What you need to know
The city is providing 1Finity a $2.3 million business grant and waiving $130,000 in permit fees to facilitate the move that will see its existing Dallas and Richardson offices into the new space.
In exchange, the company is committing to a 12-year lease, a minimum $13 million capital investment in tenant improvements, and the retention and creation of at least 500 full-time jobs, according to the release.
“We are really starting to create a cluster around network businesses, and [1Finity] is going to fit into our ecosystem very well,” Richardson City Manager Don Magner said. “We look forward to working with them for many years.”
Diving in deeper
1Finity develops and manufactures network hardware and is a subsidiary of Fujitsu Limited, which established a presence in Richardson in the 1990s as part of the city’s Telecom Corridor—a stretch of US 75 that was once lined with telecommunications companies.
Richardson’s Telecom Corridor is now the Innovation Corridor, and Magner said that Fujitsu’s evolution with 1Finity “mirrors” the evolution of Richardson’s tech hub from the Telecom Corridor to the Innovation Quarter.
“I think their evolution kind of mirrors our evolution from the Telecom Corridor to the Innovation Quarter,” he said. “It shows that both the company and the city realize that evolving is a critical component to success. From both a historic and a future perspective, we were really proud to win this deal.”
