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Charlotte Business Journal
Hotel project takes key step
A developer has taken a key step toward securing rezoning approval for a new hotel at an office park in Huntersville that neighbors Birkdale Village.<\p> The Huntersville Planning Board voted 6-0 yesterday to recommend approval of Hotel Ventures of Lake Norman Inc.'s rezoning request. The applicant is led by developer Hitesh Patel. The developer is seeking a new zoning to allow a three-story, 121-room hotel at a 10-acre site at the Birkdale Point office park. The site at 8830 Northpointe Executive Park Drive is currently zoned for office uses. <\p>
Visa, Mastercard 'swipe' fee settlement dealt a big blow
A nearly $30 billion settlement involving U.S. retailers and credit card giants Visa Inc. and Mastercard Inc. has been dealt a blow after a judge said it was unlikely she would approve the deal.<\p> During a June 13 hearing on preliminary approval of the proposed settlement involving “swipe” fees, U.S. District Judge for the Eastern District of New York Margo Brodie said she was unlikely to sign off on the deal. Brodie issued a written order on the case on June 25, and while the order itself was sealed, the accompanying memorandum on the court docket stated that the "court finds that it is not likely to grant final approval to the Settlement and accordingly denies Plaintiffs' motion for preliminary settlement approval."<\p>
Project helps fill gap in market
A Florida-based developer of cold-storage industrial properties has delivered its large project along Interstate 77 in Rock Hill.<\p> Karis Cold earlier this month completed that 277,785-square-foot building, which sits on more than 40 acres off Lazy Hawk Road. The building is still available for lease and was designed for users in the food industry. <\p>
Property’s new owners plan facelift
A mixed-use development in Charlotte's Belmont neighborhood is under new ownership.<\p> Ascent Real Estate Capital, in partnership with PointBlank Ventures, acquired Hub 933 at 933 Louise Ave. yesterday from a limited liability company called 933LAP. The Charlotte firm paid $11 million for the property, according to Mecklenburg County real estate records. The previous owner purchased the property in 2017 for $1.6 million, county records show.<\p>
Merger adding HQ here gets go-ahead
Cedar Fair and Six Flags said today that the U.S. Justice Department has completed its review of their proposed merger for having unfair effects on competitors, clearing the way for closing the $2.2 billion transaction, as scheduled. The merger will bring another corporate headquarters to Charlotte.<\p> Sandusky, Ohio-based Cedar Fair (NYSE: FUN), which owns Charlotte theme park Carowinds, and Six Flags Entertainment Corp. (NYSE: SIX) in Arlington, Texas, plan to go ahead with their July 1 merger after satisfying remaining closing conditions.<\p>
‘Lock-in effect’ restricts homeowners despite inventory improvements
A U.S. housing market that continues to see home-price appreciation, paired with higher-for-longer mortgage rates, may prolong the lock-in effect that's stymied inventory the past couple of years.<\p> Many housing economists predicted 2024 would see more relief for homebuyers by way of greater inventory and households more willing to sell their homes after being tethered to record-low mortgage rates obtained during the Covid-19 pandemic.<\p>
Tennis star to play in new Charlotte event
The Charlotte Sports Foundation is bringing a professional tennis doubleheader to Spectrum Center, headlined by defending Wimbledon men’s champion Carlos Alcaraz.<\p> The event, called the Charlotte Invitational, will be played Dec. 6 at Spectrum Center. It will feature two exhibition matches: Alcaraz against Francis Tiafoe, who ranks among the top 30 players on the men’s circuit, and Sloane Stephens against Madison Keys, who faced each other in the 2017 U.S. Open women’s championship match. Stephens beat Keys for the title.<\p>
Nucor pouring another $20M into NC mill
The fabrication and installation affiliate of Nucor Corp. is setting up a rebar facility near the steel mill the Charlotte-based company is building near Lexington, a $20 million investment expected to employ 25.<\p> The project was announced yesterday by Gov. Roy Cooper and the N.C. Department of Commerce. Nucor Rebar Fabrication is the beneficiary of a $50,000 grant from from the One North Carolina Fund, which helps local governments attract economic investment and employers. The state grants require a matching grant from local governments.<\p>
