CHARLOTTE, N.C. – Voters have narrowly elected a Democrat to lead Charlotte, North Carolina’s largest city.

With most of the votes counted, Anthony Foxx was leading challenger John Lassiter, a Republican, by nearly 3,000 votes out of 105,000 cast. But Lassiter conceded defeat before the final, unofficial results were released by the Mecklenburg Board of Elections.

Foxx will replace Pat McCrory, a Republican, who is stepping down after 14 years.

Foxx and Lassiter, both lawyers and city council members, promised voters they would focus on turning around the city’s economy.

With the nation’s banking meltdown, Charlotte has lost thousands of financial services jobs. Bank of America, one of the nation’s largest banks, is headquartered in Charlotte.