Officials broke ground on Honeywell’s new tower Thursday, the next step in the manufacturing technology giant’s expansion to Charlotte.
The company, which makes everything from airplane cockpit systems to oil refineries to security systems for hospitals, moved its headquarters from New Jersey to Charlotte this year. It plans to occupy all of the office space in a 23-story tower, which developer Lincoln Harris will build across the street from Bank of America Stadium on South Mint Street.
“I can promise you this: we’re only beginning,” Honeywell CEO Darius Adamczyk told elected officials, developers and executives gathered in front of the site. “We really want to have a profound impact on the community.”
Honeywell moved into a temporary office in the Barings building uptown July 1. Construction on the headquarters building is expected to be complete in 2021, and by the end of 2024 it will house 750 employees.
The firm was lured here by more than $87 million in incentives from the state, county and city. In return, Honeywell said it would relocate and bring those hundreds of jobs to Mecklenburg County between 2020 and 2024.
In a press conference, Gov. Roy Cooper said targeted incentives help ensure that companies create well-paying jobs.
“These targeted incentives get us to the table ... and allow us to sell the great product that is the state of North Carolina,” Cooper said.
The building is part of the 10-acre Legacy Union development along Stonewall Street, one of Charlotte’s busiest corridors for construction. In August, Bank of America employees started moving into the company’s new tower, the first piece of the project. Lincoln Harris is also building an 18-story building anchored by consulting firm Deloitte.
Lincoln Harris and partner Goldman Sachs bought the land for the development, on the former Charlotte Observer site, for $37.5 million in 2016.
The site is surrounded by cranes, as more companies move to uptown’s southern edge.
Crescent Communities is building the 26-story Ally Charlotte Center at Stonewall and Tryon streets. Duke Energy’s 40-story tower on South Tryon Street is also underway.
“As I was coming in this morning I looked at the Charlotte skyline and the word that I thought about was opportunity,” Cooper said in his remarks. “This (Honeywell project) provides us an opportunity to move this city forward.”
And South End, which has had a wave of new apartments, shops and now office towers, is just across Interstate 277 from the site.
All of that has created demand for office space in the Legacy Union development, said Johno Harris, president of Lincoln Harris.
“There’s a collision between South End and uptown Charlotte that’s occurring,” he said. “And we just happen to be in the middle of it.”