Silverman Group to invest $17 million in new spec building in Concord
CONCORD — The Silverman Group — the company responsible for building the speculative building that brought Amazon to Concord — is set to invest $17 million to develop a 300,000 square foot manufacturing speculative building. The building will be located at 1000 Derita Road, Concord.
The project looks to generate 50 construction jobs during the build out, plus whatever jobs are created from the businesses that will eventually lease or buy space in the spec building.
Concord City Council recently approved an incentive grant to push the project forward. The grant is for an 85 percent reimbursement of the taxes on the spec building over a three year period. The Silverman Group will pay their taxes in and then file paperwork to be reimbursed 85 percent of their taxes.
The Silverman Group looks to pay in $244,800 in taxes to the City of Concord over three years and be reimbursed $208,080 with the city having a net gain of $36,720 during those three years. After that, the Silverman Group will pay their regular tax rate which looks to be $81,600 a year, based on the city’s 48 cent tax rate. The total assessed value of the project is $17 million.
The Silverman Group is a family owned and operated private equity and real estate development organization, based in Short Hills, N.J. The company owns more than six million square feet of commercial space and more than 4,000 multi-family apartments throughout the United States.
Just one success story the Silverman Group has had in Cabarrus County involves one of their previously build spec buildings in Concord.
In September 2014, the online retail giant Amazon.com announced plans to open its first North Carolina distribution center next to the Concord Regional Airport.
The online retailer spent more than $4 million, to open the 222,500-square-foot distribution center in one of the Silverman Group shell buildings built in the Concord Airport Business Park at 7035 Northwinds Drive, Concord.
Original article here.