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HOME SWEET HOME: Vineyard Vines has scored a low-cost loan to build a new headquarters in its hometown of Stamford, Conn.
On Thursday, Connecticut Governor Dannel P. Malloy said the apparel brand will build a $15.6 million headquarters in the city, creating 200 new jobs and retain 150 existing jobs over the next five years.
Under the terms of the deal, the state Department of Economic and Community Development will provide a $6 million, 10-year loan at 1 percent interest. The funds may be used to purchase machinery and equipment, make leasehold improvements, or offset architect and engineering costs among others, according to the Governor’s office. The company is also eligible for up to $8 million in tax credits through the state’s Urban and Industrial Sites Reinvestment Tax Credit Program, as well as up to $500,000 in sales and use tax exemptions, subject to approval from Connecticut Innovations.
“Vineyard Vines is a great Connecticut story of two brothers who, fed up with corporate life and determined to make it on their own, began selling their own line of ties nearly 20 years ago,” Malloy said. “Today, they are one of the leading retailers of clothing and accessories for men, women and children sold throughout the country and competing with the likes of L.L. Bean and J. Crew. The Murray brothers, ceos and co-founders of Vineyard Vines, are proof positive that if you are an entrepreneur and you have a dream, you can attain it right here in Connecticut.”
Vineyard Vines has outgrown its current headquarters in Stamford and had looked at sites in both New York and Connecticut. The company ultimately decided on 181 Harbor Drive in Stamford.
“When we started Vineyard Vines in 1998, we never imagined we’d be where we are today,” said Ian Murray, chief executive officer and co-founder with his brother Shep. “You could say our business grew up in Connecticut.”