Charlotte lands over 300 jobs as life insurance giant plans $12M expansion

Pacific Life will invest $12.3 million to open a Charlotte and promises to create several hundred jobs, Gov. Josh Stein’s office said Tuesday.

The Fortune 500 insurance company’s expansion plan will create 301 jobs with $176,250 annual salary for new positions, Stein’s office said. The average wage in Mecklenburg County is $86,830.

Pacific Life will occupy three floors at 68,000 square feet at the Queensbridge Collective at 1111 S. Tryon St. Full occupancy is expected in 2028, Stein’s office said. Pacific Life will temporarily lease nearby office space until the Queensbridge project is complete.

Based in Newport Beach, California, Pacific Life offers life insurance, annuity and employee benefits, as well as investment services.

For its Charlotte investment, Pacific Life will receive $5.5 million in state tax incentives over 12 years based on meeting incremental job creation and investment targets.

“Charlotte’s national reputation as one of the nation’s top financial services centers continues to attract great companies to our state,” Stein said in a statement.

Queensbridge Collective is a $700 million mixed-use development featuring 42 stories for apartments retail and restaurants and a 35-story office tower on the border of the South End and uptown.

Last month, North Carolina’s largest law firm Moore and Van Allen signed a 15-year lease to become an anchor tenant in the office tower. The framework for the first tower was completed in February after breaking ground in May 2023.

This is a developing story.

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