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Charlotte Business Journal
Arts hub opening at high-profile site
Blumenthal Arts will open a creative hub and event space later this month at the former home of Charlotte Pipe & Foundry.<\p> Blume Studios, which will host a variety of virtual reality and immersive experience exhibits, opens Sept. 20 with Space Explorers: The Infinite. The show runs through Nov. 10. Faulty Towers: The Dining Experience runs Sept. 26 through Oct. 13. Free art exhibits and events include Of Earth and Sky, Upcycled Moon Man, Groundswell and Dew Drops.<\p>
$27M mystery project mulled by city
A new industrial project being planned in Gastonia appears to be moving closer to reality.<\p> At its meeting tonight, Gastonia City Council is scheduled to consider incentives for Project Nexus. The codenamed project calls for a $27 million investment from an unnamed company to develop a 170,000-square-foot industrial shell building near Cox Road. The incentives consideration comes after the Gaston County Board of Commissioners approved financial assistance for the project last week.<\p>
South End tower looks for first lease
The developers behind South End tower 110 East recently tapped a local commercial real estate firm to take over office leasing at the building.<\p> Stiles Corp. and Shorenstein Properties handed the property over this week to Trinity Partners' landlord leasing team of Rhea Greene, Jennifer Kurz and John Hannon. Cushman & Wakefield was previously responsible for office leasing at 110 East.<\p>
Why Sustain Charlotte backs $25B transit plan
By the middle of this month, Charlotte, Mecklenburg County and the smaller towns within the county will all vote on whether to endorse a 1-cent sales tax increase as part of a $25 billion transit and transportation plan.<\p> The plan is the result of compromises between local and state government, encompassing a 30-year horizon of rail, bus and roads projects. Details on which projects will be prioritized and estimated costs will be disclosed next year, prior to a planned referendum on the tax hike — a referendum that first must gain approval from the state legislature.<\p>
Company laying off 200+ in closure
A longtime manufacturing plant in Iredell County will close next spring, leading to job cuts for more than 200 employees.<\p> Keystone Powdered Metal Co. said in a Worker Adjustment and Retraining Notification (WARN) on Aug. 30 that it will permanently close its plant at 250 Old Murdock Road in Troutman, about 37 miles north of Charlotte. A total of 217 workers will be impacted by the closure.<\p>
Why wealth-management business is booming
For wealth-management and investment brokerage firms, the past five years have been a period of significant growth, despite volatility created by the Covid-19 pandemic. <\p> That’s according to a recent analysis by The Business Journals of U.S. Securities and Exchange Commission data collected from the nation’s 200 largest registered investment advisory firms. <\p>
Safety a key issue for uptown leaders
Charlotte leaders remain focused on — and concerned about — public safety problems hurting businesses and discouraging visitors in uptown.<\p> Executives at advocacy and economic development group Charlotte Center City Partners disclosed additional steps and programs underway or starting soon to curb crime and improve uptown’s safety image as part of a discussion during the group’s latest quarterly board meeting.<\p>
Next step in Meck County's CEO search
Mecklenburg County has issued a request for proposals from recruiting firms as the search begins for a new county manager.<\p> The Mecklenburg Board of County Commissioners is scheduled to hear an overview of the process as part of its Sept. 4 meeting. On Aug. 8, County Manager Dena Diorio disclosed plans to retire on July 1, 2025. She became county manager in December 2013.<\p>
What's next for Camp North End
Camp North End has seen some of its hospitality tenants exit in recent months even as office leasing at the giant adaptive-reuse development has surged. <\p> Damon Hemmerdinger, co-president of Camp North End developer Atco Properties & Management, recently discussed with the Charlotte Business Journal the New York company’s commitment to the 76-acre site just north of uptown, between Statesville Avenue and North Graham Street.<\p>
754-bed student housing project opens soon
A 754-bed student housing community is opening this fall in University City.<\p> SR Real Estate Partners and Circle Squared Alternative Investments are the developers behind Junction 49, a more than 370,000-square-foot student housing project located at 7600 University City Blvd. The property is adjacent to the Lynx Blue Line and less than two miles from UNC Charlotte.<\p>
Small-business grants you can apply for this month
