Charlotte

Bojangles' first-quarter results beat Wall Street expectations

May 6, 2016

(The Charlotte Observer)

Charlotte-based Bojangles' reported net income of 21 cents a share for the first quarter, higher than estimates of 18 cents a share. Sales of $127.7 million also topped analysts' estimates of $126.8 million. Nearly a year after its initial public offering, the chicken-and-biscuits chain says it has about 100 new restaurants approved or under construction.

Banks pay $324M to settle rate-rigging claims

May 5, 2016

(The Charlotte Observer)

Bank of America is among seven banks that agreed to pay $324 million to settle a case claiming they conspired to rig the ISDAfix benchmark, used in the sale of interest-rate derivatives. Investors who lost money contended that the banks used electronic chat rooms and other private communication to set the ISDAfix.

Marcus Smith: We'd buy the Panthers

May 5, 2016

(The Charlotte Observer)

Echoing what his father, Bruton Smith, told Motorsport.com last month, Marcus Smith, CEO of Speedway Motorsports, said the family would be interested in buying the Carolina Panthers, which Forbes values at more than $1.5 billion. The NFL team isn't for sale, but owner Jerry Richardson, 79, has said the team is to be sold less than two years after he dies.

Investors in Pittenger land firm agree to new management

May 4, 2016

(The Charlotte Observer)

Investors in U.S. Rep. Robert Pittenger's former real-estate company have agreed to forgo legal claims against the firm if it turns over control to Charlotte-based South Street Partners. The FBI and the IRS are examining whether the Charlotte Republican improperly transferred campaign money from Pittenger Land Investments in 2012; Pittenger has denied any wrongdoing.

Charlotte's Passport raises $8M in new funding

May 4, 2016

(Charlotte Agenda)

Passport, a Charlotte-based startup that develops software that allow people to pay for parking spaces with a mobile app, raised $8 million in a financing led by MK Capital and also included existing investors Grotech Ventures and Relevance Capital. The company has raised a total of $17 million. Now in 250 markets, Passport plans to use the money to expand into new markets in the U.S. and internationally.

Lincoln Harris completes purchase of Charlotte Observer site

May 4, 2016

(The Charlotte Observer)

Charlotte developer Lincoln Harris paid $23.1 million for the second half of the former Charlotte Observer site, according to someone with knowledge of the deal. The company closed on the first portion of the downtown site last month for $11 million. Records show the developer is planning a mixed-use development, though the company declined to comment on plans for the site.

Topgolf to open Charlotte entertainment complex in 2017

May 3, 2016

(The Charlotte Observer)

Topgolf paid $4.4 million for a 14-acre site in southwest Mecklenburg County, where it plans to open a three-level entertainment complex in early 2017. The company expects about 450,000 annual guests in its first year and plans to hire 450 full- and part-time workers. About half of Topgolf patrons are nongolfers, the company says.

Pair of buildings in southwest Charlotte sold for $21.5M

May 3, 2016

(The Charlotte Observer)

A call center and light industrial building in Charlotte's Steele Creek area have sold for $21.5 million. The buyer of the buildings, which total 204,800 square feet and are fully leased, was a joint venture between CIP Real Estate and CrossHarbor Capital Partners. Brokerage firm HFF represented the seller, Fort Properties.

In Denver, Charlotte leaders find familiar housing concerns, different approach to transit

May 2, 2016

(The Charlotte Observer)

Charlotte city leaders wrapped up a visit to the Mile High City last week, where they discovered another city in the midst of a construction boom, with more than 18,000 apartments built, under construction or planned since 2010. Like Charlotte, Denver leaders expressed concern over having too many rental units and not enough affordable housing. The city's thriving transit system has been aided by a 1-cent sales tax across eight counties; Mecklenburg County has a half-cent transit tax that covers just the county.

First-quarter profit jumps 55% at Charlotte's CommunityOne

May 2, 2016

(The Charlotte Observer)

CommunityOne Bancorp CEO Bob Reid said the bank's pending $350 million acquisition by Capital Bank Financial is expected to close in the second quarter. With about $10 billion in assets, Capital Bank will be the second-largest bank based in the Queen City when the deal closes.

Ally's new general counsel to be based in Charlotte

April 29, 2016

(The Charlotte Observer)

Ally Financial named Scott Stengel, 44, its new general counsel. Nearly half of the Detroit-based lender's 16 top executives now will be based in Charlotte. The company's CEO, chief financial officer and chief compliance officer are already based in the Queen City. Stengel replaces William Solomon, who is based in Detroit and is retiring.

Duke Energy to increase investments in renewables

April 29, 2016

(The Charlotte Observer)

Charlotte-based Duke Energy plans to increase its wind, solar and biomass capacity to 8,000 megawatts by 2020, raising its goal of 6,000 megawatts set in 2013 by 33%. At the end of 2015, the company owned or purchased nearly 4,400 megawatts of renewable energy: 49% wind, 39% solar and 12% biomass.

BofA shareholders approve directors; CEO calls for HB2 repeal

April 28, 2016

(The Charlotte Observer)

At Bank of America's annual shareholder meeting, CEO Brian Moynihan repeated the bank's position that HB2 should be repealed. Shareholders approved all directors and compensation for top executives, while Moynihan fielded questions about continued weak stock performance and defended his decision to maintain his primary residence in Boston. Related: How much NC bank CEOs get paid

Ally Financial misses earnings expectations

April 27, 2016

(The Charlotte Observer)

Ally Financial reported first quarter profit of $250 million, down from $576 million for the same period a year ago when the Detroit-based lender sold its Chinese auto-finance joint venture. Adjusted earnings of 52 cents a share fell short of analysts' projections of 54 cents per share. Ally CEO Jeffrey Brown is based in Charlotte, one of the company's largest employment hubs with about 800 workers.

$70M mixed-use project approved in Rock Hill, SC

April 27, 2016

(The Charlotte Observer)

The Rock Hill City Council on Monday approved a $70 million development on the Catawba River that could include 300 apartments and condominiums and 235,000 square feet of commercial space. Premiere Design Solutions, based in Rock Hill, is the developer. Rock Hill is about 26 miles southwest of downtown Charlotte.

Regulators approve $55B Charter-Time Warner deal

April 26, 2016

(The Charlotte Observer)

Charter Communications received antitrust approval for its $55 billion bid for Time Warner Cable, which employs more than 3,100 people in the Charlotte area. Stamford, Conn.-based Charter is also buying Syracuse, New York-based Bright House Networks for $10.4 billion. The deals will create the nation's No. 2 cable provider; Comcast will remain No. 1.

Eastland Mall site in Charlotte to become K-8 school

April 26, 2016

(The Charlotte Observer)

Charlotte City Council voted 8-2 to sell 11.4 acres that was once the site of North Carolina's largest shopping mall to Charlotte-Mecklenburg Schools for $650,000. CMS plans to build a language-immersion school for 1,000 students on the site. Some neighbors protested the plan, favoring holding out for a project that would attract more private investment.

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.