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Charlotte Business Journal
These restaurants miss mark in inspection
The Charlotte Business Journal is continuing its monthly review of health code inspections for food establishments in Mecklenburg County. <\p> Establishments listed in this review received grades of either a "B" or "C" when inspected during the month of May, according to data pulled June 5 from the N.C. Public Health Inspections' online database. Restaurants, food stands, mobile-food operators and push carts are included in this review.<\p>
Family Dollar up for sale?
Homegrown chain Family Dollar faces the possibility of another sale less than a decade after being purchased by discount retail giant Dollar Tree Inc. (NASDAQ: DLTR).<\p> Dollar Tree announced yesterday it has started a formal review of strategic alternatives for its Family Dollar segment. That includes a potential sale or spinoff, among other alternatives, it said in a news release.<\p>
CLT Alliance chief off to fast start
Today marks one month since Andrea Smith took over as interim CEO at the Charlotte Regional Business Alliance, replacing Janet LaBar.<\p> Known as CLT Alliance, the nonprofit organization was formed in 2018 as a result of a merger between the Charlotte Chamber of Commerce and the Charlotte Regional Partnership. LaBar became the new entity’s first full-time CEO in April 2019. She left last month after five years as CEO.<\p>
Charlotte mansion sells for record price
After nearly two years on the market, a Providence Road mansion owned by Charlotte Checkers owner Michael Kahn has sold — setting a real estate record in the process. <\p> Kahn and wife Wendy sold their Mediterranean-style estate in south Charlotte for $8.4 million this week, according to a deed of sale filed today in Mecklenburg County. That makes it the most expensive home sale on record in Canopy MLS for the entire Charlotte region. <\p>
Local execs rally behind $800M stadium plan
Johnny Harris offered a blunt message to business and civic leaders today at the Charlotte Regional Business Alliance’s headquarters.<\p> Harris, a retired real estate executive with decades of involvement in business and sports projects throughout the Carolinas, joined a group of corporate leaders in uptown who spoke in support of a proposed renovation of Bank of America Stadium. The improvements would be funded using a portion of existing tourism tax revenue — $650 million — and private money from stadium owner Tepper Sports & Entertainment.<\p>
Food waste app debuts in Charlotte
A surplus food marketplace app that's on a mission to help reduce food waste debuted today in the Charlotte region, as well as other areas across North Carolina. <\p> Founded in Copenhagen, Denmark in 2016, Too Good To Go enables businesses to sell surplus food to consumers who can buy meals and grocery items for about half the retail cost. By preventing discarded food, the company behind the app aims to lower environmental challenges such as greenhouse gas emissions. <\p>
Camp North End tenant triples office space
A New York-based architecture and design firm has tripled its local footprint with a new office lease in Charlotte's north end.<\p> Passero Associates recently signed a seven-year lease for 8,343 square feet at 1801 N. Graham St. in Camp North End's Gama Goat building. The firm opened its first Charlotte office in 2021. It signed a three-year lease for 2,632 square feet at 1824 Statesville Ave. in Camp North End's Boileryard. <\p>
LKN-area site adding 240 apartments
Pennsylvania-based Inch & Co. expects to break ground on its 240-unit apartment project near Lake Norman in the coming months. The company aims to deliver its first building there in fall 2025 based on those plans.<\p> Inch & Co. is targeting early fall to start construction on Midland Pointe at Lake Norman. The project calls for eight buildings to be developed at a site off N.C. highways 150 and 16, between Denver and Maiden in Catawba County. The developer bought almost 17 acres for the project last year, paying nearly $4 million, the Charlotte Business Journal reported at the time.<\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
United Way names interim CEO
United Way of Greater Charlotte named Kathryn Firmin-Sellers as its interim president and CEO on Wednesday, effective July 1. Firmin-Sellers is now the nonprofit’s executive vice president and chief impact officer.<\p> The move follows the resignation of president and CEO Laura Yates Clark. Last month, Clark disclosed she had accepted a job as president of the Foundation For The Carolinas. She has led United Way since 2018. Clark’s resignation is effective June 30.<\p>
