VGXI and Lovett Industrial have purchased land with the two companies expected to bring hundreds of jobs and tax revenue to the area, according to Danielle Scheiner, the executive director of the Conroe Economic Development Council.
Scheiner cited VGXI’s headquarters as a significant addition to the Deison Technology Park. The business held a ribbon-cutting ceremony of the new headquarters Oct. 7, which relocated from The Woodlands. VGXI is a contract developer for gene therapies, DNA vaccines and RNA medicines, according to previous reporting.
Chrissy Franco, senior manager of business development, said VGXI owns 21.5 acres with the option to purchase 21 more acres. The business has 120 employees and is in the process of hiring additional personnel.
“The new VGXI headquarters is ready to support our clients as they achieve successful late phase and commercial launch of their products,” VGXI CEO Young Park said in an Aug. 19 news release.
Scheiner said she believes VGXI was attracted to Conroe because it allowed the company to own the building and have a nice campus-like working environment.
“It will be a good impact on the community, both providing some high-quality jobs for our residents, but also generating some tax revenue that will help support the community and city government in general,” Scheiner said.
VGXI’s combined estimated net benefit to all five taxing entities in Conroe and Montgomery County over the seven-year incentive period is estimated at $5.2 million.
Another project of note, NorthPort Logistics Center broke ground in September on an estimated 75 acres of land in the heart of Conroe Park North. In a Sept. 15 release, Lovett Industrial and Cresset Partners announced the center is slated to be nearly 225,000 square feet. There has yet to be a tenant to fill the space.
“Conroe is one of the fastest-growing cities in the U.S., has a business-friendly environment, and the location checks every box a major distributor would have relating to access, infrastructure, available incentives and availability of labor. We are fortunate to be able to partner with the city of Conroe on this exciting project,” President of Lovett Industrial Charlie Meyer said in the release.
Scheiner cited easy access to I-45 for truck drivers as a reason for why businesses such as Lovett desire space in Conroe.
Scheiner said the amount of jobs created and tax revenue will depend on who occupies the building.
Read More: VGXI, Lovett Industrial projects to bring hundreds of jobs to Conroe area