Small-business owners are increasingly confident about the future — and Black business owners are even more optimistic. <\p> That's one takeaway from JPMorgan Chase’s Midyear Business Leaders Outlook, which found 59% of small-business owners said they were more optimistic about their business now than at any point in the last five years. Meanwhile, about 70% of Black business owners said the same.<\p>
Charlotte corporate giants make Forbes list
Duke Energy Corp. (NYSE: DUK) and Honeywell International Inc. (NASDAQ: HON) scored top honors in the Carolinas in a new Forbes ranking on the best employers in every U.S. state. <\p> Charlotte-based Duke Energy ranked as the top employer in North Carolina. The utility giant, which recently posted strong earnings and revenue results in the second quarter, has been touting its growth trajectory after becoming a fully regulated utility late last year. It has 27,000 total employees, including 7,900 in the Charlotte area. It's the eight-largest employer in Charlotte.<\p>
Accounting giant boosts Charlotte headcount
KPMG, the nation's fourth-largest accounting firm, has bolstered its footprint in Charlotte's financial-services sector through hiring moves and other initiatives. Its presence expanded here during the height of the pandemic, a period that brought both challenges and opportunities for recruiters. <\p> "As the market here continues to grow in financial services, we continue to add more people with that expertise and benefit from that growth," said Joe Paradise, KPMG's Charlotte managing partner. <\p>
Contractors move on from office slowdown
Despite a slowdown in new office construction in the Charlotte region, local contractors say they are still busy.<\p> Over the last five years, the total number of commercial building permits filed with Mecklenburg County has steadily increased. In 2023, 11,283 permits were filed, up from 8,989 in 2019 and 10,271 in 2022. These include all asset classes, as well as things like additions, repairs and demolition. As of July 31 of this year, the county has 6,563 on file. Though the county is on track to surpass 2023 in total permits, key commercial sectors such as office and industrial are lagging. <\p>
How 49ers football is paying off
This weekend marks the start of college football season. For the Charlotte 49ers, it’s the school’s second year in the American Athletic Conference — a move Charlotte made to increase competition, interest and, ultimately, revenue.<\p> Football is the overwhelming factor in the success of college athletic departments. And for Charlotte, which only added the sport in 2013, the challenges are complicated by rapidly shifting — and escalating — rules and alliances that include allowing players to sign endorsement deals and an arms race for larger media rights contracts and larger stadiums. <\p>
Bank schools Charlotte students on finances
Osrick Hode, a 2024 graduate of South Mecklenburg High School, had to understand the value of money at an early age. <\p> He was raised in a low-income family which prompted him to grasp how to manage finances just to survive. <\p>
Developer buys site near CLT
A Midwest real estate firm recently spent nearly $10 million assembling property near Charlotte Douglas International Airport.<\p> Roers Cos., based in Plymouth, Minnesota, has acquired 13.5 acres along West Boulevard, a few miles away from the airport. The firm closed Aug. 19 on 3 acres at 2900 New Pineola Road. Roers bought the land from Charlotte-based JW Realty for $4.25 million, according to Mecklenburg County real estate records.<\p>
Future of $25B transit plan on the line
September is shaping up as the start of what could be — after years of misfires — a compromise solution for sustained investments in transit and roads for the Charlotte region. <\p> But that compromise, unveiled Aug. 9, comes with significant concerns, including:<\p>
'Challenges ahead' for uptown office market
Charlotte Center City Partners yesterday pitched the idea of local government incentives to help convert or update older office buildings — and reduce persistently high vacancy rates in uptown along the way.<\p> James LaBar, Center City Partners’ economic development director, highlighted demolition incentives programs backed by taxpayers in other cities during a presentation at the group’s quarterly board meeting.<\p>
Wealth advisory firm enters market
The private wealth advisory arm of Ameriprise Financial Inc. (NYSE: AMP) has entered the Charlotte market after recruiting a local adviser. <\p> The unit, Fidant Wealth Partners, recently brought on Billy Johnston as financial adviser, along with support staff member Sheila Stewart. They are both based in Rock Hill and serve clients across the greater Charlotte area. <\p>
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