Business leaders in Savannah, GA, Charleston, SC and Norfolk, VA are pursuing the facility, dubbed Project Neptune, which would bring up to 200 new jobs to the winning city. The project would also be a huge score from a commercial development standpoint, especially at a time when little to no construction activity is happening in the industrial sector.
Executives at TBC, an independent subsidiary of Sumitomo Corp. of America, did not return a telephone message left by GlobeSt.com on Thursday. Economic development officials are also declining comment on the project until a decision is made, possibly later this month.
South Carolina supposedly has the upper hand on incentives, hoping to attract TBC as the first tenant in a 400-acre industrial park along Interstate 26. Such a recognizable name could help kick off several commercial real estate developments that could generate 17,500 jobs over the next 15 years, according to a report by The Post and Courier.
In August, TBC announced it would keep and expand its headquarters in Palm Beach Gardens, adding at least 50 jobs. The company is entitled to state and local incentives that could total more than $800,000.
TBC has more than 700 company-owned stores operating as Tire Kingdom, National Tire & Battery and Merchant's Tire & Auto Centers, along with 500 franchised Big O Tires locations. The company was publicly traded from 1983 until 2005, when it was acquired by Sumitomo.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
