- Frontier Communications, a 2022 Fortune 500 company, is contemplating moving its corporate headquarters from Connecticut to Tampa due to Florida’s favorable business tax environment.
- The company has engaged with the City of Dallas to explore an Enterprise Zone project classification, potentially providing targeted tax incentives. If negotiations with Dallas fail, Frontier has plans to relocate both employment opportunities and infrastructure to Tampa.
- In 2021, Frontier reported revenue of $6.41 billion, with an operating income of $2.216 billion, a net income of $4.96 billion, and a 2022 workforce of 15,074 employees.
Frontier Communications, a 2022 Fortune 500 company, is ruminating on relocating its corporate headquarters from Connecticut to Tampa due to Florida’s advantageous business tax environment.
In a memorandum directed to Dallas City Council members last week, Majed Al-Ghafry, the assistant city manager of Dallas, conveyed that Frontier’s parent company had initiated contact with the City of Dallas to explore the possibility of securing an Enterprise Zone project classification.
This classification, if approved, would enable the telecom company to pursue targeted tax incentives. However, the notice also delineates that should negotiations with Dallas officials falter, Frontier has plans to relocate both employment opportunities and infrastructure to Tampa.
“Frontier currently has 638 Dallas-based employees, many who have been working from home, plus additional employees in Allen, and are currently headquartered in Norwalk, Connecticut,” reads the memo. “Frontier is now considering relocating its headquarters to either Dallas or Tampa, Florida.”
Frontier provides broadband internet and digital TV in 25 states. After transitioning from utilities in 1999, it expanded through acquisitions but faced financial struggles, leading to a 2020 bankruptcy. Emerging in 2021, it prioritized fiber optic expansion for improved services.
In 2021, Frontier Communications had revenue of $6.41 billion, an operating income of $2.216 billion, a net income of $4.96 billion, total assets of $16.481 billion, total equity of $4.796 billion, and a 2022 workforce of 15,074 employees.
Attempts to reach the Florida Department of Commerce and Frontier for comment were not immediately responded to.
According to a Florida market report published by Berkadia last year, the Tampa Bay area is one of the top corporate relocation spots in the state, recently welcoming Suzuki Marine, Pfizer, The Mosaic Company, and others.
“The development is at the crux of a downtown renaissance that’s seen Tampa finally take full advantage of what’s been here all along–water, water, everywhere, between the Hillsborough River and Tampa Bay,” Terry Ward, who profiled the city’s business boom for TIME magazine earlier this year. “The city has become an entrepreneur magnet.”