Charlotte

PayPal courtship began last summer; 500 jobs were planned

April 25, 2016

(The Charlotte Observer)

The California-based payment processor initially proposed bringing up to 500 jobs to Charlotte in five years — higher than the 400 previously reported — according to Charlotte City Council minutes. Earlier this month, PayPal withdrew its plans for the Charlotte expansion over HB2.

Conover's Rock Barn course going private

April 25, 2016

(Hickory Record)

The Jones Course at Rock Barn Golf and Spa is going from semi-private to private, beginning May 1. The course hosted the Greater Hickory Classic until 2015, when the event was canceled due to lack of a title sponsor. General Manager Det Williams says the tournament's future is doubtful. Rock Barn's second course, considered less challenging, will remain semi-private.

Group to provide update on $37M Kannapolis project

April 25, 2016

(Independent Tribune, Concord)

At a Kannapolis City Council meeting on Monday, Development Finance Initiative will discuss hiring a commercial broker and provide updates to its downtown revitalization plan that includes about 200 residential units and about 30,000 square feet of retail space.

NBA commish says HB2 must change or All-Star game will go

April 22, 2016

(The Charlotte Observer)

NBA Commissioner Adam Silver said Thursday the league is interested in working with government officials to change the law, which he again called "problematic." The Duke University graduate said a change is needed for the league to play in "a celebratory NBA event" in North Carolina. The 2017 NBA All Star game is scheduled to take place in Charlotte.

Charlotte Venture Challenge honors startups at annual event

April 22, 2016

(ExitEvent.com)

A Charlotte-based company that makes a surgical-guide system for placing dental implants and a company developed by an Elon University student that makes single-use sleeves to keep coffee warm for three hours were among honorees at the 15th annual Charlotte Venture Challenge. The CVC was started to promote startups out of UNC Charlotte but has expanded, this year attracting nearly 100 entrants from across the Southeast.

Wells Fargo cutting 91 jobs in Fort Mill, SC

April 22, 2016

(The Charlotte Observer)

Decreasing demand for refinancing and fewer foreclosures are the reasons the San Francisco bank cited for the layoffs. The cuts were part of 251 nationwide layoffs Wells Fargo announced this week. Thirteen workers across North Carolina also lost jobs.

BofA CEO Moynihan ranks fifth for corporate jet use

April 21, 2016

(The Charlotte Observer)

Bank of America's top honcho ranked fifth among Fortune 100 executives based on aircraft perks in 2014, according to data from research firm Equilar. BofA spokesman Lawrence Grayson said the costs are due to Brian Moynihan's commuting — since becoming CEO in 2010, he has continued to live in Boston while working at the bank's Charlotte headquarters. "His real office is in a Gulfstream," a former BofA executive told BNC in 2015.

Fort Mill housing freeze passes first hurdle

April 21, 2016

(The Herald)

An ordinance to suspend single-family and multi-family residential zoning applications within the unincorporated Fort Mill township received preliminary approval Monday from the York County Council.  The proposal would ban new housing construction starts until 2017 between the Catawba River in North Carolina and Indian Land, S.C., excluding land inside the municipal limits of Fort Mill and Tega Cay. Heavy traffic and its impact on economic development, air quality and infrastructure are listed as reasons for the moratorium. The Rock Hill-Fort Mill Area Transportation Study Committee is working on a study of traffic capacity in the Fort Mill area.

Jeter plans to keep fighting I-77 toll lanes

April 21, 2016

(The Charlotte Observer)

N.C. Rep. Charles Jeter (R-Huntersville) said he plans to introduce a bill next week to cancel a contract with a Spanish company that is building toll lanes on Interstate 77 north of downtown Charlotte. Senate President Pro Tem Phil Berger responded by saying he doesn't see the need for it. The General Assembly begins its short session on Monday.

Follett buying Charlotte's Baker & Taylor

April 20, 2016

(The Charlotte Observer)

Chicago-based Follett will purchase Baker & Taylor, a Charlotte-based provider of books, videos and music to public libraries, for an undisclosed amount. Baker & Taylor had been put up for sale by Castle Harlan, the New York-based private-equity firm that has owned it since 2006. The company employs 214 in Charlotte.

Old GE plant in Conover is demolished

April 19, 2016

(Hickory Record)

A General Electric plant that once employed 1,200 people —  a significant number for the small community in the 1960s — has been razed. GE shuttered the plant, where ground-mounted transformers were made, in 1997 and moved production to Mexico. The city hopes to build a road at the site.

Two SouthPark office buildings sold for $35.5M

April 19, 2016

(The Charlotte Observer)

Two office buildings adjacent to SouthPark mall in Charlotte have sold for $35.5 million. The buyer is a partnership of Spectrum Properties and Intercontinental Real Estate Corp. Lionstone Investments was the seller. The buildings are 95% leased and comprise 178,338 square feet.

2 office builidngs in Charlotte's SouthPark sold for $34M

April 18, 2016

(The Charlotte Observer)

Fairview Center One and Two were sold to Atlanta-based Fairlead Commercial Real Estate for $33.75 million. Anchor tenants include law firm McAngus Goudelock & Courie and Zapata, an engineering firm. The seller was Charlotte-based Beacon Partners. Rental rates in the SouthPark area are up 14% over last year, according to CBRE.

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.