ATLANTA -- Expect hundreds of new neighbors in 2019 and the years to follow, after Norfolk Southern made their move to Atlanta official during a Wednesday press conference.
The company is moving its headquarters out of Virginia to midtown Atlanta. The first wave of employees will transfer in the summer. In fact, a large chunk of the 850 jobs this Fortune 500 company is bringing to town will likely be transfers - not new hires.
11Alive spoke with a site selection expert John Boyd Jr. to find out what kind of impact he expects. He said that, on average, 20 percent of employees don't transfer in situations like this. Those vacancies plus whatever new jobs are created will likely be up for grabs.
For all positions averaged together, the pay comes out to about $105,000.
But Boyd said those high-up execs will have an impact of their own on the region.
"Over the next few years, hundreds of highly-paid executives will be buying houses in the Atlanta market," Boyd said. "That's great for the economy. That translates to other benefits for the region's economy."
Those other benefits Boyd is talking about include corporate philanthropy. For instance, two years ago, Norfolk Southern donated more than $11 million dollars to charity. Now, Boyd expects many of those donations to go to north Georgia.
11Alive's partners at the Atlanta Business Chronicle received renderings of the proposed headquarters that Norfolk Southern will build in Midtown.
The Chronicle reports Cousins Properties will develop Norfolk Southern's new headquarters as part of a two-tower, 22-story project on a three-acre site bordered by Spring Street, 3rd Street, West Peachtree Street and Ponce de Leon Avenue.
"They suddenly become a major player in our state's economy," Gov. Nathan Deal said.
But, in Virginia, residents of Norfolk are worried about what will happen to their town.
"Norfolk Southern leaving was a big hit, you know," Karen Wilson said. "There are a lot of people in that building."
Wilson, the manager of the now-closed Pandaisia Gourmet said the months of uncertainty didn't help. The shop closed down in advance of the move back in November.
Norfolk Southern also sold their land near Atlanta's "Gulch" to help pay for the development of their new Midtown headquarters. Construction on that location could begin as early as summer 2019.