The old Stockham Valve and Fittings site in Kingston could be rehabilitated under a plan presented to the Birmingham Council on Tuesday.

The council approved an incentive package for the $340 million redevelopment project in which the Coca-Cola Bottling Company United of Birmingham intends to build a new campus at the Stockham site.

“I want to say thank you to the team at Coca-Cola for their continued commitment to the Kingston community and the surrounding area,” Councilor J.T. Moore was quoted as saying in a press release. “This project, from one of the most recognizable brands in the world, marks a transformative milestone for our community.

“I’m excited for this development and how it will breathe new life into an abandoned site that has been a point of contention for our residents. I know that this will be a major economic generator for the city; not only that but it’s located right in the heart of District 4 and a community that will greatly benefit from the new opportunities, community engagement and potential job creation.”

According to city staff, the 500,000 square-foot facility will include a corporate headquarters, a sales center as well as a distribution and warehousing center. Leaders estimate the company’s investment to bring 50 new jobs.

The city’s incentive package will include the construction of an access road and $400,000 for water infrastructure improvements. The city will also grant abatements of construction-related sales and use taxes for the project as well as non-educational ad valorem taxes for 15 years. According to city staff, the project will also receive abatements for noneducational ad valorem taxes imposed by the state and Jefferson County for 10 years.

The planned site sits at 1101 40th Street North just off I-20/59, less than three miles from Birmingham-Shuttlesworth International Airport.

“It is going to be a great welcome to anyone coming into the city and if you’re flying in, you’re going to get a great view of it as well so we’re very excited about this opportunity,” Mike Suco, CEO of Coca-Cola Bottling Company United of Birmingham, said during the council’s meeting Tuesday.

According to Suco, the company started in 1902 and is now the third largest Coca-Cola Bottling Company in the country.

During Tuesday’s meeting, several council members thanked the company’s leadership for their commitment to stay in the city.

“Your roots are Birmingham through and through, and I think you guys have exemplified that,” Councilor Hunter Williams said.

The Stockham Valve and Fittings plant on 40th Street North opened in 1918. According to the Encyclopedia of Alabama, the plant earned some $116 million in revenue and employed approximately 1,200 people in 1996. The plant closed in 1998.