The highlight of the first Savannah Economic Development Authority meeting of the year was nothing short of what SEDA interim president Trip Tollison referred to as “one hell of a story” for Savannah.
The story is Gulfstream Aerospace, which announced to the SEDA board Tuesday that it has leased a 70,000-square-foot office building in Crossroads Business Park from North Point Real Estate to house Gulfstream’s Information Technology Center of Excellence, accommodating more than 400 professionals, 100 of whom will be new hires.
The building, which originally housed Friedman’s, will include three acres of surrounding property from SEDA for parking and other needs.
Financial details of the transaction were not disclosed, although Gulfstream officials credited SEDA with playing a critical role in securing the site and additional land.
Gulfstream has continued to grow its Savannah presence since 2006, when it announced a seven-year, $300 million expansion that would create 1,100 new jobs. That project was accomplished in half the time, adding another $100,000 in investment and bumping job numbers to 1,500.
A second major announcement, this one in November 2010, promised a seven-year, $500 million expansion that would include 1,000 new employees.
Two years into the latest plan, Gulfstream has more than lived up to its promise, investing more than $175 million of the $500 million and already hiring nearly 700 more than originally estimated for the entire seven years.
“This brings our total employment in Georgia to 8,580 and demonstrates that Gulfstream is a powerful economic engine for both the local and state economies,” said Gulfstream President Larry Flynn.
Following the announcement, SEDA presented Gulfstream with a large painting of a lowcountry creek and tidal marshes, representing “what you see from the air on approach to Savannah,” Tollison told Flynn. “It’s how you know you’re home.”
In accepting the gift, Flynn assured the SEDA board that “the tide’s still coming in — it’s not high yet.”
“The kind of success we’ve had doesn’t happen in a vacuum,” Flynn said. “This is a great place to work, live and attract exceptional employees. We have great partners in the community and a brand that’s known worldwide.
“The Gulfstream G650 — built in Savannah — is widely recognized as the No. 1 business jet on the market.”
With a five-year, 200-plane order backlog for the $64.5 million flagship jet, Gulfstream will be busy for years to come, Flynn said.
In other business, the SEDA board
• Approved its 2013 business plan, projecting 12 announcements creating 600 new jobs and a capital investment of $1 million.
• Announced a 2013 marketing campaign that will create a new logo, website and branding.
• Approved the 2013 budget with a projected $5.76 million in total revenue, $4.96 million in total expenses and a net income of nearly $800,000.
• Voted to accept the 2013 slate of officers, which include David Paddison, chairman; Robert E. James, vice chairman; and Stephen S. Green, secretary/treasurer. New board members are Willie Seymore, president of International Longshoremen’s Association Local 1414; Chad Barrow, president of Coastal Logistics Group; and Frank Macgill of HunterMaclean.
GULFSTREAM BY THE NUMBERS
• $975 million — committed investment since 2006
• 3,200 — number of new jobs created since 2006
• 8,580 — number of Gulfstream jobs in Georgia (8,406 in Savannah)
• $14 million — donated by Gulfstream and its employees to the United Way
• 60 — number of nonprofits helped by Gulfstream annually
• 2,800 — hours Gulfstream employees volunteered with HandsOn Savannah in 2012