The move will bring the NASCAR Productions group of approximately 125 employees to a new 58,000-square-foot technology center. The new facility will be built near the existing NASCAR Research and Development Center in Concord in West Winds Business Park near Concord Budget Regional Airport.
Concord is about 20 miles from downtown Charlotte, which is where most of the NASCAR teams as well as Charlotte Motor Speedway are located.
According to reportsNASCAR will invest more than $28 million for a new technology center that will modernize the technology as the sport continues to expand its coverage in the television and digital space in the coming years.
Thursday, Concord City Council approved incentives With a total value of $340,986 over three years for transportation.
Moving to a new facility opens the question about the future of the building they are leaving located at 550 South Caldwell Street in downtown Charlotte. The 20-story building is built in the center of town next to the NASCAR Hall of Fame.
The office tower opened in 2009, the Hall of Fame the following year, and formed what is known as “NASCAR Plaza”. The tower’s ownership has changed several times over the years. was most rGently purchased by Cousins Properties and leased by Foundry Commercial. Their cousins renamed it “550 South” in December of last year.
NASCAR remains one of the 550 largest renters in the South occupying part of one floor, and all of the space on the two upper floors. However, 550 South is not the only corporate space occupied by NASCAR.
The International Motorsports Center, an 8-story, 184,500-square-foot building across from Daytona International Speedway, Florida, opened in 2009. It was home to International Speedway Corporation (ISC) and NASCAR. ISC and NASCAR merged in 2019, and NASCAR still has corporate offices there along with the NASCAR-owned International Motorsports Association (IMSA) sports car racing series.
The recent public acknowledgment of the NASCAR lease in 550 South showed that Expired in May of last year. Assuming a lease extension, when it expires, it will be up to NASCAR to decide whether the rest of its employees will move to Concord, or if some of its operations can be merged with the Daytona offices.
Currently, NASCAR Productions will acquire a new, state-of-the-art facility that will help sports media properties maintain their pace as NASCAR continues to add new audiences and grow its product. This facility should take about two years to set up and could add room for expansion allowing NASCAR to centralize its employees once again.
For the immediate future, the Cabarrus County Board of Commissioners will meet on Monday and consider additional incentives of $525,687 over three years.
“NASCAR has been part of the fabric of our society for decades,” She said Page Castrodale, CEO of Cabarrus Economic Development Corporation. “We are very pleased that the success they have had at Concorde so far has allowed them to grow here.”