Executives at major cable operator Charter Communications joined with Connecticut Gov. Daniel P. Malloy and other officials today to announce plans for a new 15-story headquarters building in Stamford. The company says the project will create 1,100 permanent jobs for the state’s battered economy.
The new building at the Gateway Harbor Point development along the Long Island Sound is projected to have 500,000 square feet of work space. Employees will start to occupy the new structure in 2019.
“Since relocating Charter’s headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S.,” said chairman and CEO Tom Rutledge in a press release. “This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. ”
Malloy called it “a great day for Connecticut,” adding that Charter’s plan to create 1,100 jobs at the new site “shows that our strategic investments are continuing to spur economic growth and create good paying jobs in the state.”
In exchange for its commitment to deepen its roots in Connecticut, the state is providing the company with an incentive package that includes a direct loan of $10 million and up to $10 million in tax credits. Billionaire cable magnate John Malone, who owns 25% of Charter, has long prided himself on masterminding tax advantages in all of his businesses.
The news comes as a relief to the state of Connecticut, whose economy has been hit by the departures of major employers like General Electric. The city of Hartford, for decades a mainstay of the insurance business, has recently teetered on the edge of bankruptcy.
Stamford, an hour by train north of Midtown Manhattan, has outposts of many banks lured other entertainment and media outfits in recent years, among them World Wrestling Entertainment and Thomson Reuters.