Honeywell is a Fortune 100 Company coming to Charlotte. Here’s what it means.
Six months after manufacturing tech giant Honeywell announced it was relocating its corporate headquarters to Charlotte, the firm said Wednesday it will move into a new tower in uptown.
The company said in a release that it plans to occupy all of the office space in a 23-story tower that Charlotte-based developer Lincoln Harris will build.
That building is part of the 10-acre Legacy Union project transforming a part of uptown along Interstate 277. The development is underway on the former Charlotte Observer site, which Lincoln Harris and partner Goldman Sachs bought for $37.5 million in 2016.
Honeywell is a Fortune 100 technology company whose products range from airplane cockpit systems to oil refineries to security systems for hospitals. In November, the firm said it would move its headquarters from New Jersey to Charlotte, lured by more than $87 million in incentives from the state, county and city. In exchange, Honeywell promised to relocate and bring 750 jobs to Mecklenburg County between 2020 and 2024.
The first piece of the Lincoln Harris development, a 33-story tower anchored by Bank of America, is nearly complete, with the bank upfitting some of its floors. An 18-story building anchored by consulting firm Deloitte is also planned.
“We’ll be building upon a foundation that’s already well on its way,” said Dan Kirschner, vice president of global real estate at Honeywell.
Reshaping the area
Johno Harris, president of Lincoln Harris, called the development along Stonewall Street a “collision course” between uptown and South End.
“A lot of your employee base is living in South End,” he said. “You have those two forces, from uptown being the business side and South End being the community side, coming together.”
Lincoln Harris isn’t the only developer reshaping the area.
At Stonewall and Tryon streets, Crescent Communities is building the 26-story Ally Charlotte Center. Duke Energy is also building a 40-story tower on South Tryon Street.
Kirschner said the company considered locations in areas like Ballantyne and near the airport. But he said the final decision was between South End and uptown. He said the building’s proximity to amenities, like the light rail and I-277, will help the firm draw employees from all over the region.
Honeywell plans to relocate around 250 positions to the region by the fall, the company said in the release, and will add 500 positions in Charlotte over the next five years.
The new building will be across the street from the Bank of America Stadium on South Mint Street. Lincoln Harris expects the structure to be complete in 2021. It will also have ground-floor retail, 800 parking spaces and a rooftop terrace.