Deutsche Bank is seeking approval from the City to renovate office space at its Southside campus at a project cost of about $450,000.
A building-permit application shows the expansion for its Corporate Banking & Securities unit within a 49,415-square-foot space in Building 200 at its 5022 Gate Parkway address.
Plans call for interior renovations to existing office space for offices, open office space, conference rooms and other uses.
Gilbane Building Co. of Dacula, Ga., is shown as the contractor. ASD Inc. is the designer.
The property owner is CD119 Meridian LLC.
As reported, the City has approved an incentives package for Deutsche Bank to create 300 jobs and expand its administrative support and investment banking functions, according to legislation approved by the City Council.
Deutsche Bank seeks more than $2 million from the City and state for the expansion.
As reported, the legislation details an agreement between the City and DB Services New Jersey Inc., DB Services America Inc. and Deutsche Bank Securities Inc. for the company to expand at its 5022 Gate Parkway location.
The project summary says the company is proposing to renovate and lease an additional 30,000 square feet of existing space at the location, where it already occupies 155,000 square feet, within the Meridian Office Park.
The incentives include a $1.8 million Qualified Target Industry Tax Refund, including a High Impact Sector Bonus, from the City and state. The City would pay up to $360,000, or 20 percent, with the state paying the remaining $1.44 million, or 80 percent.
The City also would provide a Revenue Enhanced Value grant of $140,000 that would be paid over five years to refund taxes on property and investments made by the company.
According to a project summary, the state also is offering $140,000 from the Governor’s Quick Action Closing Fund, which does not include City funds.
Combined, the City’s financial support would be up to $500,000.
Deutsche Bank proposes a capital investment of $10 million, which would include leasehold improvements and the installation of furniture and equipment at the site.
Deutsche Bank said the 300 new permanent jobs would pay an average annual salary of $62,063. The job-creation schedule shows 50 jobs would be created in the first year by Dec. 31, 2014; 75 additional jobs would be created by Dec. 31, 2015; and 175 more jobs would be created by Dec. 31, 2016.
The company said it has 1,349 permanent jobs, so the additional positions would boost that to 1,649 jobs.
In January, Michael Drexler of Deutsche Bank previewed the company’s investment banking growth at the Association for Corporate Growth North Florida Chapter’s annual “Ten Ahead: Predictions for the Next Decade.”
Drexler shared his views about “The Migration of Business from High Cost Urban Centers.”
He said Deutsche Bank in 2010 moved 10 investment traders to Jacksonville and the move worked out so well that there were 220 investment bankers there by January and that number “should double in the next 18 months.”
“We realized we needed to reorient … to a broader group of people,” he said.
Drexler said Jacksonville was attractive because Florida does not impose a state income tax, it is a two-hour flight to New York and offers a quality of life.
“I’ve been here 18 months. I think from a business perspective the advantages of Jacksonville are quite profound,” he said.
Drexler said the City and the state have been “extremely accommodating” in Deutsche Bank’s expansion in Jacksonville.