2023 Annual Comprehensive Report

apartment units, 27 are also occupied as of October 2023. The planning concept is to create a live-work-play community that supports the culture of arts in Greensboro. The extensive historic restoration project will also connect the campus to Downtown Greensboro via the City’s Greenway trails. The project takes advantage of State historic preservation tax credits to aid in financing the investment. Tenants in the Revolution Mill development include LT Apparel Group, a New York based apparel designer and marketer, the first major business tenant, occupying a 12,000 square-foot space with 30 employees. LT Apparel Group plans to make Greensboro its headquarters for the design and artwork for Adidas and Carhartt children’s lines. Eateries can also be found at Revolution Mill including the Kau Restaurant, Bearded Goat, Cugino Forno Pizzeria and Café at Revolution. Another nearby historic mill was purchased in 2018 with similar plans for conversion to a mixed-use development on 18 acres of land just east of Revolution Mill. The former Proximity Printworks Mill , now on the National Register of Historic Places, served as the first textile printer in the South. A Wisconsin company specializing in urban redevelopment took advantage of federal historic tax credits and invested an estimated $54 million to convert the 470,000 square-foot mill into an “adaptive reuse project” with 217 mixed-income apartments, 9,000 square-feet of retail and restaurant spaces, and 80,000 square-feet of climate-controlled self storage. The mill project was designed with affordable housing in mind and qualifies for historic tax credits, allowing for 143 of the 217 apartments to be available at 60% of area median income levels and the remaining 74 units at market rate. With groundbreaking in 2018, Printworks Mill completed construction in fall 2020 and is fully occupied. Together with Revolution Mill, these developments will connect to the City’s greenway to form an integrated mill community. In 2018, Publix Super Markets announced plans to open a new 1.8 million-square-foot distribution center in eastern Greensboro, being the largest distribution facility in the region and bringing 1,000 new jobs paying an average annual salary of $44,000. In February 2020, construction began on the first phase, a 940,000-square-foot refrigerated and frozen foods warehouse and distribution center. In October 2020, Publix announced a 1.2 million square-foot dry goods expansion, increasing the total facility to 3.0 million-square-feet. By November 2022, the facility was open and fully operational. To secure the estimated $400 million investment, the NC State Economic Investment committee approved a $15.9 million incentives package requiring a $300 million investment and 1,000 new jobs created by 2025. In addition, Guilford County has committed to an estimated $17 million in property tax incentives and Greensboro’s City Council has approved up to $20 million in similar incentives. The distribution center will produce an estimated incremental increase in tax revenue of $19.9 million over 10 years and have an economic impact of $1.38 billion over 12 years. Publix is a privately held, employee-owned company with operations throughout the southeastern United States, including nine distribution centers. In 2018 and 2020 to 2022, Fortune magazine named Publix number one on its list of World’s Most Admired Companies in the food and drug stores sector and in 2019, Publix was named number two on the list. Communications industry leader, Qorvo , has expanded by buying Amalfi Semiconductor, another cell phone component manufacturer located in California. In December 2015, the company added an additional 100 new jobs over a period of 3 years as part of a $25 million expansion of its Guilford county operations, primarily in research and development. One of the area’s largest employers and few locally headquartered public companies, Qorvo currently employs approximately 1,400 workers in Guilford County. Qorvo is the outcome of a $2 billion merger between RF Micro Devices and TriQuint Semiconductor, an Oregon-based microchip products company. In August 2016, the Greensboro site was named the sole headquarters location. In May 2022, Cone Health announced its plans to expand its heart and vascular care by adding or renovating more than 260,000 square feet across several of its facilities, including a new 156,000 square foot, five-story heart and vascular outpatient tower on the Moses Cone Hospital campus. Construction is underway and expected to be completed in late 2025. Cone Health received State approval in 2016 for plans to pursue a $100 million project to relocate the standalone Women’s Hospita l to a 196,000 square-foot, 6-story new construction addition on the south side of the existing Moses H. Cone Memorial Hospital. The new facility opened in February 2020. Soon after the Women’s hospital moved to its new location, the original hospital building was

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