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Charlotte Business Journal
Council reacts to stadium plan
City Council’s economic development committee offered positive reactions Monday to a proposed $800 million renovation at Bank of America Stadium. At the same time, they said more details are needed before the full 11-member council votes June 24 on whether to spend $650 million of tourism tax revenue to fund the city’s portion.<\p> The renovations would begin in 2025 and likely wrap up in 2029. Tepper Sports & Entertainment owns the 28-year-old stadium as well as its two tenants: the NFL Carolina Panthers and MLS Charlotte FC. <\p>
Townhomes planned for former stadium site
Tri Pointe Homes Inc. (NYSE: TPH) has taken ownership of part of the former Charlotte Knights stadium site in Fort Mill. The purchase facilitates a townhome project there expected to open in the summer of 2025, a Tri Pointe spokesperson confirmed to the Charlotte Business Journal.<\p> York County real estate records show Tri Pointe acquired the 30-acre site at the Southbridge development earlier this year for $4.2 million. The land was bought from Cato Land Development, an entity affiliated with the Cato family leading the effort to redevelop the Knights site. Tri Pointe won county approvals last July to develop 95 townhomes at the site. <\p>
Hundreds of homes, major project in works
The Charlotte region is primed to add hundreds of new homes following recent land acquisitions and rezoning approvals.<\p> National homebuilder D.R. Horton Inc. (NYSE: DHI), for instance, recently bought 38 acres in Huntersville that can accommodate at least 100 homes. In Gastonia, 143 acres zoned for single-family residential use within the Springhaven development sold to land asset manager Walton Global Holdings. And 244 acres in Statesville were rezoned in May to develop between 463 and 512 single-family homes off Mocksville Highway.<\p>
Hornets star buys Cam Newton's uptown condo
An uptown condo owned by one of the most recognizable names to ever play for a Charlotte team has sold to another star athlete here. <\p> Former Carolina Panthers quarterback Cam Newton sold his condo last month to Charlotte Hornets guard LaMelo Ball for $2.47 million, according to Mecklenburg County real estate records. The sale between Newton's Agape Property Management Group LLC and Ball's MB1 Enterprises LLC closed on May 14.<\p>
What to know about BofA Stadium deal
Charlotte City Council is now considering a plan to help fund a major renovation of privately owned Bank of America Stadium. Here are some of the key questions and elements of the proposal that are still unknown.<\p> A video and renderings of the project prepared by Tepper Sports and Entertainment shows an enlarged, glass-enclosed façade with more activity for fans — and accompanying video and LED accents to enliven the stadium exterior. Inside, Tepper Sports plans to tear out an unspecified number of seats in the upper level and build a social-gathering area facing the field, a popular feature added by many teams and venues in recent years.<\p>
Apartment development gets underway
Charlotte-based Laurel Street Residential is partnering with Aldersgate to develop a mixed-income, multigenerational apartment community.<\p> The multifamily developer broker ground recently on Springhouse Square at 3800 Shamrock Drive in east Charlotte. Lee Cochran, Laurel Street vice president, said the 10-building, 236-unit community is under construction on a 10-acre parcel that is ground leased by Aldersgate, a nonprofit senior living community.<\p>
Forvis creates $5B network through deal
An accounting firm with strong Charlotte ties has completed its acquisition of Paris firm Mazars' U.S. unit.<\p> Forvis — formed from the June 2022 merger of Missouri-based BKD and Charlotte-based DHG — has now rebranded to Forvis Mazars, creating a global audit and advisory network with nearly $5 billion in annual revenue. The two companies announced plans for the acquisition last November.<\p>
Nucor to make $565M acquisition
Nucor Corp. (NYSE: NUE) will make another acquisition in its push to expand beyond steelmaking.<\p> The Charlotte steelmaker has agreed to acquire Wisconsin-based commercial door manufacturer Rytec Corp. for $565 million. Rytec has two manufacturing facilities in its home state with over 300 workers total. Its business includes rolling doors for industrial facilities, parking garages and car dealerships. Rytec also makes fabric doors for food/beverage storage and manufacturing uses. <\p>
