Amazon To Split Second Headquarters Between New York, Virginia

Bloomberg News

BNN Bloomberg's Amanda Lang discusses what losing out on Amazon's HQ2 means for Toronto after the tech giant chose Virginia and NY for their new headquarters.

Amazon said in the same statement it would create a new logistical "center of excellence" for "fulfillment, transportation, supply chain, and other similar activities" in Nashville, Tennessee, creating some 5,000 jobs.

The New York office will be in the Long Island City area in Queens, and Amazon pledges to bring 25,000 jobs and $2.5 billion in investment.

Considering that Amazon is hovering around a trillion-dollar market cap, some people are understandably outraged that their tax dollars are being used as the equivalent of a GoFundMe for Amazon. Amazon's offices will be in Crystal City and Pentagon City, while its "innovation campus" will be in Potomac Yard, the Arlington Economic Development organization said.

The decision was finally declared on Tuesday after a year-long bidding battle between more than 200 cities that had winded down to the 20 finalists last January including Chicago, Toronto and Los Angeles.

The tech giant said Tuesday morning that it has picked New York City and the Washington, D.C. suburbs of northern Virginia as the dual locations for its coveted HQ2.

The Wall Street Journal reported late Monday that Amazon (AMZN) has picked New York's Long Island City and Arlington County's Crystal City neighborhoods, citing people familiar with the matter.

The company received 238 proposals after it announced its search for a second headquarters in September 2017.

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Chief executive Jeff Bezos said: "These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come".

Amazon will not be choosing Philadelphia as the site for their next headquarters.

New York State will grant $1.525 billion in incentives contingent on the company creating 25,000 new jobs with an average salary of $150,000 and occupying a certain amount of office space. Splitting the project in half could ease the impact, and help Amazon avoid some of the blame for higher housing prices or more traffic in those regions.

After a lengthy selection process that preoccupied several major cities across the U.S., Amazon publicly revealed the two locations of its second headquarters.

The two areas already have relatively low unemployment rates, and Fitch Ratings has noted that even a full HQ2 only represented 1.5% of the Washington area and 0.5% of the NY area's labor force. The company announced it will be rebranding Crystal City, the neighborhood where the headquarters will reside, as "National Landing".

Amazon did not immediately respond to Ars' request for comment.

"Amazon is a billion-dollar company", Ocasio-Cortez tweeted. Two HQ2 projects would also ensure that Seattle remains Amazon's definitive headquarters.

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