Les Wexner, the former head of L Brands, has quietly engineered one of the biggest semiconductor projects in history by securing land for Intel to build two semiconductor factories in Johnstown, Ohio. The deal, worth $20 billion, beat out bids from 38 other sites in every major state and has brought 7,000 construction jobs and 3,000 full-time jobs to the area. Wexner, Ohio’s richest resident, owns the New Albany Company, which played a crucial role in securing the land for the project.
Wexner, who stepped down from L Brands in 2020 amid scrutiny over his relationship with Jeffrey Epstein, went on to purchase and sell land in Licking County, including 830 acres sold to Intel for $120 million and 1,700 acres to other tech firms for $400 million. He still owns about 1,000 acres of land worth an estimated $250 million through the New Albany Company. The company has been buying up more land recently, with local residents closely monitoring the acquisitions in a Facebook group.
President Biden announced that Intel will receive $20 billion in grants and loans to expand its semiconductor manufacturing facilities across the country, including the Ohio plant. Intel CEO Pat Gelsinger has said the funding will accelerate a $100 billion spending spree by the company. The New Albany Company, owned by Wexner, is expected to play a key role in facilitating the growth of the Intel project and the surrounding area.
Despite concerns from local residents and officials, including worries about water access and property acquisitions, the New Albany Company continues to expand its development efforts. The company recently incorporated a new subsidiary, the Johnstown Land Company, to develop a 400-acre site adjacent to the Intel project. The goal is to create a mixed-use development with commercial, office, manufacturing, and housing units for Intel’s suppliers.
Wexner’s influence in Ohio extends beyond his real estate endeavors. He has made significant contributions to Ohio State University and chaired the Columbus Partnership, a group focused on economic development. Despite the controversy surrounding his association with Jeffrey Epstein, Wexner remains active in shaping Ohio’s economic future through his various projects and initiatives.
As the New Albany Company continues to grow and develop new projects, Wexner’s legacy as a key player in Ohio’s economic landscape is solidified. His ability to leverage his resources and connections to secure major deals, such as the Intel semiconductor project, showcases his strategic acumen and determination to shape the future of the region. With billions in cash reserves and a track record of successful ventures, Wexner’s impact on Ohio’s economy is likely to continue for years to come.
