Sandy Springs City Council approved economic incentives to convince Newell Brands to stay in the city when it relocates and consolidates its headquarters.
The city’s economic development director Caroline Kinchler told the council at its March 5 meeting that Sandy Springs is on Newell Brands’ shortlist.
The relocation would move 890 existing workers from the Peachtree Dunwoody Road location in Sandy Springs and the company’s Embassy Row location to space in the Queen building on Concourse Parkway if the corporation chooses to stay in the city.
The consolidation would add another 165 new jobs, and Newell Brands promised to make an 11-year lease commitment with plans to occupy 180,980 square feet of office space.
The city would provide expedited permitting, waive permit fees, and make a three-year waiver of business occupational taxes. The estimated value of the fees waived totals $281,883.
Newell Brands plans a $51 million investment with its move from 6655 Peachtree Dunwoody Road. That would include $30.4 million in renovation costs and $20.8 million in furniture, fixtures, and equipment for the new headquarters. Renovation is projected to begin this summer or fall with relocation occurring in 2025.
“We have carefully considered the significant impact that Newell Brands has had on our community and we believe that the attributes of Sandy Springs align perfectly with the company’s needs and aspirations,” Councilmember Jody Reichel said after making the motion to approve the economic incentives offer. “And while the decision ultimately rests with Newell Brands, we want them to know that Sandy Springs is ready and enthusiastic about the possibility of being your chosen location.”
Councilmember Tibby DeJulio said Newell has been a supportive corporate citizen since the formation of Sandy Springs. Soon after the incorporation of the city, DeJulio said he and then-Mayor Eva Galambos met with the company’s CEO at that time. Within a few days, he called the CEO for some help, and Newell donated about $300,000 worth of garbage cans that are still seen around the city, DeJulio said.
Mayor Rusty Paul explained that commercial real estate’s value is largely determined by the amount of revenues generated from rental and lease payments. If a building sits empty, its value drops, and property taxes and commercial taxes that are collected drop. If Newell leaves Sandy Springs, it will result in lost revenue for the city.
“By every metric and every measure, we’re gonna get our money back,” he said.
Newell owns some of the country’s most well-known brands including Rubbermaid, Coleman, Oster, Sharpie, and Mr. Coffee.