OTHER UPDATES
HERE WE
In western Chatham, Tim Booras, owner of the 1,802acre Chatham-Siler City Advanced Manufacturing Site, is working on a project to develop a 184-acre residential and retail area in Siler City along Highway 64. The concept for Fox Haven Village is currently in the predevelopment stage with the Siler City planning department.
COMMERCIAL DEVELOPMENT UPDATES, PLUS A LOOK AT UPCOMING PROJECTS
Despite public opposition from residents of the North Woods neighborhood in Pittsboro, the North Chatham Park Way is scheduled to be built after Chatham Park Investors offered $9 million to the North Carolina Department of Transportation for the road project.
GROW AGAIN
T
he impact of plans to build a Vietnamese car manufacturing plant in Moncure is still rippling through the county. VinFast has begun preparing part of the 1,765 acres for construction of its new $4 billion facility at Triangle
COMPILED BY BEN CROSBIE
Innovation Point.
The company received an incentive package worth $1.2 billion from the state of North Carolina, which includes a $316 million job development investment grant over 32 years and $450 million for site preparations such as road improvements. VinFast also received $400 million in incentives from Chatham County. The 126
CHATHAM MAGAZINE
Golden Leaf Foundation voted to award $50 million to the city of Sanford to build public water and sewer infrastructure to support the megasite tenants. VinFast is on track to break ground this year with an ambitious preliminary goal to start production in July 2024. The aim is to produce 200,000 vehicles per year. There will be two main areas of production – one for ancillary industries for suppliers and the other for the production and assembly of electric vehicles. The project has the potential to economically vault Chatham County onto the global stage and have similar benefits for the local economy as BMW has done in Spartanburg, South Carolina. CM
The interior of VinFast’s manufacturing facility, which will be built at the Triangle Innovation Point in Chatham, will look similar to its production plant in Vietnam.
SEPTEMBER / OCTOBER 2022
Mosaic at Chatham Park, a 44-acre mixed-use project that features apartments, condos, restaurants and entertainment venues, is also slated to host a 24,000-square foot medical office building after a lot sold for nearly $2.52 million. Triangle Family Dentistry has already committed as a tenant and plans to occupy about half the building. The Chatham County Board of Commissioners has requested funds from the North Carolina Department of Commerce, through its Building Reuse Program, to be used for the Arauco Building Reuse project. The board declared in a resolution on June 21 that the county has a need for the expansion of an existing building, and that it needs a portion of the funds authorized by the North Carolina General Assembly to stimulate economic development and job creation in distressed areas.