The Concord City Council has approved tax reimbursements of $1.5m for the expansion of operations for a Formula 1 racing team, along with a new manufacturing building in Concord.
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Motorsport IP Acquisition Co. I plans to develop an engine facility for its Cadillac F1 vehicle with an investment of between $75m and $85m. It will create up to 350 highly skilled positions in research and development, manufacturing, and engineering with an average annual pay of $100,000 to $125,000, which is twice the average annual pay in the county. Motorsport will temporarily operate in the General Motors facility on Fortune Way NW until the new facility is completed.
Construction on this facility is expected to begin in the coming months, with a completion date of early 2027.
Hendrick Motorsports also wants to build a manufacturing building at the Advanced Manufacturing Center near the Charlotte Motor Speedway in Concord. This facility will span 204,000 square feet and will be two stories in height. Hendrick plans to invest between $65m and $70m in the facility to attract a high-quality manufacturing tenant. The facility will have pneumatic supply ports, high levels of illumination, and robust electrical service with fiber optic cable feeding a digital data center for manufacturing.
Location
400-50 McGill Avenue
Concord, NC 28027
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Mon: 8:00 - 5:30
Tue: 8:00 - 5:30
Wed: 8:00 - 5:30
Thu: 8:00 - 5:30
Fri: 8:00 - 5:00
Sat: Closed
Sun: Closed