Our take: Southwest of Raleigh and on the edge of Research Triangle Park, Vinfast (Vietnamese electric vehicle manufacturer) made a record-breaking deal to invest $5B for a new facility. Progress has slowed, but this will still mean future apartment and retail opportunities in towns like Moncure, Apex, Fuquay-Varina, and Holly Springs.

The Triangle Innovation Point (TIP), formerly known as the Moncure Megasite, is a significant industrial development located in Chatham County, North Carolina. Spanning over 2,150 acres, TIP is strategically positioned to attract advanced manufacturing and life sciences industries, aiming to boost economic growth in the region.

Development History:

• Early 2000s: Recognizing the need for large, ready-to-develop industrial sites, Chatham County, in collaboration with the Chatham County Economic Development Corporation (EDC), began efforts to identify and prepare land suitable for substantial industrial projects.
• 2018: The site was rebranded as Triangle Innovation Point to reflect its strategic location within the Research Triangle region and its focus on innovation-driven industries. JLL
• 2021: JLL, a global real estate services firm, was engaged to market and lease TIP, emphasizing its readiness for life sciences and advanced manufacturing tenants. JLL

Impact on Surrounding Areas:

The development of TIP is poised to significantly impact several cities and counties in the region:

• Chatham County: As the host county, Chatham is expected to experience substantial job creation, population growth, and increased economic activity.
• Moncure: Located nearby, Moncure anticipates economic benefits, including job opportunities and business expansion, due to its proximity to TIP.
• Neighboring Counties: Counties such as Lee and Wake may also see economic benefits due to their proximity to TIP.

Company Announcements and Agreements:

• VinFast (2022): In March 2022, VinFast, a Vietnamese electric vehicle manufacturer, announced plans to invest $4 billion to establish its first North American manufacturing facility at TIP, creating at least 7,500 jobs over five years (2023-2027). The facility will produce electric cars and buses, as well as EV batteries. Chatham County Government

Recent Developments:

• Groundbreaking Ceremony (July 2023): VinFast held the official groundbreaking for their site on July 28, 2023. The site is cleared, and the first concrete pour of the project was completed that day. Chatham Education Council

The strategic development of Triangle Innovation Point underscores North Carolina’s commitment to fostering economic growth through industrial expansion. The site’s readiness and the significant investment by VinFast are set to transform the economic landscape of Chatham County and its neighboring regions.