Fortius Capital Partners Proposes Another Speculative Industrial Project in Concord
April 22, 2021
It appears a Concord developer is plotting another speculative industrial project in its home city. If it comes to pass, it would neighbor an active project by that same developer.
On Monday, the Cabarrus County Board of Commissioners approved incentives for Project Spring. The company behind the project is called The Springs Business Park LLC, according to county documents. Documents state the manager of the business is Harris Morrison, managing partner of Concord-based Fortius Capital Partners. The project calls for the development of four speculative industrial buildings totaling 119,400 square feet and an investment of $13 million, documents say.
The project, which would be built at 560 Pitts School Road, would be built in two phases.
The first phase would include three buildings of 22,950 square feet, 27,000 square feet and 22,950 square feet, respectively. Construction on the first phase would begin this summer and all three buildings would be completed by March or April of 2022, documents show. Tenants would take between 2,000 and 12,000 square feet there, documents show. The buildings are designed for small and medium-sized businesses.
The second phase would include the final building, which is by far the largest at 46,500 square feet. It’s expected to cost $3.5 million to develop. Construction would begin on that building in late 2022 and be completed in mid- to late 2023. Tenants in that building can occupy at least 6,600 square feet.
Samantha Grass, recruitment project manager for Cabarrus Economic Development, said at Monday’s meeting the county lacks industrial buildings of the sizes proposed in Project Spring. Attempts to reach Fortius for more information about Project Spring were unsuccessful before deadline.
The board of commissioners approved a three-year incentive grant for Project Spring with an estimated value of $245,310, documents say.
Fortius is also developing Meadows Corporate Park just off Pitts School Road and Poplar Tent Road. That project will include more than 250,000 square feet of industrial space upon completion, Morrison previously told the Charlotte Business Journal.
The first building at Meadows, which is 112,000 square feet, was completed in October 2020. The sites for Meadows and Project Spring have close proximity to Interstate 85’s Exit 52.
