07-20-2001 - Laserfiche WebLink

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communications and biotech. • "Despite the downturn, we see a growing market opportunity next year," says Johnathan Holifield, vice president of the Greater Cincinnati Chamber of Commerce. "Tech is a wise investment." In Seattle, where used furniture stores such as Ducky's are deluged with calls from frantic dot-coms trying to unload desks and chairs, and the economic outlook is somber, biotech firms are sprouting. A 40- story skyscraper for health care firm IDX Systems is due for completion in 2003. Immunex, meanwhile, is proceeding on a $750 million waterfront campus, and the city, county and port of Seattle are financing construction of a highway overpass to accommodate it. "We're preaching a diverse, resilient economy," says Ben Wolters, high-tech sector manager for Seattle's office of economic development. "The key is job retention and expansion. It's cheaper than recruiting." Orlando,home of Disney World, is attempting to become as well known for computer mice as Mickey Mouse. Local government is financing 40% of a $17.5 million marketing campaign to establish the city as a technology center. So far this year, 16 tech firms—including circuit maker RF Micro Devices and data-storage firm Adaptec—have vowed to moved or expand operations in Orlando, creating more than 2,000 jobs and $200 million in capital investments. In July, the Tennessee Technology Development Corp. announced $45 million in early-stage venture funding—its most aggressive effort. In the heart of Texas • Intel's abandoned building is a constant reminder of high tech's low times in the southern section of downtown Austin. "The city has lost some of its swagger," says Mike Rosenfelt, a local venture capitalist. But Austin Mayor Kirk Watson, who coined the phrase "Digital Downtown," considers it a foundation for the future. "Sure, there have been hiccups along the way, but look at what we're doing," Watson says. "We're replacing burned-out warehouses with New Economy firms. We've gone from no major employers downtown to several. Once that happens, you ask four questions: Where do they sleep, eat, shop and play? Few believe the chilly economy will stymie construction downtown. "The only developments on hold are tech projects," says Tim Hendricks, senior vice president of commercial real estate investment trust Cousins Stone, which is in pre-development work on a 33-story office tower. "Everything else—lofts and restaurants—is proceeding." "Remember what was there before: nothing," Watson says. "This is a long-term investment, and it will pay off big time in 2002, 2003." •