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Charlotte Business Journal
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>
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>
Albemarle reveals new info on mine plans
Albemarle Corp. (NYSE: ALB) has released more details on the company's plans to potentially restart its lithium mining operation in Kings Mountain.<\p> The Charlotte-based lithium giant released a site plan for the mining operations this morning. The mine, which would produce about 420,000 tons of lithium-bearing spodumene concentrate per year, would be on a 1,200-acre site bisecting Interstate 85. <\p>
What's on new EY leader's agenda
Mike O'Leary is new to the Charlotte area but not unaware of the region's diversity and growth. <\p> O'Leary will take on a new role on July 1 as Ernst & Young's Charlotte managing partner. He will succeed Malcomb Coley, who has held that role over the last decade and is a 30-year veteran of the company. Coley intends to retire from EY in about a year. <\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Company expands here, selling robots
A leading robotics integrator recently opened a Charlotte office to bring its automated solutions to local businesses across several industries.<\p> Founded in 2007, Dallas-based RobotLAB designs robots that perform various functions to help reduce the need for employees at businesses to execute mundane tasks. With about 13 locations across the U.S., the company held a grand-opening event on June 6 for its newest franchise, located at 9410 D Ducks Lane in Charlotte. <\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
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