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Five surging sites worth watching in the Triangle
Aggressive new development is everywhere in the Triangle, but growth can dismantle longtime institutions and neighborhoods. These five locations stand out for the significant change they’re expected to see in 2022 — for better or worse.
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MONCURE
About half an hour’s drive southwest of downtown Raleigh is an unincorporated community in Chatham County with 780 residents. In 2022, it could attract one of the largest economic investments in North Carolina’s history.
At 4.7 square miles in area, Moncure is easy to miss for passersby driving along U.S. Hwy. 1. But it boasts the state’s largest megasite — a broad tract of land exceeding 1,000 acres and “prepared to suit the needs of a future large-scale plant,” according to UNC-Chapel Hill’s School of Government.
Moncure’s megasite, now called Triangle Innovation Point, sprawls across more than 2,150 acres. Its owners and the Chatham County Economic Development Corporation anticipate future tenants will create as many as 20,000 new jobs and suffuse surrounding areas with new residents.
“What’s going on at Triangle Innovation Point is really well-situated to land top-notch users that will bring great jobs,” said Jason Kaplan, managing member of Moncure Holdings LLC, which oversees TIP’s development. “Everything is working for it — TIP’s proximity to Raleigh, RDU, Sanford, U.S. 1. There are very few sites in the country that present the opportunity for major businesses to locate so near a major city.”
The complex, formerly known as the Moncure Megasite until rebranding in the last few years, is designed to accommodate several “smaller” companies, each with up to 1 million-square-foot facilities, or a much larger single user, Kaplan said. Several companies are in discussions with the state and TIP’s management, but no tenants have been announced.
“We could potentially have our first announcement very soon,” Kaplan said, “maybe first quarter of 2022. Gauging interest recently, it’s probably tenfold from a year ago or so.”
Michael Smith, president of Chatham County EDC, said company inquiries at TIP have escalated in response to nearby development announcements. Apple and Google opening new facilities in the Triangle has vaulted the area to heightened international awareness.
“I’ve been in economic development in North Carolina for more than 20 years,” Smith said, “and I don’t think there’s ever been a time where so many transformational projects are looking at North Carolina.”
Smith and Kaplan declined to discuss what companies are evaluating TIP, citing the confidentiality of such negotiations. But certain industries top their list of ideal candidates. Since the megasite’s inception, its owners have sought an auto manufacturer. An electric vehicle maker is a realistic option for TIP, according to Kaplan.
“EV is on the tip of everyone’s tongue,” he said. “I think that’s a very active industry, so it’s possible.”
TIP could also become a life science campus with biotechnology research and pharmaceutical development.
Site representatives were negotiating with an unnamed semiconductor company that could have invested $40 billion in the state, but the company withdrew its interest earlier this month, The News & Observer reported.
With tens of thousands of new jobs likely to arrive in coming years, several developers have already launched new housing projects near Moncure, Smith said. They include Gracewood, a 232-acre development in New Hill, and Pittsboro’s Chatham Park, one of the largest planned developments on the East Coast.
“Everything is there for this to happen and we’re doing everything we can to make it happen now,” Smith said. “I’d be surprised if we didn’t have some finality by the end of this year if not well before.”
News & Observer readers: Click here for 5 Signs of Change: Part Two.
Durham Herald-Sun readers: Click here for 5 Signs of Change: Part Two.
This story was originally published January 23, 2022 6:00 AM.
