The wait is finally over.

Amazon announced today the location of its new second headquarters, but with a catch: It will be split between New York City and Northern Virginia.

In a company blog post, Amazon said that it selected New York's Long Island City and Virginia's Arlington as the locations for its new "second headquarters" buildings. The company says it plans to invest $5 billion across both locations and create more than 50,000 jobs.

The new offices in New York and Virginia are expected to bring a major influx of high-paying tech jobs and taxable revenue; however, they also raise concern about their impact on property values and culture in each city.

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In addition to announcing the locations of its new "second headquarters" offices, Amazon also announced it will be building a new hub in Nashville to oversee customer fulfillment, transportation, supply chain, and other similar activities.

Amazon made the announcement after holding a year-long competition in which hundreds of cities participated. In January, Amazon narrowed the competition down to 20 finalists that included cities such as Chicago, Denver, Indianapolis, and Miami. Amazon specified in its request for proposals that the location be near a major airport, have the ability to attract top tech talent, and be in an area with a population of more than 1 million people. The company inevitably decided on two locations rather than one, and says the locations will be of equal importance to its original Seattle headquarters.

Despite the fervor the competition has generated in the locations under consideration, it has been heavily criticized too, with many calling the marketing stunt a clever ploy to earn tax breaks other other financial benefits. Even as the decision drew near, some, like Mayor of Jersey City Steven Folop, called the ordeal "a big joke."

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Residents of the two chosen locations for Amazon's HQ2 are already sharing concerns about what the construction might bring, and why this could ultimately be a bad deal for the towns. Some are worried about the inequality it will create, and others are simply frustrated by the gigantic tax breaks the company will receive.

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There is plenty left to go in this process, but Amazon says it expects to begin hiring in both locations beginning next year. Whether the offices will actually be built by that time is an entirely different story.

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TopicsAmazonNew York City