CHARLOTTE, N.C. — Charlotte Pipe and Foundry, the company who owns a plot of land in uptown Charlotte that has been eyed by the Carolina Panthers as a possible new stadium location, says it will move its operations to Stanly County.
A spokesperson for Charlotte Pipe and Foundry confirmed the move to WCNC Charlotte. The company says work could begin later this year on a new plant with operations beginning as early as 2023. Charlotte Pipe says the new facility will be a state-of-the-art plant on 428 acres. The company says it will invest at least $325 million for the new plant.
Charlotte Pipe's 55-acre plot of land has been looked at as possible location for a new Panthers stadium. In a media roundtable last November, Panthers owner David Tepper said the property where the manufacturing plant currently sits could be a good fit for a new stadium.
"We feel fortunate that the land area constitutes one of the largest contiguous tracts of land in an urban center in the nation and we see many exciting possibilities for this property." Charlotte Pipe President Hooper Hardison said
Last week, Stanly County leaders passed tax incentives that would encourage Charlotte Pipe to relocate to Oakboro.
In the 20-year agreement, Charlotte Pipe would pay the entirety of its taxes annually, and the county would issue 80% of that money back in a grant. In return, Charlotte Pipe would invest at least $325 million into the community and create more than 400 jobs.
“The economic multiplier of this thing is huge,” Stanly Count Manager Andy Lucas said. “It is so significant. We’re cautiously optimistic.”
When Charlotte Pipe makes the move, a plot of land sizable enough to build a new stadium could go up for sale.
“This stadium is old,” Tepper previously said. “At some point, we’re going to have to do something major.”