Norfolk Southern expected to announce move to Atlanta today

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ATLANTA — Norfolk Southern is expected to make its move to Atlanta official today, according to two media reports.

The Virginian-Pilot in Norfolk, Va., home of the railroad’s headquarters for 36 years, reports that CEO Jim Squires is expected to announce the move to employees at a morning meeting at a Norfolk hotel. About 500 people work for the railroad in its Norfolk office building.

The Atlanta Journal-Constitution, citing two sources with knowledge of the situation, said Georgia Gov. Nathan Deal and Atlanta Mayor Keisha Lance Bottoms will announce the move of the railroad’s headquarters at a 2 p.m. (EST) press conference at the state capitol.

The announcement will end months of speculation and negotiations about the move to Atlanta. Norfolk Southern would sell about $100 million in land it owns that will be part of a redevelopment plan in an area known as “the Gulch.” That money would fund the move.

The Journal-Constitution reports that the railroad will receive $23.6 million in tax breaks for its new headquarters, and is expected to relocate or create 850 jobs, while retaining more than 2,000 already in Atlanta.

Norfolk Mayor Kenny Alexander, told the Virginian-Pilot the plans to move predate his election in 2016, and there was little that could be done to stop it.

“This has been in play since 2015, 2015, and it’s just culminating,” Alexander said. “There’s nothing that anyone could have done in Virginia, be it the state or here in Norfolk … This deal has multiple components; it’s very complex.”

NEWSWIRETrains News Wire

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