Charlotte

Energy sector drags down profits at BofA, Wells Fargo

April 15, 2016

(The Charlotte Observer)

The two banks reported lower earnings for the first quarter as a result of stockpiling reserves to cover potential losses on energy loans. Bank of America reported $2.7 billion in profit, down about 13% from the same period a year ago, while Wells Fargo's profit slid about 6% to $5.46 billion.

Regulators reject 'living wills' at 5 top banks

April 14, 2016

(Winston-Salem Journal)

Five big banks, including Wells Fargo, JPMorgan Chase and Charlotte-based Bank of America, have until Oct. 1 to correct problems in their "living wills," plans that describe how they would dissolve in the event of severe financial distress or bankruptcy.

Site in Charlotte's South End sold for almost $12.2M

April 14, 2016

(The Charlotte Observer)

The 2.3-acre site where Dimensional Fund Advisors plans to build an eight-story office building sold for nearly $12.2 million. The parcel is home to the popular Food Truck Fridays and Common Market, which is still looking for a new location. Cousins Properties will develop the site for the Austin, Texas-based financial services company.

Duke Energy forms new business group, names new execs

April 13, 2016

(The Charlotte Observer)

Duke Energy named Dhiaa Jamil executive vice president and chief operating officer and Melissa Anderson EVP and chief human resources officer. The Charlotte-based utility also announced it has formed a new business transformation and technology group, which will be led by Brian Savoy. Savoy has been chief accounting officer and controller since 2013.

Lash Group opens new SC headquarters

April 12, 2016

(The Charlotte Observer)

The Lash Group held a ribbon-cutting ceremony on Monday at its new headquarters in Fort Mill, S.C. The company moved 1,200 jobs from Charlotte and hopes to double its workforce, adding another 1,200 by 2020. An AmerisourceBergan company, Lash Group provides patient support services for the health care industry.

CLT is 5th-busiest airbort in nation, 6th-busiest in world

April 12, 2016

(The Charlotte Observer)

Charlotte Douglas International Airport is now the fifth-busiest airport in the U.S. and the sixth-busiest in the world, based on takeoffs and landings. The number of travelers increased 1% in 2015 to 44.9 million, though about 80% of passengers use the airport for connecting flights. The airport is ranked ninth-busiest by passengers.

Developers reveal plans for massive 'River District' in southwest Charlotte

April 11, 2016

(Charlotte Agenda)

Crescent Communities and Lincoln Harris filed paperwork with the city of Charlotte for a new development that could be roughly the same size as Ballantyne. Tentatively called the "River District," it encompasses more than 1,300 acres between the airport and the Catawba River. Residential districts, including up to 1,700 houses, will be located along the river, and a "town center" will include 1 million square feet of office space and 300,000 square feet of retail/restaurant space. Plans call for a public waterfront area, a greenway and a "wildlife preserve" of at least 75 acres.

Harris Teeter leads Charlotte grocery market

April 11, 2016

(The Charlotte Observer)

Grocery wars are heating up in Charlotte, and the latest market share rankings show Harris Teeter is in the top spot with 19.4%. Food Lion is second, while Wal-Mart Supercenter fell from No. 1 in 2014 to No. 3. However, Wal-Mart leads with 26.6% market share when its Supercenters, Sam's Clubs and Neighborhood Markets are combined. Florida-based Publix was fourth with a 6% market share.

Construction values rise in Cabarrus County

April 11, 2016

(Independent Tribune, Concord)

Cabarrus County issued 752 building permits valued at $134.5 million, higher than the $123.1 million for the same period a year ago and more than double the $57.6 million in 2014. Single-family construction remained strong, with permits issued for 351 homes worth $51.4 million.

Belk signs 15-year lease in Charlotte

April 8, 2016

(The Charlotte Observer)

The Charlotte-based department-store chain is consolidating its corporate headquarters in a 475,000-square-foot space it partially occupies on Tyvola Road in south Charlotte. Belk, which was acquired in December by private-equity firm Sycamore Partners for $3 billion, has about 1,400 employees at its corporate office.

