ton of people that haven't been to Uptown in years in Charlotte (if they don't work there). Let's make it the true heat of the city where people come to connect as a community. 

Actually, real estate analysts, Econ development professionals, city boosters, real estate developers do a comparative analyses all the time.  Sometimes they seek to emulate other cities to achieve similar outcomes, other times they look at other cities’ successes to further refine or clarify their own niches or areas of differentiation.  Envying a certain city’s success in a specific lane isn’t about putting down your own city.  It’s harmless, but common and natural. 

By the way, saying we are an envy because of net positive absorption in the face of the commercial real estate doomsday plenty are calling for, is in no ways an assertion of perfection nor a justification for complacency.  Simply a bit of celebration at our latest win, and recognizing that win on a relative basis.  Plenty still to do to continuously improve.

Edited May 26, 2023 by RANYC

[15895]

25 minutes ago, RANYC said:

Actually, real estate analysts, Econ development professionals, city boosters, real estate developers do a comparative analyses all the time.  Sometimes they seek to emulate other cities to achieve similar outcomes, other times they look at other cities’ successes to further refine or clarify their own niches or areas of differentiation.  Envying a certain city’s success in a specific lane isn’t about putting down your own city.  It’s harmless, but common and natural. 

By the way, saying we are an envy because of net positive absorption in the face of the commercial real estate doomsday plenty are calling for, is in no ways an assertion of perfection nor a justification for complacency.  Simply a bit of celebration at our latest win, and recognizing that win on a relative basis.  Plenty still to do to continuously improve.

That’s a very fair thing to say. I’d agree with that with the caveat of being aware of confirmation bias. I mean, I think it’s a very good thing to look at other cities successes, failures etc. 

& Celebrations are in order for Charlotte’s latest win & it’s a 3-day weekend so. Cheers to CLT.