SALISBURY — Crow Holdings, a Dallas-based real estate investment and development firm, has recently partnered with the city of Salisbury to build two commercial buildings on a site located between Peeler and Pietryk roads.

Once completed, the buildings are expected to have manufacturing and distribution companies move in and become tenants. Crow Holdings previously met with the Salisbury City Council in order to proceed with the first phase, and now they’re ready for the second.

During Tuesday night’s meeting, council approved of another local level two incentive grant with Crow Holdings totaling around $874,000. The grant is to allow the second of the two buildings to begin construction. The 468,000-square-foot facility will receive a $45 million investment from Crow Holdings, compared to the $73 million investment in the first building that totals 713,000 square feet. Overall, Crow Holdings is planning to invest $118 million into the project.

The terms of the grant have been altered from the city’s normal policy, just as it was done for the first request. The adjustment will allow Crow Holdings to recoup their infrastructure costs over a shorter period of time. Typically for tax incentive grants, 75 to 85 percent of new personal or real property taxes would be paid to Salisbury over five years. Crow asked for a revised grant equal to 90 percent of any new real property taxes be paid to Salisbury over three years, changing the total value from $1.2 million to $874,314. This would mean a smaller grant payment, but a $340,000 increase in net revenue for Salisbury over 10 years.

The terms of this grant is for real property only. Nick Thornton, a development associate with Crow Holdings, says Crow has already spoken with companies about coming to Salisbury by 2024. Once tenants occupy the buildings, Crow Holdings would like Salisbury to consider a tax grant on their personal property or equipment.

The current location of the buildings lack water and sewer services, and the roads need improvements as well. Crow Holdings is willing to pay for these repairs, as well as work on Interstate 85. According to Thornton, construction for the first building has already started and will last another six months. The second building will begin construction in the fall and be finished the following year.

“It’s great to have companies like Crow (Holdings) here in Rowan County and Salisbury and have building product, that’s the biggest thing we need. It’s a site, a building because it’s all about speed to market these days,” Rowan Economic Development Commission Vice President Scott Shelton said. “Something like this is going to make our job a lot easier as far attracting businesses to Salisbury.”