A slew of new investments in New Orleans industrial and technology facilities worth tens of millions and several hundred new jobs will boost the local real estate market, particularly the industrial sector.
According to CPExecutive, the investment with the biggest impact is TCI Plastics’ 500,000-square-foot logistics expansion at the Port of New Orleans. Parent company Jensen Cos. announced that the $36.5 million investment will retain 200 existing jobs and create 160 new ones by 2020, with an average salary of $33,400 plus benefits. The project is also expected to generate 183 new indirect jobs, rounding up the total workforce impact to 343 new positions.
TCI will develop the new logistics facility near its existing France Road Wharf facility.
As part of the new project, TCI will spend $3.1 million to acquire 32 acres of land from the Port of New Orleans near its existing facility. TCI will also build a rail spur connecting its facility to the New Orleans Public Belt Railroad. The project is planned for a mid-2014 groundbreaking and completion in the third quarter of 2016.
Also set for a mid-2014 groundbreaking is Agrico Sales’ new 56,000-square-foot manufacturing facility in eastern New Orleans. Agrico Sales left Jefferson Parish after a zoning dispute to build the new $2 million facility
The relocation will retain the company’s 35 current employees and add 25 new direct jobs, with average salaries of $40,000 plus benefits.
Technology firm 4th Source Inc. will relocate its corporate headquarters from Atlanta to metro New Orleans and build a new technology and IT services facility in Kenner, La. By 2018, the relocation is projected to create 320 new jobs, with an average annual salary of $50,000 plus benefits, and 412 new indirect jobs.