Call for Buyers for Philip Morris

Source from:  www.charlotteobserver.com 03/03/2009

Philip Morris USA continues to move ahead with plans to sell its 2,100 Concord acres, once its plant closes in 2010. That sale could be a pivotal moment for Cabarrus County's economy. "We think it is one of the keys to the Cabarrus County economic recovery," said John Cox, CEO of the Cabarrus Regional Chamber and of Cabarrus Economic Development. "We are really hoping that this can turn into an employment center where thousands of people can and will work." The land and buildings on the property have a tax value of $534million. Cox said he has spoken with company officials at least once a week about progress on the sale of the land. Paige Magness, a spokesperson for Philip Morris, said the company has been approached by interested buyers, but she declined to give specifics about them. "The process is moving along," Magness said. The company has produced an eight-page brochure for prospective buyers, giving details about the land and facilities available. It expects to have a live Web site with information for buyers up this spring, Magness said. Cox said the site could be valuable for a medical manufacturing company. Once the George W. Liles Parkway extension to U.S. 29 is completed, the site would have a direct route to the North Carolina Research Campus biotechnology hub being developed in Kannapolis. But Cox acknowledged that the current economic climate may make any sale difficult in coming months. "The bigger the site you have, the more challenging it will be to sell it," he said. "This site will have a very unique kind of buyer (because of its size). Whether they exist in this economy, that is a big question." Cox said he would not mind if the property were split up and sold to several different buyers. He said the county will manage if the sale is delayed, since it will still collect property taxes on the land. But the county is trying to help move things along, he said. "You don't want to keep a prime piece of property sitting vacant," Cox said. "We will be as aggressive as Philip Morris is in wanting to get this sold." Enditem