Charlotte

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At Bank of America's annual shareholder meeting, CEO Brian Moynihan repeated the bank's position that HB2 should be repealed.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.

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.