News last week of additional workers coming to The Woodlands for Exxon Mobil gives our local housing market an additional boost.
Reprinted from the December 14th Houston Chronicle.
Exxon Mobil Corp. is planning to ship an additional 1,430 employees to the growing region just north of Houston, on top of the some 10,000 workers already planning to relocate there from other parts of town and out of state.
The company will lease space in two 12-story buildings to be built in Hughes Landing, a major new real estate development in The Woodlands.
They will work separately from the massive 385-acre corporate campus the company is developing just south of The Woodlands along Interstate 45 at the Hardy Toll Road.
“It’s just an outstanding statement that the largest corporation in the world would chose a substantial location in Hughes Landing in The Woodlands for the major location outside of their campus,” Woodlands executive Paul Layne said. “It’s just a huge win for The Woodlands to be able to achieve this.”
Exxon Mobil’s headquarters will remain in the Dallas suburb of Irving, Eglinton said. He said the company had always planned to maintain offices outside its campus.
He said some employees and contractors will remain in existing space at Greenspoint and on Fannin as well.
Information about the new space came out earlier this week after Montgomery County commissioners approved a 10-year property tax abatement with the developer, a subsidiary of The Woodlands Development Co., which is owned by the Howard Hughes Corp.
The agreement abates taxes on 100 percent of the building that Exxon Mobil will lease entirely and 50 percent of the second building it will partially occupy.
The two buildings total around 650,000 square feet. Exxon Mobil will occupy 478,000 square feet.
The developer will save more than $400,000 in taxes annually, based on figures provided by the Montgomery County Tax Assessor-Collector J.R. Moore Jr.
Beginning in 2016, when the building opens, the property owner will be taxed $161,480 annually for the space that Exxon Mobil occupies, Moore said.
Personal property, including furniture, fixtures and equipment, will remain taxable, as does the added value on the land as a result of the improvements on it.
After the abatement agreement ends in 2023, the county will collect just over $567,285 annually on the property.
The county awards tax abatements on projects that bring at least 151 jobs and exceed $10 million in value.
The new Exxon Mobil jobs, Moore said, have an average income of $125,000 a year.
“That’s about $179 million a year in annual salary coming in, which is huge,” he said.
Exxon Mobil said it plans to move into the new space during the first half of 2016.
The Gensler architecture firm designed the buildings, which are about to break ground in Hughes Landing.
The 66-acre development, on Lake Woodlands, is designed to include shops, restaurants, luxury apartments, high-end office space and a Whole Foods Market.
Construction is well underway. The development eventually will have a hotel and entertainment component, said Layne, executive vice president of master-planned communities for the Howard Hughes Corp.