Micron development continues to grow closer. Understand how the Real Estate market will be impacted by this so you can make the most of the opportunity.
Onondaga County is preparing for a significant influx of jobs and growth due to Micron’s new chip plant, which is expected to bring tens of thousands of jobs over the next two decades. The company plans to invest up to $100 billion in the facility, located in White Pine Commerce Park, creating nearly 50,000 jobs overall, including 9,000 once operational. To facilitate this, Onondaga County has already purchased about $11 million worth of homes. McMahon anticipates a potential 60% population increase and will conduct more community meetings to address housing needs. All these changes are big news but how are they relevant to you as a buyer or seller?
The primary areas of impact from the Micron development will be property values and business investment opportunities. As the project progresses and job creation increases, demand for housing in the vicinity is expected to rise significantly. Consequently, homeowners in the area can anticipate a substantial appreciation in property values over the coming years. Furthermore, the anticipated population growth presents promising prospects for businesses beyond Micron, creating an environment conducive to success for new enterprises. Landowners will also benefit from this surge in demand for land, providing excellent opportunities for those considering selling. Whether you are a buyer, seller, or investor, the Micron development presents a unique and lucrative opportunity. The first step in navigating this landscape is partnering with a trusted brokerage. Canaan Realty is well-positioned to assist you; we have successfully negotiated over $30 million in contracts in the past 8 months within close proximity to the Micron site. Our experienced team is ready to support you through the process. For further insights, be sure to follow our social media channels, where Allen will discuss these developments in more detail in the next episode of “Ask Allen.”
References
Coleman, M. (n.d.). Push to create new housing ahead of Micron plant in Clay. WSTM. https://cnycentral.com/news/local/push-to-create-new-housing-ahead-of-micron-plant-in-clay
[email protected], G. C. |. (2024, September 4). Micron announces opening of its Central NY Headquarters Office. syracuse. https://www.syracuse.com/business/2024/09/micron-announces-opening-of-its-central-ny-headquarters-office.html