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Charlotte Business Journal
Inside plans for key infill sites
Chicago-based Centrum Realty & Development is partnering with a family-owned investment company on the development of three local properties.<\p> Centrum Managing Partner Larry Powers, who launched operations in Charlotte several years ago, said he knew almost immediately upon meeting Carlos Ruisanchez, founding partner at Sorelle Capital, that the firms would work better together.<\p>
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
Halal restaurant headed to Fort Mill
The Halal Guys has snapped up a location in Fort Mill’s Pendleton Village.<\p> The restaurant will occupy 2,400 square feet at that freestanding retail center. It backfills a space at that 30,000-square-foot development left open by Clean Eatz.<\p>
What's next for this uptown development?
Work on Legacy Union 6Hundred, the "big sister" office tower to the neighboring SIX50, is drawing to a close after nearly two years under construction.<\p> The 24-story, 415,000-square-foot tower at 600 S. Tryon St. is set to deliver on time in August or September, said Johno Harris, Lincoln's executive committee member and co-lead for the corporate advisory & solutions group. <\p>
Charlotte poised to gain Fortune 1000 HQ
Amusement park operators Cedar Fair and Six Flags Entertainment Corp. have set a date to finalize their pending, roughly $2 billion merger — with Charlotte gaining a corporate headquarters. <\p> Sandusky, Ohio-based Cedar Fair (NYSE: FUN), which owns Carowinds, will shed that name as of July 1, when the transaction is set to close. The combined company will operate under the Six Flags banner and keep its headquarters here. Six Flags (NYSE: SIX) is currently based in Arlington, Texas. <\p>
Inside PwC's growing community commitment
Professional services giant PricewaterhouseCoopers is broadening its reach across the Charlotte market through a range of community engagements. PwC mainly focuses on being active across the financial and digital literacy and educational spaces. Emily Pillars, the firm's Charlotte managing partner, said its intent behind giving back reflects in its mission: "to build trust in society and solve important problems." <\p> "I think it's important for us to be heavily involved in the Charlotte community — one to help our mission statement and to drive that change, as well as to create positive change, improvement and development in our community for the betterment of everybody," she said. <\p>
New CFO for LendingTree
LendingTree Inc. has promoted several employees to new leadership roles, including its next chief financial officer. <\p> Jason Bengel has been named CFO, effective Aug. 9. He'll be replacing current CFO Trent Zeigler, who is leaving after 12 years with the Charlotte-based company to pursue a new opportunity, according to a press release. Zeigler has held the position since 2021, having previously worked as LendingTree's (NASDAQ: TREE) head of investor relations. <\p>
Financial firm adds to local presence
New York-based Ritholtz Wealth Management is continuing to build its presence in the Charlotte region with the recent hiring of a new C-suite exec based here. <\p> RWM said Monday it has hired Callie Cox as its chief market strategist, a newly created role at the company. She will sit in the firm's Charlotte office in the Steel Yard complex in South End, where the firm moved in July. <\p>
Where affordable housing push is headed
Antoine Dennard, a partner at Quore Real Estate Advisors, boils down the complex problem of solving affordable housing with a simple measuring stick.<\p> “For me, it just comes down to simple math,” Dennard said. “If you are trying to build affordable housing for ownership in a lot, the average lot now that’s a quarter of an acre or less, you’re paying $250,000 just for the dirt. Then you have your construction costs; that may be another $100,000, $200,000. So, right now your base is at $450,000.”<\p>
Wine bar, restaurant set for Birkdale Village debut
Nearly two years after detailing plans for a location in Huntersville's Birkdale Village, Foxcroft Wine Co. is finally closing in on its debut there. <\p> The restaurant and retail shop is set to open June 26 at 16915 Birkdale Commons Parkway, according to Foxcroft's website. It's in a 4,000-square-foot space next to Bad Daddy’s Burger Bar. Its patio overlooks the main lawn and event stage in Birkdale Village.<\p>
Novant Health drops $320M hospital bid
Novant Health is no longer pursuing its proposed, $320 million acquisition of two North Carolina hospitals, citing continued opposition from federal regulators. <\p> The health-care giant had planned to buy Lake Norman Regional Medical Center and Davis Regional Medical Center from Franklin, Tennessee-based Community Health Systems. The 123-bed Lake Norman Regional is in Mooresville; 146-bed Davis Regional Medical Center is in Statesville.<\p>
More Ballantyne restaurants near opening
Two spots by prominent local restaurateur Jim Noble will be among the next to debut at The Bowl at Ballantyne. <\p> Noble's restaurant group, Noble Food & Pursuits, this week provided an update on the expected timelines for opening Bossy Beulah’s Chicken Shack and Rooster’s Wood Fired Kitchen at The Bowl. The ventures are located next to each other at 15110 Bowl St., part of an area at Ballantyne that's in the midst of a wave of development. <\p>
Shipping giant to close facility in region
Shipping and logistics giant Federal Express Corp. recently notified state officials that it plans to permanently shutter a facility in Conover, a move that impacts dozens of jobs. <\p> In a Worker Adjustment and Retraining Notification letter, FedEx (NYSE: FDX) says its facility at 1228 Commerce St. will close as of Sept. 3. That will result in roughly 66 couriers and three managers being laid off. <\p>
Elizabeth development eyes start
Centrum Realty & Development plans to break ground on its first Charlotte project early next year.<\p> The Chicago-based firm, in partnership with Las Vegas-based Sorelle Capital, will begin work on a mixed-use project in Elizabeth in the first quarter of 2025, said Larry Powers, Centrum's managing partner. <\p>
Scaled-back project wins approval
Cornelius-based NorthState Development has finally won rezoning and annexation approval for its proposed mixed-use project in Mooresville. The approvals were given by the town's board of commissioners June 17, after the developer once again scaled back its plans in order to win over officials.<\p> NorthState rezoned and annexed a 52.2-acre site at 443 Alcove Road. The requests were made to accommodate a project with 350 townhomes and a minimum of 10,000 square feet of commercial space. NorthState's David Dupree said the townhomes would likely be for sale. The developer has not yet determined who the homebuilder for the project will be.<\p>
Homebuilder targets massive site
Mecklenburg County's largest homebuilder appears to be adding to its portfolio in the surrounding region.<\p> Lennar Corp. has applied to rezone 291.5 acres at 1080 Williamson Farm Lane, just north of Lancaster. The rezoning request is on the agenda for consideration before the Lancaster County Planning Commission tonight. <\p>
CitiSculpt CEO responds to lawsuit
CitiSculpt CEO Charles McAlpine is firing back at a lawsuit that alleges he breached the terms of his lease.<\p> The lawsuit, filed June 6 in North Carolina Superior Court, alleges that CitiSculpt walked away from its lease at 1355 Greenwood Cliff without just cause or appropriate payment. The suit was filed by Michigan-based limited-liability company 1355 Greenwood Cliff.<\p>
Controversial development gets green light
Charlotte developer RK Investors won its bid to rezone a large swath of land in south Charlotte for more than 500 apartments.<\p> Charlotte City Council voted last night to approve the rezoning petition that will allow for the development of up to 566 units on 53 acres between Rea Road and Elm Lane, just south of Bevington Place. The property was rezoned from neighborhood (N1-A) to urban residential, conditional (UR-2 CD) with five-year vested rights.<\p>
Local event digs into AI, digital transformation
When it comes to digital shifts in the workplace, it's okay to not initially know an approach to how new technology can help rewire an organization, according to one expert. <\p> Shekar Pannala, chief information officer of property and casualty at The Hartford, said mistakes are inevitable as companies modernize, but the lessons learned are key for digital growth. <\p>
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