Intersect East, a public-private partnership in Greenville, North Carolina between East Carolina University and Elliott Sidewalk Communities, will generate more than 6,800 jobs and expand the size of the local economy by more than $600 million, according to an economic and fiscal benefits analysis.
Intersect East’s construction phase alone will support more than 3,300 jobs over the duration of the development period, according to the study. Those 3,300 jobs will collectively command more than $185 million in worker compensation. Approximately 94 percent of those jobs will be located in Pitt County.
Once the entire development is complete, Intersect East will support nearly 3,500 jobs each year throughout Eastern North Carolina, with the vast majority (3,230) located in Pitt County.
The report confirms that the Pacesetter Innovation Hub, the first in the nation, will deliver on its promise to create an Olympic-caliber training facility for innovative businesses to complete and win through innovation, abundant public, private, and capital resources and direct physical and academic access to a major research university.
The economic study, “Intersect East: Connecting University to Community,” was prepared by Baltimore-based Sage Policy Group, Inc. under the direction of Dr. Anirban Basu, chairman & CEO of the national economic and policy consulting firm.
“Intersect East stands to utterly transform and modernize the City of Greenville’s economy,” Dr. Basu and the Sage team concluded.
They cited: expansion of the community’s innovation and research assets; further growing and leveraging the community’s connections to ECU; creating greater opportunities for entrepreneurship, including among faculty; and giving more reason for graduates of the University to remain in Greenville.
The results were revealed during a presentation event at ECU’s new Life Sciences and Biotechnology Building. Speakers included Sara Bernart, Economic Development Partnership of NC, Industry Expansions Manager, NE Region; Dr. Michael Van Scott, Vice Chancellor, ECU’s Division of Research, Economic Development and Engagement; and Dr. Michael Waldrum, CEO, ECU Health, Dean of Brody School of Medicine.
“This economic study confirms that Intersect East will deliver a jolt to the economy, both in Greenville and Pitt County and for the state of North Carolina,” said Timothy S. Elliott, Elliott Sidewalk Communities’ managing partner & chief visioneering officer. “Looking at the grand scale of what 19 acres and $300 million in construction means to the community, it’s literally tens of millions of dollars over the next 10-plus years.”
“Ultimately, the objective is to unleash the dynamics associated with Research Triangle, albeit on a smaller scale, and ongoing improvements to North Carolina’s business climate render impactful economic development stemming from Intersect East even more likely,” the study concluded.
The first phase of Intersect East will convert three historic buildings and warehouse space within the existing downtown 19 acres located near the southwest corner of Tenth Street and Evans Street into attractive, unique office space. Completion of the full 19-acre, 12-building, $300 million project investment will take 8-10 years.
About Intersect East – A Pacesetter Innovation Hub
Intersect East is not just another office park. It is an entirely new type of innovation hub that allows companies to optimize their success. By giving you direct physical and academic access to a major research university. By supporting you with abundant public, private, and capital resources. By allowing you to draw energy and inspiration from a bustling downtown center. Our hub proves the famous adage anew. For innovation as with real estate, it’s all about location, location, location.
We are building an Olympic-caliber training facility for innovative businesses complete with the resources to help you WIN. An innovative blend of renovated and new buildings for officing, light manufacturing, and R&D offer more than 869,000 square feet. Cool apartment buildings, restaurants, and generous green spaces offer gracious, convenient living. It’s inspired infrastructure, in the service of you. For more information visit https://www.intersecteast.com/
About Elliott Sidewalk Communities
We build downtown joy by aligning the interests of municipalities and their university neighbors, creating vibrant Main Street environments that integrate campus life with town life. We transform underused or vacant parcels into a thriving, walkable downtown destination. It attracts students and residents alike with unique retail, cultural and hospitality amenities. It creates energy, economic growth, and a renewed sense of community. It’s a joy to behold. For more information visit www.elliottsidewalk.com