Urban Outfitters expansion named a top deal of 2013
Urban Outfitters’ expansion in Pennsylvania, which includes its huge $100-million-plus e-commerce fulfillment center now under construction in Gap, is one of the country’s top economic development deals of 2013, according to Business Facilities magazine.
The trade publication awarded an “honorable mention” to Urban Outfitters’ project and the arrangements that secured it. The clothing and lifestyle retailer will “double down” in Pennsylvania, Business Facilities said, building not only the Gap facility but also a $100 million expansion at its Philadelphia headquarters.
“Putting this package together required extensive intergovernmental collaboration, as well as aggressive and innovative use of incentive programs,” the magazine wrote in an article posted Wednesday on its website.
Among those incentives was a Keystone Opportunity Zone created specifically for the Gap project, giving Urban Outfitters 10 years of local and state property tax breaks.
The result? Including the Philadelphia component, Urban Outfitters’ investments “will have a direct economic benefit of $210 million and directly create 2,500 jobs over the next 10 years,” Business Facilities said.
David Nikoloff, who headed the Economic Development Company of Lancaster County when the deal was being put together, gave credit to local, county and school officials for acting quickly and decisively when the Urban Outfitters opportunity presented itself.
“They’re the ones who made it happen,” he said.
Urban Outfitters’ honorable mention was one of five that Business Facilities awarded, in addition to gold, silver and bronze awards. The magazine awarded the top prize for 2013 to a deal under which Apple will build a $1.5 billion manufacturing facility in a former solar panel plant in Mesa, Ariz.
Business Facilities’ team of six judges evaluated nominees based on economic impact and a narrative describing how the deal came together.
Courtesy of Lancaster Online. Read the full article here: