CHARLOTTE, N.C. (AP) — Lowe's has selected Charlotte, North Carolina, to house a 2,000-employee global tech hub. The city hopes the project will cement its reputation as a home for technological talent.

Lowe's and city officials announced Thursday the company would put $153 million toward the project, while the state's giving a $54 million incentives grant to be paid over 12 years if Lowe's meets job creation and investment targets.

The Charlotte Observer reports Lowe's CEO Marvin Ellison says they selected Charlotte for its density of young tech professionals, and its location near Lowe's headquarters in Mooresville.

Lowe says it will begin hiring for about 1,600 new jobs immediately, with average annual pay at more than $115,000.

Gov. Roy Cooper's office says the 23-story tower will open in Charlotte's South End in 2021.

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