May 17. Three companies have formed a joint venture that will build a spec building in the International Business Park in Concord. The building, valued at $8 million, will have 75,000 square feet of space.

The project, on 20 acres fronting Fortune Avenue, has been given an 85-percent reduction in property taxes for three years by the City of Concord and Cabarrus County government. The spec building is expected to be completed in about a year.

The joint venture consists of The Nolim Group, CESI and CM Black Construction.

“4540 Fortune Ave. LLC is bringing opportunity to Cabarrus County,” said Cabarrus County Board of Commissioners Chairman Steve Morris. “They’ve identified a need that will support future and expanded business. That is the foundation of economic development.”

The building will be delivered in shell condition and ready for tenant-specific upfit. CBRE is handling brokerage duties.

The 517-acre International Business Park is home to 30 different companies and some 3,000 employees.