Charlotte

Charlotte skyscraper sells for $284 million

March 30, 2016

(The Charlotte Observer)

A company with ties to a Nevada businessman paid $284 million for One Wells Fargo, the 42-story "jukebox" building in downtown Charlotte that serves as the East Coast headquarters for the San Francisco-based bank and includes a Hilton hotel. It's the largest price ever paid for an office building in North Carolina, according to the CBRE brokers who represented the seller, a joint venture of Starwood Capital and Vision Properties.

LS3P merging with Savannah architecture firm

March 29, 2016

(Greater Wilmington Business Journal)

LS3P, which has offices in Charlotte, Raleigh and Wilmington, announced its second merger within the last three months. After combining with Hubbard Architecture in Myrtle Beach, the firm now plans to merge with Dawson Architects of Savannah, Ga., adding 20 employees. The Charleston, S.C.-based firm now employs more than 300 architects, designers and staff.

2nd study says Charlotte lags in innovation, entrepreneurship

March 28, 2016

(The Charlotte Observer)

The Charlotte region trails its peers in the amount of money spent on research and development and the number of startups, according to a new study being released Monday. The Charlotte Entrepreneur Growth Report says the Queen City can't rely solely on big businesses to stay successful. The study measured factors including academic funding for R&D, venture-capital investment and the number of patents issued. A study released last week by the Brookings Institution reached similar conclusions.

Pittenger land firm would receive $6M in proposed settlement

March 28, 2016

(The Charlotte Observer)

Investors in Rep. Robert Pittenger's former real-estate company have agreed to a settlement that would end the Pittenger family's role in the company and transfer management to South Street Partners, a Charlotte-based firm. The FBI and IRS are investigating Pittenger Land Investments over personal loans and contributions Pittenger made to his 2012 congressional campaign; Pittenger denies any wrongdoing.

Former Premier exec takes role at Charlotte's Snyder's-Lance

March 28, 2016

(The Charlotte Observer)

Kevin Powers will become senior director of investor relations at snack-maker Snyder's-Lance, replacing Mark Carter who is retiring in mid-April. Powers comes from Premier Inc., also based in Charlotte, and previously worked for Family Dollar Stores and Elan Pharmaceuticals.

Duke Energy CEO earns 30% more in 2015

March 25, 2016

(The Charlotte Observer)

Lynn Good's total compensation jumped 30% last year to $10.8 million, compared with $8.3 million in 2014. The Charlotte-based utility earned $2.8 billion in 2015 and reported revenue of $23.5 billion.

Study: Charlotte lags in R&D and innovation

March 24, 2016

(The Charlotte Observer)

Charlotte has done a good job of integrating its economy in global markets, with 14% of its gross domestic product made up of exports in 2014. But lack of a great research university, patents and research and development keep it far behind other cities in a report by the Brookings Institution.

Ecolab lays off 60 at Charlotte Swisher office

March 24, 2016

(The Charlotte Observer)

Ecolab, which bought assets of Charlotte-based Swisher in November, plans to close the company's SouthPark office, affecting 60 workers. The company provides janitorial and cleaning-supply services.

Charlotte could bid again on hosting X Games

March 23, 2016

(The Charlotte Observer)

Officials at Charlotte Motor Speedway say they have had preliminary discussions with ESPN about hosting the summer X Games in 2017 and 2018. The network is seeking bids from interested cities after ending its agreement with Austin, Texas a year earlier than expected. Last year's X Games, which features skateboarding, motocross and other "extreme" sports, had an economic impact of $102.3 million in Austin.

Ally Financial to expand board with new independent director

March 22, 2016

(The Charlotte Observer)

Ally Financial will consult with shareholder Lion Point Capital to select a new independent director, expanding its board to 12 members. The hedge fund tangled with Ally in December when Lion Point pressed the company to form a committee to study strategic alternatives, which Ally said was an attempt to force a sale of the company. Detroit-based Ally's CEO Jeffrey Brown is based in Charlotte, where the company employs about 800 people.

Charlotte approves mixed-use project across from SouthPark mall

March 22, 2016

(The Charlotte Observer)

Childress Klein will develop the property, which will include up to 490 apartments, a 175-room hotel, offices, shops and a 750-seat building that will be the new home of Sharon United Methodist Church. The existing church will be demolished to make way for the mixed-use project.

PayPal bringing 400 jobs to Charlotte

March 21, 2016

(The Charlotte Observer)

PayPal will open a new operations center in the University City area of Charlotte, creating 400 jobs with an average annual salary of nearly $50,929. The San Jose, Calif.-based payment processor could receive up to $3.7 million in state incentives.

Charlotte's EnPro Industries agrees to $480M settlement in asbestos case

March 21, 2016

(The Charlotte Observer)

Diversified manufacturer EnPro Industries will create a $480 million trust that will cover current and future asbestos claims against two of its subsidiaries, Garlock Sealing Technologies and Coltec. Based in Charlotte since 1999, EnPro was spun out of Goodrich in 2002. The company had $1.2 billion in sales in 2015.

Duke to produce energy from swine, poultry waste

March 21, 2016

(The Charlotte Observer)

Four of Duke Energy's natural-gas plants in North Carolina will produce electricity from biogas made from swine and poultry waste. The Charlotte-based utility signed an agreement to buy enough of the methane gas, produced by Boulder, Colo.-based Carbon Cycle Energy, to power about 10,000 homes a year.

Corporate sales robust for 2017 PGA Championship in Charlotte

March 18, 2016

(The Charlotte Observer)

PGA officials are considering expanding corporate hospitality offerings for the 2017 PGA Championship, which will be held at Quail Hollow Club in Charlotte, even though the event is still more than a year away. "That's almost unheard of at this point," said tournament director Jason Mengel.

BofA director Gifford to retire

March 18, 2016

(The Charlotte Observer)

In a proxy filing Thursday, Bank of America said that Chad Gifford, a director at the Charlotte-based bank since 2004, will retire. The bank has nominated Thomas Woods to replace Gifford. Woods is a former executive at Toronto-based Canadian Imperial Bank of Commerce.
Related: Moynihan defends Bank of America size

Concord energy-storage company lands first big order

March 18, 2016

(The Charlotte Observer)

Alevo said Thursday it has received an order for an 8-megawatt energy-storage system from a Delaware utility. Alevo's production plant is located at the site of the former Philip Morris USA cigarette factory in Concord.

State approves Center Point-Cardinal merger

March 18, 2016

(Winston-Salem Journal)

N.C. Health Secretary Rick Brajer said Thursday the merger is part of a strategy to reduce the number of behavioral-health managed care organizations to four from eight. Kannapolis-based Cardinal Innovations Healthcare Services is the state's largest behavioral-health MCO, providing care for 2.4 million N.C. residents. Some administrative positions at Winston-Salem-based CenterPoint could be eliminated after the merger.

Developer scraps plans for downtown Charlotte condo tower

March 17, 2016

(The Charlotte Observer)

A planned condo tower in downtown Charlotte was canceled and the developer will consider other uses for the property. Boston-based RTG Holdings and Gunn Financial said not enough units pre-sold to get the project off the ground.

Hornets line up sponsors for next year's NBA All-Star game

March 17, 2016

(The Charlotte Observer)

The Charlotte Hornets have signed 15 sponsors for next year's NBA All-Star weekend. Most are local companies, including Bank of America, CPI Security, Lowe's and Babson Capital Management. The event will be held the weekend of Feb. 17 and is expected to generate about $100 million.

Meanwhile, Raleigh expects $5 million in visitor spending this week as it hosts opening rounds of the NCAA Basketball Tournament.