Wells Fargo to offer paid parental leave

April 8, 2016

(The Charlotte Observer)

Beginning June 1, the San Francisco-based bank will provide up to 16 weeks for primary caregivers and up to four weeks for nonprimary caregivers following a birth or adoption. Competitors Bank of America and JPMorgan Chase also introduced paid parental leave policies earlier this year. Wells Fargo employs more than 23,000 in the Charlotte area.

Levine donates $25M to cancer center in Charlotte

April 7, 2016

(The Charlotte Observer)

The Leon Levine Foundation has committed $25 million to help Carolinas HealthCare System expand its Levine Cancer Center, the largest gift in the health system's history. The foundation, named for the founder of Family Dollar Stores, gave $20 million to establish the center in 2010. CHS announced the $150 million expansion last month.

Big renovation planned for Concord Mills

April 7, 2016

(The Charlotte Observer)

A redesigned dining area, four new lounge areas, enhanced Wi-Fi and valet parking are planned as part of a major renovation at Concord Mills, the state's largest outlet mall. Most of the work will be done at night and is scheduled for completion in early 2017. Owner Simon Malls didn't immediately disclose the cost of the project.

PayPal cancels Charlotte project, Red Ventures could be next

April 6, 2016

(The Charlotte Observer)

PayPal announced Tuesday it was scrapping plans for an operations center in Charlotte that would have created 400 jobs. CEO Dan Schulman said that the state's new law limiting protections for LGBT people "really goes against the values of our company." Also, Red Ventures CEO Ric Elias said he is reconsidering a plan to bring 500 jobs to Charlotte. State Republican leaders blamed Charlotte Mayor Jennifer Roberts and the "far-left Political Correctness Mob she's unleashed" for the economic fallout of HB2.

Ally Financial acquisition will add 100 workers in Charlotte

April 6, 2016

(The Charlotte Observer)

The Detroit-based auto lender is buying TradeKing Group, a Florida-based online brokerage firm, for $275 million in cash. The acquisition will add wealth management to Ally's growing list of services and about 100 people to its Charlotte workforce. Ally CEO Jeff Brown is based in Charlotte, one of the lender's main employment hubs. The company will have about 900 workers in the Queen City when the deal is completed.

BofA names new treasurer

April 6, 2016

(The Charlotte Observer)

Bank of America named Andrei Magasiner treasurer, replacing Greg Hackworth who is retiring after two decades with the company. Magasiner is the chief financial officer of investment banking and trading divisions and is based in New York.

Charlotte's Jeld-Wen could go public in the second quarter

April 5, 2016

(The Charlotte Observer)

Door- and window-maker Jeld-Wen Inc. is planning an initial public offering as early as the second quarter, according to people familiar with the matter. The IPO could raise about $500 million, valuing the company at about $5 billion. Jeld-Wen moved its headquarters from Oregon to Charlotte in 2012.

Lincoln Harris closes on downtown Charlotte property for $11M

April 5, 2016

(The Charlotte Observer)

Lincoln Harris closed on the first part of the Charlotte Observer's downtown site, which includes a parking deck, loading dock and warehouse. The Charlotte real-estate firm is scheduled to close on the remainder of the 9.4-acre property by May 2. The Observer is moving to offices in the NASCAR Plaza tower formerly occupied by Chiquita.

Lionsgate cancels Charlotte film shoot over LGBT law

April 5, 2016

(The News & Observer, Raleigh)

The pilot for a new Hulu TV show called Crushed will be filmed in Vancouver, Canada instead of Charlotte. Lionsgate pulled production for the show because of the new state law that limits protections for LGBT people. The California-based studio is shooting a remake of the movie Dirty Dancing in western N.C.; Lionsgate will continue that project due since filming is already underway.

Massive development proposed for southwest Charlotte

March 30, 2016

(The Charlotte Observer)

Crescent Communities and Lincoln Harris unveiled plans for a 1,300-acre development between Charlotte Douglas International Airport and the Catawba River that could include 4,000 residential units, 500,000 square feet of restaurant and retail space and 8 million square feet of office space. The proposed development is similar to the original plan for Charlotte's Ballantyne community, first introduced in 1991.