Just over six months after announcing the largest economic development project in Cabarrus County's history, another one has been revealed that is a close second. Both are located at The Grounds at Concord, the former Philip Morris site, and help validate the years-long strategy to revive the location.
Last week's announcement that pharmaceutical giant Eli Lilly and Co. will invest $1 billion in a Concord manufacturing campus could be the county's most transformational economic development project yet. The 589-job project will bring 800,000 square feet of facilities and high salaries. But it can also be a building block in an industry where the Charlotte region is not yet a premier destination for manufacturing.
Local leaders are confident Eli Lilly's investment will change those fortunes.
"I think this makes the Charlotte region a player in the life sciences," said Steve Morris, chairman of the Cabarrus County Board of Commissioners. "As significant as this announcement is today, the things that will follow in the coming months and years are going to be equally exciting and impactful to the entire region."
Page Castrodale, executive director for Cabarrus Economic Development Corp., said her team was approached about the Eli Lilly project shortly after the July announcement of a $1 billion-plus beverage production hub at The Grounds.
The Grounds has landed a range of industries in manufacturing. The uses span from pharmaceuticals to Red Bull, Rauch North America and Ball Corp.'s beverage production to GoldenHome International's cabinetry facilities to Carvana.
Castrodale said her team had no specific plans to recruit several different industries. The main priority was to raise Cabarrus County's average annual wage. Eli Lilly's project achieves that goal in a resounding fashion, as the average annual wages for its jobs are nearly $27,000 higher than the county average.
Eli Lilly (NYSE: LLY) is taking a site of around 415 acres for its project. The company's commitment runs the total pledged investment at The Grounds over $2.2 billion, and there are still more than 600 acres available there.
"I've been with the EDC for over three years now and The Grounds has been what we have spent so much of our time on that entire time," Castrodale said. "To see us finally getting that momentum and everything that we envisioned over there, with it being just this center for manufacturing and for high-quality, high-skilled jobs — to see that coming to fruition is so rewarding."
While the Charlotte region has not historically been a major hub for life sciences manufacturing, North Carolina has seen plenty of success. The Triangle is one of the hottest regions in the country for life sciences. Eli Lilly is working on an expansion there now that was announced in early 2020.
State and local governments appear to have stepped up to win the Eli Lilly investment over Indiana, the other contender for the project and Eli Lilly's home state. Documents show state and local governments have combined to offer incentives worth over $88 million for the project.
Morris, Castrodale and Concord Mayor Bill Dusch all said they expect Eli Lilly's investment to open the door to a new industry cluster for the area. Morris expects more life sciences investment could come not only to the region but to The Grounds to follow Eli Lilly's initial commitment.
"When you're talking about an over $1 billion investment and the property they have acquired there at The Grounds certainly allows future opportunities," Morris said. "They have enough acreage to do other things in the future, which they haven't revealed any of those plans. But certainly, I think some of those affiliated companies will be a part of that, so that is very exciting as well."