Deutsche Bank proposes 1,000-job hub

[fightingosprey07]

http://www.bizjournals.com/jacksonville/stories/2008/05/05/daily7.html?jst=b_ln_hl

Financial services giant Deutsche Bank is considering an operations hub in Jacksonville that could create 1,000 full-time jobs in the area.

The Frankfurt, Germany-based company filed for several incentives including the state's Qualified Target Industry Tax Credit through the Jacksonville Economic Development Commission.

Jacksonville is among the cities in the Southeast that the bank is evaluating for a U.S "nearshore" operations hub for operations and technology jobs that will support its corporate, investment banking, and asset and wealth management businesses, according to the project summary filed with the JEDC.

Deutsche expects to have 1,000 new, full-time jobs within three years beginning in 2009. The average wage of the positions would be about $49,200 plus benefits. The average annual payroll would be an estimated $49.2 million.

The bank plans to hire individuals with knowledge of investment banking and technology to work within two of its subsidiaries; DB Services New Jersey Inc. and DB Security Services New Jersey Inc.

Deutsche is also considering a $12.1 million investment in technology infrastructure and tenant improvements.

The grants the bank is seeking total about $4.8 million and would offset the cost of locating the hub in Jacksonville if the company selects this city.

The Qualified Target Industry Tax Credit totals $3 million, of which, $600,000 would come from the city of Jacksonville.

The incentive will first be voted upon at the JEDC meeting Thursday and if approved, it will then move to City Council for approval.

Deutsche Bank has a location in Nashville that it stated in the summary could be expanded for the project. The bank also stated based on its research that the other sites under consideration have projected to be at lower overall expense but the incentives would offset that if approved.

This would be a great asset, if we can get it.

[thelakelander]

Hopefully, we can land Deutsche.  Our economy could definately use a boost.

[JeffreyS]

1000 jobs averaging 50k every city could use that.  Go JEDC and let us know if you need any help.

[Beloki]

Jax to be more and more international. I like it! Business atracts more business

[fightingosprey07]

I'm trying to find a list of other cities that are being considered, but I can't find any more info on this.

[Jason]

Man, this could be huge.  I really hope the city works with them on finding a suitable property downtown.  A great incentive would be a killer price on a vacant lot in the CBD for a nice new tower.  I'd hate to see something like this lost to Southpoint, although it'll still be good to have them.

[77danj7]

This would definitely be great....

[RiversideGator]

Having this downtown would be amazing, but I bet Peyton is eyeing a nice spot on Gate Parkway.   

[thelakelander]

As Stephen said, I don't think its going to be downtown.  The Nashville location is a sprawling campus well outside of that city's downtown.  Anyway, I did notice they already have listings for a Jacksonville office on Monster.com.

http://64.233.167.104/search?q=cache:SNqnz4GaYrQJ:jobsearch.monster.com/Florida/Jacksonville/get-jobs-12.aspx+Deutsche+Bank+jacksonville&hl=en&ct=clnk&cd=5&gl=us

[Jimmy]

Plenty of land for a project like this at the Cecil Commerce Center, too.  Or in the Northwest quadrant.  If we can't have it downtown, I think it makes sense to place it somewhere other than Southpoint.  But for a host of reasons, I know that won't happen.

[Beloki]

Ahhhh can we please ahve this downtown, would be good for the housing of appartment buildings too!
Please, please, please?? Can't the city give them some downtown land for free... this would spark the other developments as well. 

[Jason]

Man, the synicism is running rampant these days...

Don't give your hopes up yet guys, this can still happen.  With this, the courthouse finally moving forward, and hopefully the other related follow-on development we may actually see another mini boom downtown.  Sounds like COJ would be missing a huge opportunity by letting them slide out to Southpoint, and hopefully they understand. 

Remember, the city doesn't own as much land in the burbs and could easily use a vacant lot downtown as a HUGE bargaining chip to seal the deal with these guys.

[Beloki]

Cynical yes but also very happy. First the gays and now the bankers! This is going to be a cool city 

[thelakelander]

Plenty of land for a project like this at the Cecil Commerce Center, too.  Or in the Northwest quadrant.  If we can't have it downtown, I think it makes sense to place it somewhere other than Southpoint.  But for a host of reasons, I know that won't happen.

Cecil would not be a bad location.  Its long overdue for a large scale high paying corporate company to anchor the old base and the Westside.

from the article

Deutsche is also considering a $12.1 million investment in technology infrastructure and tenant improvements.

This gives me the impression that the location could involve existing office space.  Do we have any large scale office buildings sitting empty around town?

[Beloki]

Their website tells me they already have two locations on southside:

8120 Nations Way
Suite 207-210
FL 32256 Jacksonville, FL
USA

and

8657 Baypine Road
Building 5, Suite 105
FL 32256 Jacksonville, FL
USA