Escape from Seattle! Billion dollar firm leaving over “unrest” – Updated

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Important update/correction midway through the article. The company planned the move before the virus and ‘protests.’

A business that made 1.58 billion dollars last year is leaving the “unrest” of Seattle and heading for Phoenix’ Camelback Corridor.

” … The unrest that has taken place in the city of Seattle … there is really is not a downtown business community today,” Smead Capital Management, President and CEO Cole Smead told KTAR News 92.3 FM.

Mr. Smead is having trouble getting staff and the cost of living in the city is very high.

“We’re hearing rumors of 40-story buildings that will be only 20-percent occupied by October,” Smead said, according to KTAR.

“My biggest concern for Seattle was what the business community is going to come back to, and what kind of businesses are going to come back for customers.”

He found that metro Phoenix offers a better quality of life.

“My colleagues can pick the socio-economic rung of life that they want … live their lives, build their households and have a family if they’d like,” Smead said.

“Where we’re coming from just wasn’t like that.

UPDATE

We have an update from the company. They planned the move before the virus and recent riots. Whatever the reason, he made a fortunate decision.

Update: SEATTLE–(BUSINESS WIRE)–The following is a statement from Cole Smead, President of Smead Capital Management:

Why We Moved

The decision to relocate from Seattle to Phoenix was not a reactionary move caused by any of the events of the past several months. As stock pickers, we continually evaluate our own business just as we would any of the companies that our clients own in their portfolios or the opportunities that the stock market presents us with for new investment. We took great care and deliberation in making this decision to relocate, which we began mentally exploring as early as two years ago. We announced our decision to move to Phoenix internally to our staff in January, long before COVID shutdowns or nationwide protests made their way to Seattle. Put simply, nothing happening or being reported in the news right now had any weight in our decision to relocate from Seattle to Phoenix.

SEATTLE’S IN TROUBLE

Seattle’s downtown is in terrible shape thanks to Mayor Jenny’s allies in Black Lives Matter and Antifa and her inability to handle the homeless problem.

After two shootings and one murder by CHAZCHOPeans in CHOPistan, there are no suspects or leads.

ANGRY RESIDENTS

Some residents are furious that Mayor Jenny is just now going to dismantle CHOPistan. How long that will take, no one knows.

“It was doomed to happen from Day One,” Matthew Ploszaj, who lives in the vicinity, told KOMO News. “No one wanted to say it, but I’m surprised it didn’t happen sooner. It should have ended when the Car Tender got broken and the mob went down and broke his fence. It did not have to come to this.”

He’s wrong, it should have ended immediately.

“Durkan said the violence was distracting from changes sought by thousands of peaceful protesters opposing racial inequity and police brutality. She said at a news conference that the city is working with the community to bring CHOP to an end and that police soon would move back into a precinct building in the area they had largely abandoned,” reports Fox News.

“The cumulative impacts of the gatherings and protests and the nighttime atmosphere and violence has led to increasingly difficult circumstances for our businesses and residents,” Durkan said. “The impacts have increased and the safety has decreased.”

So, now she will dismantle it. Their no-police experiment is a failure. She said she’s taking her comment about it being a ‘summer of love.’ She wants them to leave voluntarily, but they obviously won’t leave of their own volition.


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