Demolition to Philip Morris Plant Brings New Opportunities to Concord
Details from Executive Director Robert Carney
On Wednesday, an exciting announcement was made in our community: the former Philip Morris plant (now known as The Grounds at Concord) will be demolished. Bootsmead LeaseCo LLC (Bootsmead), who currently owns the property, issued a release that detailed its plans to tear down the facility in an effort to create a blank slate that will be more appealing to future users.
Why is this exciting? Because of the tremendous opportunity this represents for both Concord and Cabarrus County residents.
When Bootsmead hired JLL Carolinas to market this site, they knew that there was a good story to be told about the site itself. To a potential employer, it is rich with amenities: convenient interstate access, quality utility infrastructure, rail access and the ability to tap into the Charlotte region’s competitive labor pool. While the Philip Morris plant was a substantial facility, it was not meeting the needs of the current market. By taking this step to remove the plant, Bootsmead is taking a proactive step to attract users and employers to the 2,000+ acre site.
So what does that mean for our community?
On average, Cabarrus Economic Development Corporate has 60+ projects in the pipeline each month – these are companies considering locating their operations to Cabarrus County. These projects represent around 220 jobs each and an average of $57 million in new investment. Over half of these projects are in the manufacturing industry. The market is demanding sites that can support high-investment, job-generating manufacturing operations. The Grounds at Concord will now be ripe for that kind of development.
If strategic about the type of industry we want to attract, the Grounds at Concord has the potential to locate thousands of new jobs through industrial development, generating tens of millions of dollars in new tax investment.
The demolition of the former Philip Morris plant will take the better part of 2019 to complete, but CEDC will be just as active as ever. We’ll be working closely with Bootsmead, JLL, City of Concord and Cabarrus County to ensure that Grounds at Concord once again becomes an employment epicenter for our community and we are confident that this will impact not just those of us who live here, but the Charlotte region as well.