Several cities are vying for the right to be known as home to Amazon’s second and newest headquarters. Be prepared and look into a Texas commercial mortgage in order to jump on the bandwagon and take advantage of the 50,000 employees expected to emerge upon this fortunate town.
Did we say Texas? That may be a little premature, though there are several cities from the Lone Star State jockeying in place in hopes to be the new home for Amazon’s second headquarters. This massive mammoth known as Amazon requires space—some 8 million square feet of it—and employees—some 50,000. That’s a lot of people and a lot of land and, though many cities look to the revenue and job growth Amazon would provide, not all can compete with the type of space they require or that type of labor force—one that often requires a highly technical education. The other element a city must provide is tax incentives, a reasonable cost of living, and easy access to an international airport. According to Amazon’s press release, they are looking for metro areas with at least one million people and ones that think big and creatively in regards to real estate options and also offer a high quality of life. So, just where might this mega-company be headed?
Texas is known as the state where everything is bigger, so Amazon would certainly fit in with this type of culture. Many with their crystal balls in place see Austin as a strong contender. After all, Amazon just bought Whole Foods which is based out of Austin and it definitely has a growing economy and tech-oriented labor pool. Just as important, it has no income tax. Texas commercial mortgages and funding for these types of projects are just another day in the land of Legacy West Developments—the $3 billion development that could rival any western town.
Stepping out of Texas, Denver made the list due to its high quality of life that offers plenty of outdoor recreation along with a strong and growing high-tech workforce. Google and Twitter both have offices in the mile-high city. It’s also still affordable compared with other cities of similar size. And then, of course, there’s Chicago where a developer has already found a site for Amazon—a former steel plant. The developer is Sterling Bay and the plant is a former A. Finkl & Sons. This mixed-use development could take a decade to develop and cost in upwards of $10 billion. Will Amazon consider a city, however, where the taxes are some of the highest in the nation? The 100-plus acres will, if Amazon buys in, be home to a new train station, office and residential towers, restaurants, a brewery and a water taxi stop. With enough tax incentives and hand shaking, Chicago just might be in the running.
Developers are Strategizing
Walk into a boardroom filled with developers and investors and you’ll find their interactive whiteboard filled with arrows pointing to the “wants” of Amazon and the cities that offer these solutions. No, they may not be the developer that transforms 8-million-plus square feet into Amazon City. They do, however, want to be positioned to take advantage of the burgeoning population and high-paid employees by offering apartment units or entertainment venues in the surrounding area.
Once you’ve determined your next market for development, consider a private hard money lender for your Texas commercial mortgage.
At Level 4 Funding we offer nationwide and Texas commercial mortgages from private hard money lenders. These loans are quick to fund and are available up to $50,000,000 with terms that range from 3 to 60 months. Call us for a no-obligation quote.
Level 4 Funding LLC Private Hard Money Lender
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About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.