San Vincento, Calif., residents and businesses can rest easy with the latest tech innovations, as San Vicente, Calif.-based tech company Craftsman Style Bunnings announced Tuesday that it will open its newest location in the city.
The company, which also owns the Craftsmans store at Market and North Avenue in Santa Monica, is the latest major developer to invest in San Vicency, with a planned $3.4 billion campus at the edge of the city, which is expected to be completed by the end of 2019.
Craftsman is among a growing number of tech companies to relocate to the city since the federal government, which has imposed a moratorium on new construction in the area, recently passed a $1.2 billion tax on new housing in the district.
The moratorium, which will remain in effect until April 2020, will raise the local property tax rate to 6.75 percent from 5.85 percent, which the city already imposes.
Craftsmania, a San Francisco-based tech startup, will continue to operate a new store on Market Street.
In addition to CraftsMania, the city will be investing in a new retail center on Market and East San Vicentes Streets, and another $2.5 million will go toward expanding the existing Westside Boulevard corridor.
The city is also considering building an office tower at Market Street and East Market Street, said San Viciente Supervisor Tom Carpio.
“We are excited to continue working with CraftsMan, our partner and neighbor to build an office, retail, residential and cultural space that will help revitalize the area,” said Carpios spokesman Michael Karp.
“I think that Crafts is going to be a catalyst for more of this type of development,” Carpino said.
San Vicente Mayor John Chiang, a Democrat, said he was looking forward to working with the company to help the city make the right decision for its future.
“The San Vicencies goal is to create a vibrant and vibrant community, but that doesn’t mean we can’t also look to the private sector to bring that kind of success to San Vicents residents and employees,” Chiang said.
“We want to be smart and take advantage of all the things that we have that are here, including technology.”
Carpio said the city has been working with a number of developers in San Francisco to bring more high-tech jobs to the area.
“It’s been a really good year for innovation in San Fran,” he said.
“San Vicents needs this to grow,” said San Francisco Supervisor John Avalos, who is also a Democrat.
“The technology sector is very, very important to us, and it’s a really important part of our economy.”
Avalos, whose district includes San Vicencia, is also seeking to increase the city’s tax base by raising property taxes on homes worth more than $2 million, which have historically been exempt from sales taxes.
He said he plans to propose an amendment to the tax code that would make the sales tax exemption permanent.
The city has about 12,000 tax units in San Antonio, including about 1,800 units on Market, which are assessed at 2.25 percent and 5.5 percent, respectively.
Avalos is seeking to make the tax base 6 percent or less, which he said is the threshold for San Antonio to get a $2 billion technology development tax credit.
He is also proposing to make it easier for businesses to set up shop in San Jacinto, an industrial city about an hour north of San Vicenas border.
“Our goal is not to create more jobs in San Juan Capistrano, but rather to help build our community,” Avalos said.