L Brands is expected to move 500 employees from Reynoldsburg to a new facility in New Albany.
Jennifer Chrysler, New Albany's community development director, said the company is expected to move its personal beauty-products division to the new facility, which will be in New Albany's Personal Care and Beauty Campus on Smith's Mill Road east of Beech Road.
Chrysler said the company is expected to invest $175 million in the new building or buildings, which would include 360,000 square feet for corporate offices and a 500,000-square-foot distribution facility in the project's first phase.
L Brands is expected to add 100 employees at the site. When combined with the 500 other employees, the estimated annual payroll would be $48 million, Chrysler said.
"Adding a third campus in New Albany will complement our operations in Reynoldsburg and on Morse Road and will support our goals of doubling the size of our business and continuing our international growth," said Tammy Roberts Myers, vice president of communications for L Brands, the parent company of Victoria's Secret, PINK, Bath and Body Works, La Senza and Henri Bendel.
L Brands officials have said the company plans to double its business internationally.
Company founder and New Albany resident Leslie Wexner said earlier this year during an investor update, "... not only can we double the business in North America, but we can look to sustain in significant international growth."
New Albany City Council on March 4 unanimously approved a 15-year, 100-percent property-tax abatement for the new facility.
Chrysler said the facility will generate an estimated $960,000 in "annual withholding income-tax revenue" that will be divided among New Albany, Columbus, the New Albany Community Authority and the Licking Heights and Johnstown-Monroe school districts.
According to Chrysler's report to City Council, New Albany will retain $264,000 annually, Columbus will receive $144,000, the community authority will receive $288,000 to repay debt incurred to build business park infrastructure and the school districts will divide $264,000.
Chrysler said the school districts will receive a percentage of the funds based on how much of the buildings are built within each district's boundaries.