CHARLOTTE — Pacific Life, a Fortune 500 insurance company, announced plans to open a new office in Charlotte, creating 301 jobs and investing $12.3 million in Mecklenburg County, Gov. Josh Stein announced on Tuesday.

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The new office will be located in a 68,000-square-foot space at the Queensbridge Collective in Charlotte’s central business district, with full occupancy expected by 2028. The project is supported by a Job Development Investment Grant (JDIG) from the state’s Economic Investment Committee, which is estimated to grow the state’s economy by $2.1 billion over 12 years.

“Companies like Pacific Life know they can find the deep pool of specialized talent they need in North Carolina,” said Stein. “Charlotte’s national reputation as one of the nation’s top financial services centers continues to attract great companies to our state. We’re proud to welcome Pacific Life.”

Pacific Life Insurance Company, headquartered in Newport Beach, California, has been in operation for nearly 160 years.

The company offers a range of life insurance, annuity, and employee benefit products, as well as investment products and services for individuals, businesses, and pension plans.

The new Charlotte office will provide employees with access to a fitness and wellness center, a one-acre outdoor green space, and a variety of retail and dining options. It is conveniently located just one block from a light rail station.

In the interim, Pacific Life will lease temporary space nearby.While wages for the new positions will vary, the total annual compensation is expected to be $176,250, significantly higher than Mecklenburg County’s average wage of $86,830.

“Attracting and developing leading talent is central to Pacific Life’s growth strategy,” said Pacific Life President and CEO Darryl Button. “Charlotte is home to a thriving workforce, and we look forward to welcoming new talent to the Pacific Life team to help drive our long-term success. This expansion effort was a true partnership between many in North Carolina, and we want to thank Gov. Stein, the North Carolina Department of Commerce, and the Economic Development Partnership of North Carolina for all their efforts and support in the decision-making process.”

The new jobs are projected to generate an annual payroll impact of more than $53 million in the community.The JDIG agreement authorizes potential reimbursement to Pacific Life of up to $5.54 million over 12 years, contingent on the company meeting job creation and investment targets verified by the departments of Commerce and Revenue.

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