Where work on new uptown park stands
Charlotte Center City Partners and supporters of a park honoring Hugh McColl Jr. remain hopeful they can meet their target opening date next summer.<\p> McColl Park is a $7 million, privately funded project. It will be built in uptown at Trade and Tryon streets.<\p>
Top US Bank exec here tapped for new role
U.S. Bancorp (NYSE: USB) has expanded the responsibilities of its top Charlotte executive and formed a new business line to strengthen the bank's client offerings. <\p> Stephen Philipson was named June 4 as the Minneapolis-based bank's head of its Wealth, Corporate, Commercial and Institutional Banking unit. Prior to that, he served as U.S. Bank's head of global markets and specialized finance for that division, a role he was promoted to last year.<\p>
Italian company buys real estate here
An Italian company that makes air compressors has bought an industrial building in the Charlotte region for new operations.<\p> FNA America Inc. acquired a 102,000-square-foot building in Fort Mill for $10 million, according to York County real estate records. The buyer, which is affiliated with Italy-based FNA Group, purchased the asset at 419 York Southern Road from Graham Capital in late April. The seller said the building will be used by FNA for the "manufacturing and distribution of air compressors."<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Real estate industry jumps into transit push
An ambitious push to build support for expanded transit and transportation options has attracted a new voice: the real estate community.<\p> Last year, Rob Nanfelt, executive director of the Real Estate & Building Industry Coalition, known as REBIC, spearheaded the formation of a nonprofit group called the Partnership for Regional Cooperation. The partnership’s mission: Give local real estate interests a chance to help put a spotlight on the necessity to finally approve a plan and funding after numerous false starts.<\p>
500-home project revived
Prestige Corporate Development has received initial approval of its altered plans to build hundreds of new homes in Statesville. The group tweaked plans for the project in recent weeks after Statesville City Council denied its rezoning request last month.<\p> City Council reconsidered a rezoning request from Stanley-based Prestige yesterday for its Briarwood project off Gilbert Road. The request passed its first reading by a 5-3 vote. Prestige reduced the total number of homes there to between 475 and 500, which is down from the 550 lots initially proposed. The request is expected to have its second and final reading considered on June 17. <\p>
Balenciaga to open Charlotte store
Global fashion brand Balenciaga is gearing up for its entry into the Charlotte market.<\p> The luxury retailer, headquartered in France, filed a building permit with Mecklenburg County on May 30 for its future store at SouthPark Mall. The $1.8 million upfit is for a 4,346-square-foot space, according to the permit. <\p>
Local bank to merge with Tennessee institution
Alliance Bank & Trust Financial Corp. of Gastonia has signed a merger agreement with Commercial Bancgroup of Harrogate, Tennessee. <\p> The deal is set to close July 1, followed by a systems conversion on Sept. 6, Dan Boyd, AB&T's CEO and president, told CBJ. After Commercial Bank's acquisition of AB&T, the combined company will have around $2.2 billion in assets, roughly $1.8 billion in deposits, gross loans of about $1.6 billion and 35 full-service branches across Kentucky, North Carolina and Tennessee. That would make Commercial Bank the 10th largest bank headquartered in Tennessee. <\p>
Local companies drop off Fortune 500 list
There's a shake-up among Charlotte-area companies on this year's Fortune 500 list, with two local firms dropping off the ranking altogether. <\p> CommScope Holding Co. Inc. (NASDAQ: COMM), which moved its Catawba County headquarters from Hickory to Claremont last year, and Charlotte-based Brighthouse Financial Inc. (NASDAQ: BHF) both fell from the list. CommScope, a network infrastructure provider, ranks at No. 503 this year ($6.99 billion in revenue, down 24.2%), while Brighthouse plummeted to No. 734 ($4.12 billion in revenue, down 51.4%). They placed at No. 415 and No. 448 in 2023, respectively. <\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
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