4540 Fortune Ave. expected to be completed in late spring 2017
Plans are underway to build a 75,000-square-foot Class “A” speculative office building at 4540 Fortune Ave. Groundbreaking for the new building, which will help fill a great void for available office space in Cabarrus County, should kick off in late summer. It is expected to be completed in late spring 2017 at an estimated cost of $8 million. The project is a joint venture between The Nolim Group, CM Black Construction and CESI.
Situated on 20 acres near the I-85 and Hwy. 73 interchange, the building will be constructed on Lots 7 and 8 at the end of Fortune Avenue, located in Phase II of the park. The building will have multiple entrances, the potential to be subdivided and a high parking ratio. It was designed with 7/1,000 parking, but that could be extended to 10/1,000 parking. Officials from both the City of Concord and Cabarrus County have given the project support by approving an 85-percent reduction in property taxes for three years.
“4540 Fortune Ave. LLC is bringing opportunity to Cabarrus County,” said Cabarrus County Board of Commissioners Chair Steve Morris. “They’ve identified a need that will support future and expanded business. That is the foundation of economic development. We, in turn, are proud to support their commitment.”
Mayor Scott Padgett added, “The City Council and I are pleased to support the development of much-needed Class A office space in Concord; hopefully, we’ll remember this as the first of many similar projects.”