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Author Topic: Columbus: General Business & Economic News  (Read 13812 times)

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Offline Columbo

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Re: Columbus: General Business & Economic News
« Reply #780 on: May 14, 2018, 07:20:05 PM »
Another Amazon fulfillment center is coming to Central Ohio!

This would be the fourth major sorting center in Central Ohio for Amazon.  The two main fulfillment centers are east of Columbus in Etna and south of Columbus in Obetz near Rickenbacker Airport.  A third, smaller center that focuses on the company's one-hour delivery service is located in west Columbus.  All combined, they provide 4,500 jobs (well above the company's initial commitment of 2,000 for Central Ohio).

Those are in addition to three data centers built in Central Ohio by its technology affiliate, Vadata.  These three data centers created 120 jobs in a $1.1 billion investment.  Amazon has said they plan to build up to 15 data centers in Central Ohio.



Amazon wants to build fourth fulfillment center here, add 1,500 jobs
By Tristan Navera  – Staff Reporter, Columbus Business First
Posted:  May 14, 2018, 5:01pm EDT


Amazon is planning to build a sorting facility in West Jefferson, creating 1,500 full-time jobs.  The online retail giant intends to build an 855,000-square-foot sorting facility at 1550 W. Main Street in the Park 70 at West Jefferson development. According to Amazon, the facility would open by late 2019.

Duke Realty, which has developed the existing warehouses on that site, would develop this one as well, according to documents submitted to the state. ... The development would be a substantial addition to the warehouse park.  It was recently announced that Duke had sold four existing buildings in the park just to the north – 3.8 million square feet – in a $232.5 million deal to Toronto-based Granite Real Estate Investment Trust.

The sale of the buildings to Granite likely will free up capital for Duke to reinvest in building this new distribution center.  This has been a long-term strategy for the developer as it seeks to finance huge warehouse projects as e-commerce drives a boom in demand.

MORE: https://www.bizjournals.com/columbus/news/2018/05/14/amazon-wants-to-build-fourth-fulfillment-center.html
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Offline Columbo

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Re: Columbus: General Business & Economic News
« Reply #781 on: May 15, 2018, 11:26:42 AM »
More about the Amazon fulfillment center announcement from the Dispatch:

http://www.dispatch.com/business/20180514/amazon-to-build-distribution-site-in-west-jefferson-add-1500-jobs


The Dispatch article notes that this announcement comes as Seattle-based Amazon says it is still researching sites for their HQ2 second headquarters project.  Columbus is one of 20 finalists for the HQ2 project that promises 50,000 jobs and a $5 billion investment.  In the article, it is said that Amazon is expected to announce the winner this year.

There's been some speculation here at UO as to whether this fulfillment center announcement is good news, bad news or no effect for the Columbus HQ2 bid - (in the Madison County projects thread at https://www.urbanohio.com/forum/index.php/topic,5521.msg913187.html#msg9131870.
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Online DarkandStormy

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Re: Columbus: General Business & Economic News
« Reply #782 on: May 17, 2018, 12:27:22 PM »
http://money.cnn.com/2018/05/16/technology/amazon-hq2-arlington-texas/index.html

Texas city (Arlington) reveals why it lost Amazon HQ2 bid

Quote
"I think they're looking for a more advanced urban setting," Mayor Jeff Williams told CNNMoney.

Offline Columbo

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Re: Columbus: General Business & Economic News
« Reply #783 on: May 19, 2018, 11:41:32 AM »
Digital auto insurer Root to move to Columbus Commons, add 460 jobs
By Carrie Ghose  – Staff Reporter, Columbus Business First
Updated: May 18, 2018, 5:25pm


Root Insurance Co. plans to grow to nearly 550 employees and is moving its headquarters to the '80 on the Commons' mixed-use building under construction alongside downtown's Columbus Commons Park, according to City Council documents.

Just over two years old, the Columbus auto insurer offers paperless signup and management of a policy through a mobile app, which also measures driving habits so only safe drivers can enroll.  The company sells online, eschewing agents, and its data-driven model results in big discounts on premiums.

Root in March closed a $51 million venture capital round led by Redpoint Ventures, along with Scale Venture Partners and returning investors Ribbit Capital and Silicon Valley Bank Capital Partners, all in the San Francisco and Silicon Valley region.  The company has "unicorn potential" – tech slang for greater than $1 billion in value – to grab a sizable portion of the $220 billion auto insurance market

The company plans to lease 65,000 square feet in the 12-story office, retail and apartment building under construction at 80 E. Rich Street, with a goal to move in October. ... As of March, Root had 85 employees at 34 W. Gay Street.

MORE: https://www.bizjournals.com/columbus/news/2018/05/18/digital-auto-insurer-root-to-move-to-columbus.html
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Offline Columbo

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Re: Columbus: General Business & Economic News
« Reply #784 on: May 19, 2018, 11:42:04 AM »
The Dispatch is reporting that next Monday’s meeting of the Ohio Tax Credit Authority will have seven Central Ohio projects on the agenda that are projected to add nearly 3,000 jobs:

http://www.dispatch.com/business/20180518/central-ohio-due-for-3000-more-jobs-including-from-root-insurance-dollar-tree



Half of those projected new jobs are for the previously reported fourth Amazon distribution center for Central Ohio that will add 1,500 jobs by the end of 2019.  The next biggest job creator on the agenda is for the rapidly-growing internet-only auto insurer Root Insurance to add 460 jobs in Downtown Columbus (see the previous post).

The next largest project is a Dollar Tree distribution center planned along I-71 in Morrow County that would create 400 jobs.  Projects in Delaware County, Groveport/Obetz, Grove City and Dublin round out the Central Ohio projects on the Tax Credit Authority's agenda.
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Offline Columbo

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Re: Columbus: General Business & Economic News
« Reply #785 on: Yesterday at 02:34:58 PM »
Came across these two venture capital funding stories from a recent Columbus Business First morning roundup:  https://www.bizjournals.com/columbus/news/2018/05/17/cbf-morning-run-losing-sleep-over-amazon-and-the.html

Raising big bucks (Part 1)

PriorAuthNow Inc. – a fast-growing startup that automates the laborious, complex process of obtaining “prior authorization” from insurers to cover a test or procedure – has closed on $10.57 million in funding led by a venture capital firm that's new to investing in Central Ohio.

Atlanta-based BIP Capital led the round, with participation from Columbus-based NCT Ventures and Dan Gilbert's Detroit Venture Partners, who are re-upping from a $3.6 million round they led just last August.

More about this in a pay-walled story from Business First: 
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Inside the deal: How a hospital executive's VC connection led to a $10.6M Series A round for PriorAuthNow
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Offline Columbo

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Re: Columbus: General Business & Economic News
« Reply #786 on: Yesterday at 02:35:11 PM »
Raising big bucks (Part 2)

Beam Dental has raised $22.5 million in a round led by Kleiner Perkins, one of the oldest and largest Silicon Valley venture capital firms.

This Columbus tech company that pairs dental insurance with an internet-connected toothbrush also announced Wednesday that it's opened a new headquarters and plans to create 75 jobs over three years.

Beam had incubated in Drive Capital's Columbus office located in the Short North since the VC firm moved it from Louisville in 2014.  In April 2018, it moved to 266 N. Fourth Street in Downtown Columbus.  It has nearly 40 employees today in Columbus and at a Dayton toothbrush factory.

More about this in a non pay-walled story from Business First: 
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Beam Dental raises $22.5M from Kleiner Perkins, opening new Columbus HQ
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