Charlotte

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.

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.