The Arlington County Board approved Tuesday a $12 million package of state and local grants for the relocation of Nestlé’s U.S. corporate headquarters to Rosslyn.
The food giant will receive $6 million in Commonwealth Opportunity Fund grant money from Virginia. COF money is incentive-based, and requires at least $36 million in capital investment and 748 new jobs with an average annual salary of $127,719.
The County Board unanimously approved an incentive-based economic development grant for SineWave Ventures at its Tuesday meeting.
Up to $250,000 would be paid over five years to SineWave under the terms of the deal, depending on performance.
At its Saturday meeting, the Arlington County Board will consider a proposed agreement with SineWave Ventures for an incentive-based economic development grant.
Up to $250,000 would be paid over five years under the terms of the deal, depending on performance.
Sponsored by Monday Properties and written by ARLnow.com, Startup Monday is a weekly column that profiles Arlington-based startups and their founders, plus other local technology happenings. The Ground Floor, Monday’s office space for young companies in Rosslyn, is now open. The Metro-accessible space features a 5,000-square-foot common area that includes a kitchen, lounge area, collaborative meeting spaces, and a stage for formal presentations.
Boston-based GreenSight Agronomics won this year’s annual Startup Arlington competition, Arlington Economic Development announced last week.
(Updated at 4:15 p.m.) Nestlé is moving its U.S. corporate headquarters from Southern California to Rosslyn, the company announced today.
The move, a boon to Arlington in its effort to reduce the county’s office vacancy rate and its reliance on government-related employment, will finally bring an anchor tenant to 1812 N. Moore Street.
The public discussion will take place on Wednesday, Feb. 8 and will be led by Minneapolis-based Artspace, a nonprofit that “uses the tools of real estate development to create affordable, appropriate places where artists can live and work.”
“The conversation with arts, community, and business leaders will focus on the potential for artist housing in a variety of neighborhoods in Arlington,” according to a web page for the event. “The visit will assess the viability of arts-related programming for selected sites.”
Gov. Announces New Jobs for Arlington — Gov. Terry McAuliffe (D) has announced that Vorsight, a “sales effectiveness” tech firm in Rosslyn, will be expanding its corporate headquarters, creating 112 new jobs in Arlington. [Governor of Virginia]
New Apartments in Crystal City/Pentagon City — More than 1,100 new apartments opened in the Crystal City and Pentagon City area in 2016. More than 3,000 additional apartments are in the development pipeline. [Bisnow]
Lubber Run Community Center Redevelopment — With voter approval of a “community infrastructure” bond that funds it, work is set to proceed on the redevelopment of the Lubber Run Community Center. Design work on the new four-story, $47 million facility will wrap up next year. Construction is expected to take place in 2018. [InsideNova]
Arlington to Keep One of the Last Kenneth Cole Stores — Kenneth Cole is closing 63 stores in the U.S. to concentrate on online and international operations. One of the fashion house’s two U.S. locations to remain open indefinitely: the store in the Fashion Centre at Pentagon City mall. [Bloomberg]
Earthquake Drill Today — Virginia and a handful of other states will be participating in the Great SouthEast ShakeOut earthquake drill today at 10:20 a.m. [ShakeOut.org]
Sobering News on Office Vacancies — County officials are warning that Arlington’s office vacancy rate will remain relatively high for the foreseeable future. Optimistically, economic development officials believe that by “slowly and steadily” winning lease renewals and new tenants, the vacancy rate could decline to just past 15 percent, from the current 20 percent, within a few years. [InsideNova]
Arlington is succeeding in its efforts to attract and keep businesses and jobs in the county.
That’s the latest news from Arlington Economic Development, which reported yesterday its efforts helped lead to the creation or retention of 53 businesses and 4,200 jobs in the fiscal year of 2016.
In honor of National Small Business Week, Arlington County is taking another step forward in its mission to educate and assist the region’s small businesses and aspiring entrepreneurs by hosting Arlington’s first Small Business Summit.
The half-day summit, which is called “Open for Business” and takes place in connection with Arlington’s award-winning BizLaunch small business assistance network, will take place on Friday, May 6 at The Spectrum Theatre in Rosslyn and is designed to provide resources and information for anyone who may be considering or already own a small business venture. More than 300 people interested in small business are expected to attend.
The Board largely took the recommendations of County Manager Mark Schwartz, who presented his proposed budget in February, and voted unanimously for the new, $1.2 billion FY 2017 budget.
Under the budget, the property tax rate will be reduced by half a cent, to $0.991 for every $100 in assessed value, while the overall property tax burden on the average homeowner will increase from $7,640 to $7,829. The increase is due to a 2.8 percent rise in residential property assessments.