$800M revamp planned for BofA Stadium
The city of Charlotte would contribute $650 million toward an $800 million renovation of Bank of America Stadium under an agreement negotiated with Tepper Sports & Entertainment.<\p> Terms of the proposal emerged today during a presentation to City Council’s economic development committee. Public funding would total $650 million, or 81%, with Tepper Sports putting in $150 million, or 19%. The city's share would come from tax revenue dedicated to tourism-related projects. Neither Mecklenburg County nor the state are participating in the funding plan. Tepper Sports has also committed to spending an estimated $421 million on operating and maintenance and future updates to audio, video and other aspects of the stadium as they age over the life of the 20-year agreement.<\p>
Charlotte adds, loses these restaurants
The Charlotte area's lineup of new culinary offerings is heating up as summer quickly approaches.<\p> Among Charlotte's new restaurants is Kitchen + Kocktails by Kevin Kelley, which debuted over the weekend at the Queen City Quarter complex in uptown. It dishes up elevated comfort food and craft cocktails. <\p>
Construction firm taps new Carolinas leader
International construction company Balfour Beatty has tapped a longtime company executive to oversee operations in North Carolina and South Carolina.<\p> Jeff Sandeen was recently named president of the Carolinas division after 10 years with Balfour Beatty's Charlotte office. In the new role, he will help drive the company's growth and expand client partnerships across the the division. <\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
$700M casino project to start
The Catawba Nation has resolved its dispute with developer Wallace Cheves over financial stake in the Catawba Two Kings Casino in Kings Mountain. The two sides reached a settlement this month, paving the way for a June 7 groundbreaking on the full casino project.<\p> The Catawbas announced today that phase one of the $700 million casino resort would open in early 2026. The first phase includes an "introductory casino" with 1,350 electronic gaming machines, 12 table games, a 40-seat restaurant and a sportsbook area. Construction on the casino has been stalled for years after the partnership between the Catawbas and Cheves' Sky Boat Gaming came under scrutiny from regulators.<\p>
PHOTOS: SouthPark restaurant sets debut
Calle Sol Latin Café & Cevicheria is bringing the flavors Latin America to SouthPark starting today.<\p> Veteran restaurateur Frank Scibelli will soft open that 3,800-square-foot restaurant for dinner service at Apex SouthPark. It’s at 3100 Apex Drive, next to Hyatt Centric Charlotte SouthPark hotel.<\p>
BofA CEO sees shift in spending habits
Interest rates and inflation remaining higher for longer than expected have led consumers and businesses to pull back on spending this year, Bank of America Corp. (NYSE: BAC) CEO Brian Moynihan said this week during an industry conference.<\p> Consumer spending has slowed to rates typically seen during a low inflationary environment, Moynihan said yesterday while speaking at the Bernstein Strategic Decisions Conference in New York City. <\p>
Business park nets notable sale
An industrial park in Monroe just notched its second notable sale since March.<\p> Scythe LLC acquired a 20,000-square-foot industrial building at 2740 Gray Fox Road last week. The Cleveland investment firm bought the asset from Texas-based Sago Capital for $3.2 million, according to Union County real estate records. The fully leased building is in the Industrial Ventures II Business Park and traded for $160 per square foot. That building has six tenants.<\p>
'Miracle' pilot on new CLT attraction
You may be familiar with retired US Airways pilot Chesley “Sully” Sullenberger: Among other things, Tom Hanks played him in a movie.<\p> Sullenberger and his co-pilot, Jeff Skiles, safely landed a US Airways jet in the Hudson River in 2009 after losing engine power, soon after takeoff from LaGuardia Airport. All 155 passengers and crew members survived in what quickly became known as the “Miracle on the Hudson.”<\p>
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