Amazon Headquarters-II - The Potential cities include our region (Alexandria: homebuyer, public schools)

[lchoro]

"Virginia’s state and local governments agreed to shell out as much as $796 million in tax incentives and infrastructure improvements over the next 15 years in exchange for 25,000 well-paying tech jobs."

https://www.bloomberg.com/news/artic...y?srnd=premium

If Amazon started out at 25,000 jobs and kept it constant over time, it would be a little over $2,000. My guess is it's somewhere north of $7,000 and below $10,000 for each position for each year.

[Ebck120]

Originally Posted by lchoro

"Virginia’s state and local governments agreed to shell out as much as $796 million in tax incentives and infrastructure improvements over the next 15 years in exchange for 25,000 well-paying tech jobs."

https://www.bloomberg.com/news/artic...y?srnd=premium

If Amazon started out at 25,000 jobs and kept it constant over time, it would be a little over $2,000. My guess is it's somewhere north of $7,000 and below $10,000 for each position for each year.

This is doubtful as they are already saying it's going to be the 25k jobs plus an additional ~10k. As amazon continues to diversify, the CC and LIC locations will both continue to expands and lighten the load on Seattle. The initial cost might look high but the residual effects will be great.

[ssa78]

I'm happy about the news and all, but... National Landing??

[Deeman804]

Originally Posted by ssa78

I'm happy about the news and all, but... National Landing??

The name is a little weird for us locals but after living then working in the area for the last few years this was sorely needed. This area (Pentagon City, Crystal City, and Potomac Yard) is really growing and merging and benefits from a unified identity. Individually the neighborhoods are okay but together they can be marketed to business as having a mall AND 3 parks AND next to the airport AND 3 metros etc. etc.

[lchoro]

They've also selected Nashville as their base to rival UPS and FedEx.

Prepare for impact: Amazon HQ2 officially coming to Northern Virginia | Fairfax County | fairfaxtimes.com

[sonnymarkjiz]

Originally Posted by Deeman804

The name is a little weird for us locals but after living then working in the area for the last few years this was sorely needed. This area (Pentagon City, Crystal City, and Potomac Yard) is really growing and merging and benefits from a unified identity. Individually the neighborhoods are okay but together they can be marketed to business as having a mall AND 3 parks AND next to the airport AND 3 metros etc. etc.

I agree. Pentagon City grew up to be pretty nice, but Crystal City has been pretty dead for the last 10 years. I remember going there in the 90's and early 2000's and it was okay but it never made me want to stay and hang out there.

I just feel bad for all of those shop owners near Potomac Yard across from Jeff Davis Hwy. Those small shops have been here for years and now they're basically going to all be gentrified like everything else in that area.

[Abraham Walker]

Originally Posted by boyd888

Realtor says home prices are going to continue up somebody stop the presses

Home prices increasing isn't a good thing or a bad thing. It depends on your circumstance. I've met several people during this recent market increase that can't afford to purchase and were anticipating the market correcting in the future. (Most real estate markets correct every 7 - 9 years due to some crisis.)

With the Amazon news, even if the market was scheduled to slow down (like it is in other parts of the country), our area may never see a price correction.

While recessions are seen as a negative event, they make homeownership affordable to a larger percentage of the population.

Markets have cycles and this news may cause us to miss or lessen the effect of the pending shift in the real estate market.

Similar to how the Homebuyer Tax Credit removed transactions from later years with its incentive to purchase in a predefined time period.

Here's some evidence that our market isn't ready for 25,000 new jobs.

The table below shows the average days on market for 59 zip codes in the Northern Virginia Area. On average, homes are selling in less than 90 days.



Existing homes will not solve this challenge of low inventory.

* These are the year to date numbers and will increase as we move into the Winter season. Data provided by Bright MLS. The statistic calculated on November 14, 2018.

Originally Posted by tgbwc

It’s a windfall IF one is planning on selling. We bought in 2009. I don’t think my salary is keeping up with inflation as it is now.

Salaries aren't designed to keep up with inflation unless you're willing to change employers to receive your current market value for your line of work.

Except for property taxes increasing, you won't have to worry about inflation if you don't sell your property.

[brooklynborndad]

Originally Posted by sonnymarkjiz

I agree. Pentagon City grew up to be pretty nice, but Crystal City has been pretty dead for the last 10 years. I remember going there in the 90's and early 2000's and it was okay but it never made me want to stay and hang out there.

I just feel bad for all of those shop owners near Potomac Yard across from Jeff Davis Hwy. Those small shops have been here for years and now they're basically going to all be gentrified like everything else in that area.

You mean the big box stores? A. They are pretty much all national chains, of the big box variety, that have in fact themselves done much to put small shops out of business. B. That area has been slated for redevelopment since it ceased to be a railroad yard - the big box stores were a place holder use.

As for CC, its nicer now than it was a few years ago. More street facing retails, some nice parks, etc.

[paytonc]

Originally Posted by lchoro

George Mason Univ would also benefit from added spending on education.

Total is $375 million in new state funds for higher ed: $250 for Tech's new Alexandria Innovation Campus and $125 for GMU, which will add a building to its Virginia Square campus and triple its CS program. There's also $50 million for K-12 STEM education and internships.

Add in the $195* million in state transportation funds, and the state has pledged $620 million in public investments, which is greater than the pledge of $550* million in grants to Amazon for job creation.

* These numbers can increase if more than 25,000 jobs are created.

Originally Posted by lchoro

"Virginia’s state and local governments agreed to shell out as much as $796 million in tax incentives and infrastructure improvements over the next 15 years in exchange for 25,000 well-paying tech jobs."

That's a misleading figure; it combines transportation funds that aren't unlocked until 25,000+ jobs are created, and the direct grants figure for 25,000. It also doesn't count the education investments, which would also would not have happened but for this announcement.

New Yorkers should definitely take up with their governor why their state is paying $1B more in cash than Virginia for the exact same number of type of jobs.

Originally Posted by Deeman804

The name is a little weird for us locals but after living then working in the area for the last few years this was sorely needed. This area (Pentagon City, Crystal City, and Potomac Yard) is really growing and merging and benefits from a unified identity.

Previously, people would say "Jeff Davis corridor" (e.g., this ArlCo site), but as of 2019 the road is no longer named that in Alexandria. I've heard "Route 1 corridor," but US 1 runs 2,369 miles, and that's also used to describe northern Prince George's and southeastern Fairfax.

Plus, Amazon will start in Crystal City, but will eventually have most or all of their offices in Pentagon City (the west side of Eads). I'm sure the neighborhood-naming ninnies would have their knickers all in knots about that, had the PRs all said "Crystal City."

[cBach]

There better be clawbacks in the agreement if Amazon doesn't meet job projections.