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ONLINE INSIDER
From the September Issue

The Next Markets to Embrace the Life Sciences Expansion

In an exclusive for Site Selection, CBRE’s Ian Anderson analyzes where the next life sciences hubs are already rolling up momentum.

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FROM SITE SELECTION MAGAZINE, SEPTEMBER 2022 ISSUE
From the May Issue

INTELLIGENCE REPORT

The West Central Ohio Intelligence Report

New Show in Town’: “We cater to all the folks,” goes the slogan from Lima’s legendary Kewpee Hamburgers. With developments such as Crossroads of Northwest Ohio in nearby Cridersville, expansions from such companies as P&G and Pratt Industries and the pure Americana of such events as the Celina Lake Festival, the 10-county region of West Central Ohio is living by those words.

Mixed-Use Project Aims for Destination Status: With The Crossroads of Northwest Ohio, as with his own medical practice, Dr. Craig Nicholson and his team are looking to maximize bandwidth, in this case for an entire region.

P&G Investment Headlines Region’s Strong Industrial Momentum: Hear from the plant manager himself about the company’s $501 million investment in Lima, and learn how community infrastructure and work ethic are attracting other investments and expansions to West Central Ohio.

From the September Issue

NORTH CAROLINA

Core Strengths Help North Carolina Soar

Associate Editor Alexis Elmore chronicles the projects, heritage, assets and lifestyle across the 120-mile crescent from the Piedmont Triad to Fayetteville.

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 CONWAY DATA SNAPSHOT 
San Juan organizations received 13 of the 39 CDFI Fund Technical Assistance awards going to Puerto Rico organizations overall.
Photo by Sean Pavone, iStock

Last week, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that 218 organizations received $27.57 million in Technical Assistance awards to build their capacity to provide services to low-income and underserved people and communities across America. The awards were made through the fiscal year (FY) 2022 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program).

We grabbed the data from all 218 awards and broke it out by top states and top cities (below). The 39 awards to Puerto Rico than doubled the number awarded in No. 2 New York and totaled more than $4.8 million out of the $27.57 million awarded nationally (17.4%). Most of the amounts were $125,000, with some up to $150,000, primarily awarded to savings and credit unions. However, some organizations stand out from the crowd with names more directly aligned with economic development, among them:

  • Apex Fund for Economic Opportunities (Akron, Ohio)
  • Venture Jobs Foundation (Rochester, New York)
  • Baba’s Cooking School, dba EatsPlace (Washington, D.C.)
  • Chautauqua Opportunities for Development (Dunkirk, New York)
  • Business Expansion Funding Corp. (Charlotte, North Carolina)
  • Renewable Manufacturing Gateway dba Community (Pittsburgh, Pennsylvania)
  • Gulf Coast Economic Development District (Houston, Texas)

Since its creation in 1994, the CDFI Fund has awarded more than $5.5 billion to CDFIs, community development organizations, and financial institutions, said the announcement. The fund also “has allocated $66 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for more than $1.8 billion through the CDFI Bond Guarantee Program.” — Adam Bruns

Top States/Territories, Number of FY 2022 CDFI Program and NACA Program Technical Assistance Awards

State/Territory No. of Awards
Puerto Rico 39
New York 19
Texas 15
California 12
Illinois 8
Ohio 7
Missouri 7
Florida 7
Pennsylvania 6
Michigan 5

Top Cities, Number of FY 2022 CDFI Program and NACA Program Technical Assistance Awards

City No. of Awards
San Juan, Puerto Rico 13
Chicago, Illinois 6
Houston, Texas 5
Lafayette, Louisiana 3
New York, New York 3
Omaha, Nebraska 3

 

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Site of the Week
From the January Issue

REDEVELOPMENT

Opportunity in St. Pete

The City of St. Petersburg, Florida, is releasing an RFP for the development of the Historic Gas Plant District site, currently home to Tropicana Field. The RFP for the 86-acre site calls for additional emphasis on equitable redevelopment, a 17.3-acre carve out for a baseball stadium, specific requirements for affordable and workforce housing and new details that respond to current economic and societal conditions and community sentiment. The RFP can be found here: www.stpete.org/Residents/Current%20Projects/docs/HGPD-CC.pdf.

 

2022 ILLINOIS INVESTMENT GUIDE

LIFE SCIENCES

Vital Signs

New space takes shape for a very healthy sector.

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 SITE SELECTION RECOMMENDS 

Graph courtesy of U.S. Census Bureau

This week is Manufacturing Week, and tomorrow, Friday, October 7, is Manufacturing Day, an initiative of The Manufacturing Institute (the workforce development and education partner of the National Association of Manufacturers), with the Fabricators & Manufacturers Association as a founding partner. Literally thousands of manufacturers across the country (and one company in Germany) will be showcasing what modern manufacturers do … not to mention what they pay. For more information about manufacturing in the U.S. today, check out the U.S. Census Bureau’s resources, which include stats showing a decided uptick in female manufacturing employees over the past decade.

 

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 PROJECT WATCH 

Romania

In Bucharest in late September PepsiCo announced this $100 million investment in three operational production lines and a new automated warehouse, automation capabilities and a new masterplan for its factory in Popești-Leordeni. The investment is due to be completed by 2024, resulting in the doubling of production capacity. “PepsiCo has been operating and investing in Romania for almost 30 years and we remain committed to further developing the business in the country,” said Silviu Popovici, PepsiCo’s CEO for Europe, according to a Google Translate translation of the company’s Romanian-language news release. “As a production and distribution center for Central and Eastern European markets, Romania represents an essential market in Europe. High quality agricultural products and talented people are the basis of the growth of our business in the region.” The company recently completed a five-year, $40 million investment in its Dragomirești soft drinks. PepsiCo has directly invested $320 million in Romania over the past decade.

Source: Conway Projects Report

Jamaica

As reported in The Gleaner, a Jamaican newspaper established in 1834, Caribbean Flavours & Fragrances Ltd. (CFF) has completed a two-year process investing nearly $40 million into machinery and modernization at its factory on Spanish Town Road in Kingston. The investment has included an in-house product development lab completed last year. Through its parent company Derrimon Trading Group, CFF has been expanding its distribution throughout the Caribbean and beyond, including “the distribution of its sorrel, ginger beer, homemade lemonade and pink lemonade concentrates through New York, United States–based speciality supermarket and food distributors FoodSaver New York and Good Food for Less, to widen its revenue stream,” The Gleaner reported from the company’s general meeting in September. Derrimon operates retail groceries, is one of the largest rice distributors in Jamaica, and is an authorized Jamaican distributor of Nestlé products. In May Derrimon reported a 39% increase in revenue for the year ended December 31, 2021.

Source: Conway Projects Report

 

 

 VIDEO OF THE DAY 
Photo courtesy of ATP architekten ingenieur

Innsbruck-based ATP architects engineers reports that the campus the firm designed for plant-based nutritional supplement and cosmetics company Ringana in St. Johann in der Haide, Austria, has been honored with multiple awards, including the German Design Council’s Iconic Award in the Innovative Architecture category and the BigSEE Interior Award. “With its modern administration, high-tech production and logistics areas, the RINGANA campus convinces visitors with its bright and friendly fresh atmosphere,” says ATP. “Ecological responsibility coupled with elegant design – the RINGANA Campus demonstrates how beautiful sustainability can be,” said ATP’s Lead Project Manager Thomas Wirth. Pictured here is a bathing pond that, along with 160 deep piles for geothermal energy, PV panels on every roof and significant rainwater collection, improves the microclimate of the campus.

 
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