Charter Communications will start construction on a new 500,000-square-foot headquarters building in Stamford, Conn., next year, agreeing to add 1,100 new jobs in return for state tax incentives and loans amounting to about $20 million.
The 15-story building will be located at Gateway Harbor Point and construction should be concluded in 2019. Building and Land Technology, a Connecticut-based real estate developer, will construct the build-to-suit facility at 406 Washington Blvd., with an option to expand the site into a two-building campus. The project will break ground immediately following final land use approvals from the City of Stamford.
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"Since relocating Charter's headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S.," Charter chair and CEO Tom Rutledge said in a statement. "This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. We are excited to continue expanding in Connecticut, and thank Governor Malloy, Mayor Martin, the Connecticut Department of Economic and Community Development, and the entire Stamford-area federal, state and local delegation of elected officials for their continued partnership and support."
Charter relocated to Stamford from St. Louis, Mo., shortly after Rutledge took the helm, leasing a 15-story building on 400 Atlantic Ave. in the city’s downtown area and agreeing to create 400 new jobs. The new building comes with a commitment to add 1,100 new corporate positions, and Charter has agreed to a total of $100 million in planned capital expenditures in Connecticut over the next several years.
As a result of those commitments, the Connecticut Department of Economic and Community Development will provide an incentives package that includes a direct loan of $10 million and up to $10 million in tax credits. Additional tax credits are available if Charter further increases the total number of Stamford-based jobs.
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"Today is a great day for Connecticut," Gov. Dannel P. Malloy said in a statement. "Charter's announcement to create an additional 1,100 jobs shows that our strategic investments are continuing to spur economic growth and create good paying jobs in the state. We look forward to the continued success of Charter Communications as they grow within the state."
The Gateway Harbor Point site was chosen for its close proximity to mass transit as well as its easy access to Interstate 95. The new headquarters is set to become the first commercial facility with direct access to the Stamford train station platform, providing employees with immediate access to both Metro-North and Amtrak Acela service. The building also provides for large floor plans which provide greater flexibility in workplace design.
Charter was represented in the transaction by the commercial brokerage team at Cushman & Wakefield.
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