Plans are underway for the construction of a new (Financial Independence Group) FIG HQ, on a new 5-acre site located at 8715 Westmoreland Road in Cornelius, Mecklenburg County. The local financial firm, FIG, is working on this development as part of a $22.5 million investment, and once completed, the new campus will be home to FIG and its affiliates, Independent Property and Casualty Group, Alphastar Capital Management, and Barnabas Capital.
The new FIG HQ project is currently in the design phase, which will most likely be completed by fall. According to Brian Williams, a co-CEO at FIG, one main building would be built, with as much as 70,000 or 80,000 square feet to house all the company’s operations. He also mentioned that FIG was working with EDIFICE on general contracting and RBA for the architectural designs.
Construction is scheduled to commence in late 2022 or early 2023, with the completion of the building proposed for November 2023.
Funding for the new FIG HQ project
Financing for the new FIG HQ project will be covered in part by a business investment program grant offered by the town of Cornelius and Mecklenburg County. If the conditions are met, the grant could be up to $461,237, with $339,179 coming from the county and $122,058 from Cornelius. According to Andrews Clay who is the existing program manager, no state incentives were offered for the project.
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The new FIG HQ project is also expected to provide several employment opportunities ranging from financial-advising consulting to IT and marketing. The average annual salary for these jobs would be $55,547 and ranges from $49,000 to $112,000 according to the county’s presentation. Mecklenburg County also estimates that this investment would create an additional 15 permanent jobs, which will generate up to $177,692 in additional sales tax revenue over a five-year period.
George Dunlap, the chairman of the Mecklenburg County Board of Commissioners, mentioned that the new FIG HQ project showed that their efforts to build and grow a renowned financial services sector, which would attract regional and national investment to the community was paying off.
Dunlap pointed out that FIG would play a key role in expanding the efforts of the county in providing these job opportunities.
