July 2, 2024 - Southern Business & Development

Amazon was a top target for Atlanta’s Gulch. Now it’s entertainment, hotels

Posted on July 2, 2024October 25, 2024 by Michael Randle

It might have been the apex of the idea that Big Tech can revitalize cities.

Seven years ago, Amazon.com Inc. launched a sweepstakes for an East Coast headquarters. Atlanta was a finalist for the project, known as HQ2. Amazon liked The Gulch, a more than century-old convergence of rail lines that for years has left a 50-acre void in Downtown.

Amazon eventually split the headquarters between New York City and Northern Virginia. After backlash in New York, it consolidated the project just across the Potomac from Washington D.C.

Today, the new hub is Arlington County’s largest employer and has spurred plans for thousands of apartments and several million square feet of new or renovated offices.

Until recently, Atlanta also looked to Big Tech to author similar transformations. Even after Amazon spurned Atlanta, The Gulch was pitched as a prime opportunity.

But in several U.S. cities, technology companies have shelved plans to occupy office space. In Atlanta, Microsoft paused one of the largest projects in the city’s history.

The latest chapter for The Gulch reflects those realities. ‘

Atlanta Business Chronicle

Microsoft confirmed as company seeking tax break for Fulton County, Ga. data center

Posted on July 2, 2024October 25, 2024 by Michael Randle

Microsoft‘s data center footprint in metro Atlanta continues to expand.

The company confirmed to Atlanta Business Chronicle that it is the developer seeking a $75 million tax break over 10 years in Fulton County for a data center in Union City.

“Microsoft purchased this additional property in Fulton County, Georgia, to support data center construction already underway in the area,” said Bowen Wallace, corporate vice president of Microsoft’s Datacenters, Americas sector, in a prepared statement.

The Development Authority of Fulton County will discuss providing tax incentives for the project during a Tuesday meeting.

The company is considering multiple locations outside of the county as well, according to a fact sheet from the development authority.

The project plans would include three data center buildings that would be owned and operated by Microsoft. Developing the site could cost about $43.5 million.

Atlanta Business Chronicle

California beverage manufacturer plans $420 million project in Winter Haven, Fla.

Posted on July 2, 2024October 25, 2024 by Michael Randle

Niagara Bottling LLC plans to create at least 100 full-time jobs at a new 1.45 million-square-foot manufacturing plant in Winter Haven’s Central Florida Intermodal Logistics Center.

The California-based beverage supplier received a tax exemption for the approximately $422 million project in 2023. The company was expected to officially break ground that year but has yet to do so.

The “Project Mist” site plan was approved in February, according to the city of Winter Haven. Preliminary site work is underway. The master developer of the Intermodal Logistics Center, Phoenix-based Tratt Properties, sold Niagara 64 acres in the park in 2023, according to Polk County property records.

The new plant represents a sizable investment and aligns with Polk County’s economic development goals as it seeks to grow its advanced manufacturing capabilities. It’s also a win for the Intermodal Logistics Center, which is home to a Coke Florida plant and Florida Can Manufacturing. The industrial park has rail access serviced by CSX Corp., and economic developers and business leaders have long touted the property for its job creation potential. The property sat dormant for several years after its 2014 launch but is starting to gain traction with manufacturers.

Tampa Bay Business Journal

Florida business leaders look to boost economic development

Posted on July 2, 2024October 25, 2024 by Michael Randle

A well-connected group of Florida business leaders thinks its members can help fill a void that opened last year when lawmakers broke up the business recruitment agency Enterprise Florida.

The Florida Council of 100 on Wednesday released a report about the types of businesses and industries that different areas of the state should work to attract, while offering its more than 150 members to help link businesses with regional economic development organizations.

The report — “Beyond Sunshine: Advancing Florida’s World Class Economy for the Next Generation” — breaks Florida into six major regions and three rural areas of opportunity. Different industries are identified for each region based on issues such as existing economic clusters.

Tampa Bay Business Journal

Global aerospace co. Acutronic names Austin its divisional HQ, plans additional investment in area

Posted on July 2, 2024October 25, 2024 by Michael Randle

As he readied to disclose big news about the future of Acutronic USA Inc. in the Austin area, Acutronic Group CEO Florian Aigrain experienced a host of emotions. There was a feeling of pride about what his company has achieved in Austin over the last six-plus years, as well as relief that it purchased and updated a building in East Austin and closed on land in Bastrop for a manufacturing site.

It all culminated in excitement June 25 when Aigrain made a “triple play” of announcements during the SelectUSA Investment Summit in Washington, D.C. The 20,000-square-foot building in East Austin will serve as the manufacturer’s new headquarters for its aerospace components division, and the 14-acre site in Bastrop will be home to a manufacturing facility of at least 20,000 square feet, the company announced. Plus, Acutronic is launching an apprenticeship program with the Bastrop Independent School District next year to help build its talent pipeline.

Austin Business Journal

Rivian lands $5 billion investment from Volkswagen to help fund Georgia plant

Posted on July 2, 2024October 25, 2024 by Michael Randle

Rivian Automotive Inc. landed a major investment that may get its Georgia plant back on track.

In a joint venture that could bring Rivian up to $5 billion, the electric vehicle startup is partnering with legacy automotive company Volkswagen. Rivian will help the German automotive company expand its plans for software-defined vehicles based on Rivian’s existing software platform, electrical architecture and technical capabilities.

Rivian Chief Financial Officer Claire Rauh McDonough said the investment “reinforces the foundation for Rivian’s future growth.”

“The initial and planned investments by Volkswagen group together with our balance sheet cash cash equivalents and short term investments are expected to provide the capital to fund Rivian’s operations through the ramp up of R2 in Normal, as well as the mid-side platform in Georgia, enabling Rivian a path to free cash flow positive and meaningful scale,” McDonough said during a Tuesday evening conference call with investors.

Atlanta Business Chronicle