2010-11-04 / Front Page

New Town Promises Jobs

Alcoa in negotiation with Florida-Based Development Company to Sell 11,000 acres

Alcoa, Inc. and Velocita Holdings, Inc. have executed a “Letter of Intent” to evaluate the purchase and transition of the 11,000 acres of the Alcoa site at Rockdale and south Milam County into one of the world’s most innovative research and development, and technology transfer complexes.

Doug Hutchison, CEO of Velocita, told the Leader they are planning a self-sustained town that projects 5,000 new jobs in technology & alternative energy development industries with an annual payroll base of $315 million. The plan includes 5 million square feet of retail, office, commercial and research and development space. It also projects 3,500 residential units that could house 5,000 people.

He said the transition will be done in collaboration with some of America’s Leading Fortune 500 Companies, acclaimed architectural design, innovative engineer and respected environmental firms, noted professionals and a broad base of the country’s top Universities.

The Letter of Intent anticipates the sale closing in mid 2011.

Hutchison said, “In a few years after the project is up and running, you would see about 1,800 jobs here. Then, over the next 10 to 15 years, that figure should grow to about 5,000.”

Hutchison continued, “It’s still very early and we have a lot to do, but we’re very excited about this project.”

Watch the Leader for more information on this project.

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