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Duke Energy buys uptown site for $40 million

Duke said the substation is vital for keeping up with energy demands in the Charlotte region, where more than 100 people per day are moving.

CHARLOTTE — Duke Energy Corp. is buying land owned by Tepper Sports & Entertainment near Bank of America Stadium and plans to build a power substation on the site, the company confirmed to CBJ.

The 4.6-acre site at 1040 W. Morehead St. is bounded by McNinch Street, Wesley Heights Greenway and Irwin Creek. Duke paid $40 million for the property. Tepper Sports bought the land for $15.5 million in December 2021.

Company spokesperson Bill Norton told CBJ that the land price, more than double what Tepper Sports paid three years ago, “reflects market conditions and the unique location of the site, which is critical to meeting our customers’ needs and maintaining reliable electric service for the surrounding community.”

Norton added the site fits within the utility’s forecast studies for needed energy production and availability.

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