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Honeywell HQ to Charlotte


CarolinaDaydreamin

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Looks like they will still qualify for the incentives from NJ as not tied to being an HQ just number of jobs...

About 1,000 Honeywell employees will remain in New Jersey across six different locations, according to the company's release. That number includes about 800 employees at the company's current headquarters in Morris Plains.

Honeywell spokeswoman Victoria Streitfeld said in a statement to CNBC that the company qualifies for state incentives each year based on how many New Jersey-based employees it retains, as part of a GROWNJ agreement.

"We are committed to the terms of GROWNJ and will continue to comply with the agreement," Streitfeld said. "There was no up-front GROWNJ payment to Honeywell — awards are made based on employment each year."

The $40 million figure was reached by calculating the $4 million received annually in incentives across the ten-year agreement. Honeywell is in the fourth year of the agreement, according to Streitfeld.

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This happened to my wife, sort of. She was in a job and unhappy. Boss troubles. She quietly interviewed a few places while keeping it confidential. Boss came in on a Friday afternoon and said "If you clean out your desk this afternoon you will receive two months pay plus all accrued leave pay and on Monday I will announce that you resigned." She came home, upset. Sure, it was a tough job but being "fired" is never fun. While commiserating the phone rang. It was the new job calling and they wanted her to start Monday morning. After a few minutes to stop our heads from spinning I said she should work the new job for a month, threaten to resign, take a severance package and keep parlaying this indefinitely. The idea kept us smiling for a while.

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35 minutes ago, TheOneRJ said:

So I’m assuming Ballantyne or SouthPark as speculated for a temporary space and SouthEnd as the permanent location once Spectrum is completed. 

nah Temporary space is uptown 300 South Tryon. I'm sure they aren't going to want to move employees across town to SouthPark

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Couple of stories from various places on the Honeywell HQ move 

Moving to attract millenials and families which Charlotte does attract both of to town

https://www.wraltechwire.com/2018/11/30/honeywell-to-move-global-hq-to-family-friendly-charlotte/

https://www.thenewstribune.com/news/business/article222426585.html

150-200 from New Jersey,  100 from offices in Ft Mill  balance as new hires 

Quote from the Honeywell CEO about the move:

""Adamczyk told the CBJ following the news conference that the company would look for an interim space in Charlotte for its headquarters before looking out for a larger, permanent space down the line.   "I would say that we're still fairly early in that process, but obviously we're going to need a bigger facility to house 750 or, hopefully, well over 1,000 people in the future," Adamczyk said.

Business Journal article about the announcement https://www.bizjournals.com/charlotte/news/2018/11/30/honeywell-bringing-750-jobs-global-hq-to-charlotte.html

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57 minutes ago, ricky_davis_fan_21 said:

nah Temporary space is uptown 300 South Tryon. I'm sure they aren't going to want to move employees across town to SouthPark

I'd prefer to work in SouthPark  over Ballantyne, but most people who move to Charlotte from the north want to live in Ballantyne, Waxhaw, or Weddington, where the can buy a big, newish house for $600k.  Therefore, Ballantyne would be preferable from the company's perspective.

Edited by SydneyCarton
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26 minutes ago, SydneyCarton said:

I'd prefer to work in SouthPark  over Ballantyne, but most people who move to Charlotte from the north want to live in Ballantyne, Waxhaw, or Weddington, where the can buy a big, newish house for $600k.  Therefore, Ballantyne would be preferable from the company's perspective.

I would prefer Ballantyne. Fairview/Tyvola/Park seems like an annoying commute vs. 485 or even 77 

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This 50-something votes for intown as well.

I would think that the company would prefer a site where employees could choose to live in either a traditional burb or a more urban environment. That choice is a tall order in a place as remote as Btyne. Center city locations are adjacent to some pretty nice SFH burbs. Elizabeth, Dilworth, Sedgefield etc. now offer housing that isn’t hugely different from what you would find in Bollywoood and the price-points (and property taxes) will look quite reasonable if you are moving from northern NJ. 

They certainly could not offer the possibility of urban housing in Morris Plains. It’s aggressively suburban nature was cited more than once today as a (but not the only) reason they are leaving.