Bank gets OK for merger to hit $2B status
Raleigh's Dogwood State Bank has the all-clear to complete a deal that will make it a $2 billon institution. <\p> Dogwood and Community First Bancorporation of South Carolina have received all the required regulatory approvals to finalize their merger, which was announced earlier this year. <\p>
Home-price growth slows pace
The annual pace in which home prices are rising across the Charlotte area eased some this spring.<\p> The Charlotte region recorded a year-over-year price increase of 7.3% in April — down from a 7.5% increase in March and an 8.2% increase in February, according to the latest S&P CoreLogic Case-Shiller index, released yesterday. While that 7.3% uptick is the lowest annual gain here so far in 2024, it outpaces the 3.4% increase posted in April 2023. <\p>
500 homes get green light
Prestige Corporate Development has won final rezoning approval for its plans to develop hundreds of homes in Statesville. Statesville City Council signed off on the project last week after initially voting to deny Prestige's rezoning request for the site off Gilbert Road. <\p> City Council voted 5-3 to approve a second reading of the rezoning request tied to Prestige's project named Briarwood. The rezoning allows for 475 to 500 single-family homes at a nearly 202-acre site along Interstate 40. <\p>
What's next for $800M stadium makeover
Local leaders are calling Charlotte City Council's approval of public funds for renovations at Bank of America Stadium "strategic" and "significant."<\p> Council voted 7 to 3 last night to approve a proposal for $650 million to be used for stadium renovations and construction of a new fieldhouse. The funding will come from a tax dedicated to tourism-related projects. <\p>
Major manufacturing project cleared to move forward
York County confirmed today that solar-panel manufacturer Silfab Solar is cleared to move ahead with its $150 million, 800-job project in Fort Mill. <\p> That's after the project was thrown into uncertainty last month when the county's board of zoning appeals ruled that solar-panel manufacturing did not comply with a light industrial zoning designation.<\p>
Walmart plans 100-plus layoffs here
Walmart Inc. (NYSE: WMT) is planning to lay off more than 150 workers at its Charlotte offices.<\p> The Bentonville, Arkansas-based retail giant sent notice late last week that it would be cutting 155 positions at its Charlotte site at 2118 Water Ridge Parkway near the airport. The impacted employees work at the company's call center in Charlotte, fielding calls from Walmart workers, a company spokesperson said.<\p>
These jobs soared during the pandemic and are here to stay
Part-time job listings soared during the Covid-19 pandemic and have yet to recede — a potential sign that both workers and employers see benefits in the arrangements. <\p> Beginning in early 2022, the share of part-time jobs posted on job-search engine Indeed grew 10% before leveling off in 2023. <\p>
Knights sold to NY group
The Charlotte Knights have been purchased by Diamond Baseball Holdings, ending a 27-year run under Hickory businessman Don Beaver.<\p> No sale price was disclosed, though industry trends point to a transaction in the range of $100 million or more. Beaver paid an inflation-adjusted $19.6 million for the Knights in 1997.<\p>
NAR settlement means 'summer of uncertainty' for real estate agents
Teresa King Kinney is no stranger to abrupt change in the real estate industry — and the National Association of Realtors' recent settlement is no exception.<\p> She’s been the CEO of the Miami Association of Realtors and its 60,000-plus agents since 1993. In that time, she's navigated several recessions, the Global Financial Crisis and the turbulent, unpredictable Covid-19 pandemic.<\p>
New Opera Carolina leader makes history
Opera Carolina has appointed local business owner, venture capitalist and Charlotte native Shanté Williams its next general director. She will be the first person of color and the first woman to lead the organization since its founding in 1948. <\p> Williams will assume her role July 1, taking charge of the nonprofit's business operations from James Meena, who is currently general director and principal conductor. Meena will remain with the organization as artistic director.<\p>
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