Business Facilities - March 2009 - (Page 33)

“There is intense competition among states for economic development and investment projects,” says Cornelius. “The GAT team serves as a company’s inside guide to the tools, advantages and opportunities available for businesses in the Commonwealth.” Two projects recently secured by the GAT team include Keystone Helicopter Corporation and Samuel Adams Pennsylvania Brewery Company. Keystone Helicopter Corporation, located in Sadsbury Township, Chester County was awarded an economic development package worth more than $1.8 million that consisted of funding from the state’s opportunity grant program, cuscost of living and doing business, as well as attractive business incentives and support. Compared to Philadelphia and New York, the cost of doing business is 30 percent less in many instances. In 2007, the NBC Today Show and Forbes.com named Greater Reading one of the best real estate markets in the nation. The state also has invested more than $50 million in economic development projects in Greater Reading during the past two years. Commercial and industrial space in the county is affordable and readily available. Class A office space averages $17.75 per square foot while manufacturing space averages $3.60 per square foot. Two spaces exemplifying this point are Wyomissing Square and StonePoint Center. Located on the site of the former Textile Machine Works and Wyomissing Industries near tomized job training program, and job creation tax credits. The funding will assist with the establishment of a flight test hangar, a manufacturing warehouse and a new delivery center to expand its capabilities to build, deliver and service helicopters, including the Sikorsky S76, an aircraft which is primarily sold for VIP and personal use, as well as EMS systems, utility use and search and rescue missions. This investment from the commonwealth is expected to retain 591 jobs and create an additional 559 positions, and it has enabled the company to leverage an additional $12.9 million in private investment. Park Road in Wyomissing, the $75-million Wyomissing Square features a four-story, 248-unit apartment complex, a 135room premiere Marriott Courtyard hotel, more than 30,000 square feet of retail space, and 60,000 square feet of renovated office space. “Wyomissing Square is going to have a significant economic impact throughout the region,” said Dennis Yablonsky, former Secretary of the Pennsylvania Department of Community and Economic Development. Almost $3 million in state funding was secured to transform the previous industrial brownfield site into a viable project, and local authorities provided tax incentives to make the site more attractive for business development. It is on schedule for completion in 2010. Located outside Reading in SAM ADAMS BREWERY INVESTS $140 MILLION TO UPGRADE FORMER DIAGEO FACILITY Samuel Adams Pennsylvania Brewery Company (SAPBC), which brews and packages malt beverages, and its subsidiary, Boston Beer Corporation (BBC), are investing $140 million in the acquisition, renovation and equipment upgrades at the former Diageo brewery located in Upper Macungie Township, Lehigh County. SAPBC and BBC plan to make significant renovations to the 855,000-square-foot Breinigsville brewery, which it purchased from Diageo for $55 million. Upgrades are planned for the Muhlenberg Township, StonePointeCenter offers an exceptional mix of office, warehouse, and flex space on 133 acres with excellent access to highways, airports, and major East Coast cities. The 1-million-square-foot center is currently home to the Greater Reading Expo Center. In early 2008, the Greater Reading Convention & Visitors Bureau moved its offices to StonePointe, and more recently, UGI Utilities relocated 130 employees including executive, finance, accounting, and human resources personnel into 50,000 square feet at the facility. In addition, it has been short-listed by several companies as a potential site for future manufacturing and alternative energy opportunities. StonePoint has plenty of affordable, premium space still available. For more information, visit www.stonepointcenter.com. BUSINESS FACILITIES 33 http://www.Forbes.com http://www.stonepointcenter.com

Table of Contents Feed for the Digital Edition of Business Facilities - March 2009

Business Facilities - March 2009 Contents First Word Snapshots Corporate Moves: Tennessee Deciphering High-Tech Hubs Industry Focus: Biotech/Pharmaceuticals The Lone Star State Continues to Burn Brightly Pennsylvania is Holding Its Own Corporate Moves: Florida Metro Spotlight: Findlay, OH Advertiser Index Ask the Expert

Business Facilities - March 2009

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