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Charlotte Business Journal
Developer buys land for first project here
Constellation Real Estate Partners has acquired a site in southwest Charlotte for its first industrial development here.<\p> The Texas-based developer last month bought just over 41 acres off Continental Boulevard for $11.75 million, according to Mecklenburg County real estate records. The site will be home to Constellation 485 South, a 374,220-square-foot industrial building. Constellation will break ground on the project next month and plans to deliver the building in August 2025.<\p>
$56M apartment project debuts
A Virginia developer's latest apartment project here has opened on Charlotte's east side.<\p> Glen Allen-based HHHunt Apartment Living recently opened Abberly Commons, a 287-unit property at 5020 James Bradley Lee Way. Its first residents moved in last month. The apartment community has one-, two- and three-bedroom units. Monthly rent starts at $1,404 for one-bedroom, $1,799 for two-bedroom and $2,207 for three-bedroom units, according to its website.<\p>
These local ZIPs among America's wealthiest
Several ZIP codes in the Charlotte area rank among the nation's 1,000 wealthiest places, and 28207 leads the way. <\p> That’s according to The Business Journals Wealthy 1000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at a number of wealth metrics. <\p>
Major development snags more retail, office
Pappas Properties' sprawling mixed-use development in southwest Charlotte is nearing the finish line.<\p> Berewick Town Center has landed 28,500 square feet in new development that includes retail and medical office tenants. <\p>
Charlotte project grabs White House's attention
White House senior advisor Tom Perez paid a visit this week to the Latin American Chamber of Commerce of Charlotte.<\p> Perez, who is also director of the White House Office of Intergovernmental Affairs, met yesterday with a group of about 30 LACCC members, small-business owners, corporate executives, nonprofit representatives and local government officials. Charlotte Mayor Vi Lyles and City Council member Marjorie Molina were in attendance.<\p>
Ally sued by Trump-aligned group
Ally Financial Inc. (NYSE: ALLY) is being sued by a client of a legal group established by a former President Donald J. Trump adviser over claims of discriminatory hiring practices. <\p> The lawsuit claims Ally engaged in illegal race- and sex-based hiring practices against one of America First Legal's white male clients. The complaint was filed June 4 in the U.S. District Court for the Western District of North Carolina. <\p>
BofA exec makes case for stadium plan
Kieth Cockrell, Bank of America Corp.’s (NYSE: BAC) Charlotte market president, left little doubt this week that the company plans to keep its name on the city’s NFL stadium for years to come.<\p> What Cockrell declined to do was share any specifics about a sponsorship extension reached in December 2023 with Tepper Sports & Entertainment.<\p>
CLT unveils new spot to watch planes
Local plane watchers will now have a new and improved spot to go at Charlotte Douglas International Airport.<\p> CLT officials gave media members a sneak peek today of its new permanent airport overlook, which includes a full slate of amenities. It officially opens tomorrow and is the fifth dedicated overlook at the airport since 1937.<\p>
Spanish company to add 100 jobs
A Spanish chemicals company has chosen Monroe for its first U.S. manufacturing location.<\p> Briolf USA LLC, which is the U.S. subsidiary of Spain-based Briolf, will invest $30.5 million in its facility at Monroe Corporate Center. The project is expected to create 100 jobs. <\p>
Country club operator outlines local strategy
Dallas-based Invited Clubs owns two clubs in the Charlotte area — Firethorne Country Club and TPC Piper Glen — and wants to add more.<\p> Invited CEO David Pillsbury told CBJ in an interview that the privately held company, formerly known as ClubCorp, invested $5 million in renovations to Firethorne over the last several years. TPC Piper Glen benefited from similar upgrades. He sees potential for more growth at those clubs and across the region.<\p>
The National Observer: Sign of reversal seen amid loan delinquencies
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today we've got stories on a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
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