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Charlotte Business Journal
The Playbook: The common pay threads for high-performing companies
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
Company that failed to deliver here is bankrupt
Arrival, the electric vehicle startup that made significant commitments in the Charlotte region, is bankrupt after years of financial struggles.<\p> The company announced this week that it filed for bankruptcy on May 16 in Luxembourg, where Arrival is based. Arrival was declared bankrupt by a Luxembourg court on May 22. The disclosure came after Arrival sold its manufacturing assets in the U.K. and U.S. to Torrance, California-based Canoo Inc.<\p>
Charlotte man guilty in investment scheme
A Charlotte man pleaded guilty today to wire fraud related to a fraudulent investment scheme that saw more than 100 victims lose almost $700,000. Frank Lynold Mercado, 26, of Charlotte, pleaded guilty to the charge in U.S. District Court for the Western District of North Carolina, according to a news release from the U.S. Attorney's Office.<\p> Plea documents, as well as the day's court proceedings, showed Mercado's scheme ran from July 2019 to December 2022. During that time, he made fraudulent investments, causing friends, former co-workers and other acquaintances to lose a combined $700,000. <\p>
Charlotte golf major seeks diverse vendors
The PGA of America is looking for locally owned, diverse small businesses to work on the PGA Championship. Quail Hollow Club is hosting the tournament, one of the four major championships in men’s golf, next May.<\p> Charlotte first hosted the PGA Championship in 2017. Estimated economic impact was $100 million, or $128 million adjusted for inflation.<\p>
Dallas developer adds to Charlotte office
Dallas-based Trammell Crow Co. is positioning its Charlotte office for growth in multifamily development. The global commercial real estate development company earlier this month hired Tom Burr as senior vice president. Burr will be responsible for multifamily development opportunities here for the company's subsidiary, High Street Residential.<\p> Burr previously worked for Flournoy Development Group where he was the lead developer on more than 2,700 multifamily units throughout the Carolinas and Virginia that totaled more than $800 million.<\p>
New Charlotte leader for big bank
United Bank, a subsidiary of United Bankshares Inc. (NASDAQ: UBSI), has tapped a longtime company executive to oversee its operations in the Charlotte region. <\p> Barrett Deacon was recently named president of the Charlotte division after a decade with United’s office in Washington, D.C., where its headquarters are based. In his new role, Deacon will help drive commercial and retail production while steering the bank's growth and profitability across the local region. <\p>
Lender adds local SBA team
One of Charlotte’s largest credit unions is revving up the growth of its Small Business Administration lending unit, which is based here. <\p> Truliant Federal Credit Union said this week that it brought on a team of 10 business development officers to its SBA lending program. Spearheading the group is Ray Drew, a renowned SBA 7(a) lender with a long background of structuring small-business loans. <\p>
Big events boost golf betting here
North Carolina's legalization of sports betting is already having a positive impact on professional golf here.<\p> The PGA Tour hopes for additional gains as the state hosts two major championships over the next year: the U.S. Open this week at Pinehurst Resort and the PGA Championship in May 2025 at Quail Hollow Club.<\p>
PHOTOS: Credit union unveils HQ
Skyla Credit Union has debuted its new Charlotte headquarters nearly two years after announcing it would upgrade its corporate space. <\p> Skyla — formerly Charlotte Metro Credit Union — held a ribbon-cutting event June 10 for its more than 50,000-square-foot office at The Station at LoSo. The top three floors of the Station 3 building, at 3700 South Blvd., serve as Skyla’s headquarters.<\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
New Charlotte development gets refinanced
The developer of a newly delivered apartment community in lower South End has refinanced the property.<\p> Atlanta-based developer Westplan Investors worked with Cleveland-based BWE to secure a $35.5 million loan for its project called Accent Southrail. The 304-unit midrise at 6026 Station Crossing Ave. in lower South End delivered last year. <\p>
PHOTOS: Inside Wells Fargo's tower makeover
Wells Fargo & Co. (NYSE: WFC) has transformed the top floors of its uptown Charlotte tower at 550 South Tryon.<\p> Roughly 62,000 square feet on the 46th through 48th floors is now set aside for employees to drive connections. The goal: enhanced productivity, collaboration and innovation, says Valerie Goble, Wells Fargo's executive director of design and construction.<\p>
Investor's new partner sees busy pipeline here
Atlanta-based Patterson Real Estate Advisory has named its Charlotte market director a firm partner.<\p> The firm's newest partner is Austin Smith, who has worked for Patterson since 2017 and joined the Charlotte office as market director in December. Lauren Hanley, managing director of the Tampa, Florida, office, also was named partner. <\p>
130-acre lakefront site for sale
A large piece of property on Lake Wylie has come on the market and could pave the way for the development of nearly 500 homes.<\p> Drapac Capital Partners is looking to sell its 130-acre residential development property named The Coves at Lake Wylie. The project is at 17440 Landover Road in south Charlotte, within The Palisades master-planned community. The property is fully permitted for 499 residential lots and allows for a mix of detached homes, townhouses and lakefront units. <\p>
City consultant compares stadium deals
David Abrams, a New York-based sports finance executive, told City Council yesterday that the stadium renovation deal being considered to keep the Carolina Panthers and Charlotte FC in Charlotte for the next two decades is a unique opportunity.<\p> He should know.<\p>
Beachy bar heading to SouthPark
SouthPark mall in Charlotte has snagged a national retailer's beach-themed restaurant and bar concept, the first for the Carolinas.<\p> Tommy Bahama Marlin Bar is scheduled to open in late 2024 at the former McCormick & Schmick’s space, a mall spokesperson said today. It'll be in front of Dick's Sporting Goods at the mall's entrance and across from Reid's Fine Foods.<\p>
A key housing metric just fell to its lowest-point ever
The Fannie Mae Home Purchase Sentiment — a gauge of how good buyers feel about the housing market — fell to its lowest number since the agency began measuring it in 2010.<\p> In May, just 14% of consumers surveyed by the agency said it was a good time to buy a home, down from 20% in April. Those who said it was a bad time to buy increased to 86%. <\p>
Council voices stadium deal concerns
Charlotte City Council wants contractual guarantees from Tepper Sports & Entertainment that the company will meet all financial obligations as part of a proposed renovation of Bank of America Stadium. That sentiment dominated a 90-minute discussion yesterday at the Government Center about the prospective, public-private partnership to upgrade the NFL stadium.<\p> Assistant City Manager Tracy Dodson, who runs city government’s economic development division, and David Abrams, a sports investment executive at New York-based Inner Circle Sports, fielded questions from council and shared their perspective on next steps.<\p>
NoDa Brewing to shutter OG taproom
NoDa Brewing Co. is shuttering its OG Taproom — again. The Charlotte brewery says the last day of public operations will be June 28, with plans to transition the 11,400-square-foot facility into an event venue.<\p> Brewery founders Todd and Suzie Ford opened NoDa Brewing’s first location in October 2011. It is located at 2229 N. Davidson St.<\p>
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