Edited by kermit
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I am willing to bet a dozen Krispy Kreme doughnuts that Honeywell will end up either in Uptown or Southend.  Remember the rumors on Cousins who is only building build to suits and has a rumored site in Southend and of course the very obvious Spectrum SouthEnd project.   What could be easier to have a flexible lease at Spectrum owned 300 South Tryon then moving to their new SE project.  

this is what the Honeywell CEO said as reported in the Business Journal

""He said he wasn't sure if the company had a strong preference about where in Charlotte it would plant its headquarters but said he liked the center city. "There's a lot of energy here, both in uptown and in South End, so those are going to be very, very strong contenders for our location," Adamczyk said.""

 

Edited by KJHburg
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11 minutes ago, SydneyCarton said:

I agree.  I just prefer the SouthPark area to Ballantyne, but transplants want a big, new cheap house.  $600k goes way further in Waxhaw than it does in SouthPark.

I mean... their stated reason for moving here was to attract young people, not people who want a track mansion. 

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2 minutes ago, ricky_davis_fan_21 said:

I mean... their stated reason for moving here was to attract young people, not people who want a big cheap house.

That's malarkey on their part.  If they wanted young people, they would have moved to Manhattan, Brooklyn, or LIC.  Anyway, according to WUNC, the State of NC gave them A LOT of money to move.

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7 minutes ago, SydneyCarton said:

That's malarkey on their part.  If they wanted young people, they would have moved to Manhattan, Brooklyn, or LIC.  Anyway, according to WUNC, the State of NC gave them A LOT of money to move.

I mean Charlotte has been on dozens of lists for top places for young professionals, young tech workers, etc. I live and work in Brooklyn. I paid an ungodly amount of money to buy a 950 sq foot apartment. Been here for 10 years and have slowly watched my friends here dwindle from like 30-40 people I kept in my friend circle, to 6. Basically everyone moved by 30. Its not a great place to RETAIN young people.

Also, they moved somewhere that they can attract young people, give them a cheaper cost of living, AND pay only 30 something dollars psf for office space.

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16 hours ago, SydneyCarton said:

That's malarkey on their part. 

based on?

16 hours ago, SydneyCarton said:

If they wanted young people, they would have moved to Manhattan, Brooklyn, or LIC.  Anyway, according to WUNC, the State of NC gave them A LOT of money to move.

Its not an either/or calculation. Older demographics will certainly be a large (but shrinking) portion of their workforce while younger demographics will certainly also be a large (and growing) portion of the workforce. A NYC location would have essentially forced all workers into urban housing something that I doubt Honeywell wants. In Charlotte they can provide all their employees with a choice of residential environments within a few miles of the new HQ.

The traditional suburban demo is shrinking rapidly. Less than 20% of US HH have two parents and kids at home (down from 40% in the 70s). Boomers are downsizing and it seems pretty clear that a smaller portion of millennials want Mcmansions than previous generations.  Hell, even if the millennials wanted to live in the burbs relatively few of them can afford a mortgage or kids (or a spouse) due to student loans.

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Edited by kermit
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8 minutes ago, ricky_davis_fan_21 said:

 I mean Charlotte has been on dozens of lists for top places for young professionals, young tech workers, etc. I live and work in Brooklyn. I paid an ungodly amount of money to buy a 950 sq foot apartment. Been here for 10 years and have slowly watched my friends here dwindle from like 30-40 people I kept in my friend circle, to 6. Basically everyone moved by 30. Its not a great place to RETAIN young people.

Also, they moved somewhere that they can attract young people, give them a cheaper cost of living, AND pay only 30 something dollars psf for office space.

Charlotte definitely attracts young people too.  Not all young people want to live in very expensive, huge, pretentious cities like NY, SF, or LA.    That being said, NY or SF are much greater draws for young people.  The overwhelming number of Ivy graduates go to NY. 

For me, Charlotte's greatest appeal to transplants is the low cost of living, relative lack of traffic,  and nice climate, all of which appeal to families.

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14 minutes ago, SydneyCarton said:

Charlotte definitely attracts young people too.  Not all young people want to live in very expensive, huge, pretentious cities like NY, SF, or LA.    That being said, NY or SF are much greater draws for young people.  The overwhelming number of Ivy graduates go to NY. 

For me, Charlotte's greatest appeal to transplants is the low cost of living, relative lack of traffic,  and nice climate, all of which appeal to families.

Yea but the stated intention isn't just transplants, but hiring 5 people for every 1 person they transfer. They are keeping most of their staff in jersey for the time being.

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