PHOTO BY JUSTIN KASE CONDER | COURTESY OF VINFAST AUTOMOTIVE
Gov. Roy Cooper and VinFast executive Le Thi Thu Thuy (seated) with several Chatham officials including N.C. Sen. Valerie Foushee, N.C. Rep. Robert Reives and County Commissioner Karen Howard.
HERE WE
GROW AGAIN COMMERCIAL DEVELOPMENT UPDATES, PLUS A LOOK AT UPCOMING PROJECTS
D
COMPILED BY ANNA-RHESA VERSOLA
evelopment news in Chatham County experienced a seismic shift in late March when VinFast, an electric carmaker based in Vietnam, made public its plans to build a sprawling manufacturing complex at Triangle Innovation Point
(TIP) in Moncure. “It’s the largest project ever announced in the history of North Carolina,” says Michael Smith, president of the Chatham County Economic Development
“It is truly an extraordinary time [in] Chatham County, and I’m excited to be a part of what’s going on.” Corporation.
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VinFast expects to finalize its purchase of 1,977 acres and secure permits to begin construction along the U.S. 1 corridor this summer. The first phase of development creating 7,500 jobs with an average annual salary topping $51,000. VinFast plans to increase its workforce by another 12,000 jobs in its second phase of development. The facility is slated to produce electric car batteries and assemble batterypowered midsize and full-size sport utility vehicles starting in July 2024. Michael says the TIP site has many assets that make it attractive, such as proximity to Chatham Park, a network of major highways and rail systems, and access to major sea and
SUMMER 2022
OTHER UPDATES SPECIAL DELIVERY
FedEx plans to open a 338,000-square-foot distribution center in New Hill along Pea Ridge Road close to U.S. 1 in early 2023. The location was selected for reasons similar to why VinFast chose the TIP site in Moncure. FedEx will make a future announcement about the number of jobs offered at the facility, according to a company spokesperson.
STAY AWHILE
Construction is underway for a five-story Hampton Inn & Suites at 324 Freedom Pkwy. in Mosaic at Chatham Park. The building will have 120 guest rooms and will be the first modern business hotel in Pittsboro in recent memory. The Malcolm Bryant Corporation expects the 78,416-squarefoot building and landscaping for its 3-acre property to be completed in 2023.