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Charlotte Business Journal
Market picks Eastover for new store model
Salted Melon Market & Eatery has set its sights on Eastover with plans for future growth.<\p> The brand will debut a smaller prototype that delivers its fast-casual offerings through counter service. That 2,378-square-foot restaurant — the second for Salted Melon — will be at 815 Providence Road. It is targeting an August opening.<\p>
BofA exiting two uptown buildings
Bank of America Corp. (NYSE: BAC) is vacating two buildings in uptown Charlotte in what the nation's second-largest bank calls a consolidation move. <\p> The banking giant is leaving its space in Fifth Third Center at 201 N. Tryon St., where it occupies 316,751 square feet. That office is located across from its global headquarters at 100 N. Tryon St. in uptown Charlotte. A BofA spokesperson told CBJ it plans to leave the 201 N. Tryon St. property after its lease expires in July 2025. <\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
CBJ reveals CFO of the Year finalists
It's not the high-profile role of a CEO, but the people in this position are just as important to a company's bottom line. They're the number-crunchers, the ones making tough calls on spending and saving.<\p> CBJ seeks to put a spotlight on the Charlotte area's brightest financial executives through the CFO of the Year Awards program. Those recognized in this signature awards program live and work in the region, and each has held the title of chief financial officer — or an equivalent position, such as treasurer — for at least three years. <\p>
Duke, major companies partner on clean energy
Duke Energy Corp. (NYSE: DUK) has signed memorandums of understanding with Amazon.com Inc. (NASDAQ: AMZN), Google (NASDAQ: GOOGL), Microsoft Corp. (NASDAQ: MSFT) and Nucor Corp. (NYSE: NUE) that could spur investment into clean energy. <\p> The companies are proposing the development of new rate structures to lower the cost of investments in clean energy technologies in North and South Carolina. The rate structures — also known as tariffs — would apply to technologies such as new nuclear and long-duration energy storage for large customers. The new tariffs would be subject to approval from regulators in both states.<\p>
What's next in transit battle
Charlotte City Council approved an amended governing agreement Tuesday night for the region's transit agency that provides more direct influence and oversight for the Metropolitan Transit Commission on a range of matters, including the hiring of CATS’ next CEO, assembling future budgets and providing up to $500,000 annually for outside studies and assessments of CATS’ service.<\p> The agreement approved Tuesday by council extends through 2034. It still must be approved by the MTC, the regional body made up of elected leaders and administrators from Charlotte city government, Mecklenburg County and the six Mecklenburg towns: Cornelius, Davidson, Huntersville, Matthews, Mint Hill and Pineville. Mecklenburg County and five of the six towns must approve the measure, too.<\p>
Tech startup plots next moves with fresh funds
An enterprise products platform in Charlotte has scored $1.75 million in funding to help bolster the growth of its technology. <\p> Craftom founder Caleb Musser said the capital will enable the company to build out its sales and engineering teams and launch an upcoming rebrand. It also plans to release a new information technology platform that "allows companies to buy and manage both IT equipment and software products on one dashboard," he said. <\p>
RENDERINGS: Fitness club plans upscale twist
The Health Club will put its twist on fitness with an 18,000-square-foot facility at Oakhurst Commons.<\p> That facility will provide a gym and recovery center when it opens in late 2024. It will be at 4000 Monroe Road, in close proximity to the Chantilly, Cotswold, Eastover and Elizabeth neighborhoods.<\p>
LendingTree misses on NC job creation
The N.C. economic investment committee yesterday terminated state incentives for LendingTree Inc.'s headquarters expansion that was announced in 2018.<\p> The Charlotte-based online lending marketplace requested the termination of its 2018 Job Development Investment Grant because it would not meet its hiring goals. The expansion called for the creation of 436 jobs and an investment of more than $26 million by the end of 2023. A LendingTree executive told the state committee that strong industry headwinds prevented the company from hitting its job-creation targets. <\p>
Who's outpacing Charlotte's home-price growth?
Home prices continue to rise across the Charlotte area, though the Sun Belt region is no longer the leader it once was in price growth. Two closely watched housing indexes show northern markets remain the hot spots for home-price gains. <\p> The S&P CoreLogic Case-Shiller index, which is released monthly, put Charlotte's year-over-year growth in home prices at 7.5% in March — slightly behind its 8.2% annual uptick recorded in February. Over the month, price growth was flat after being seasonally adjusted. <\p>
Restaurant expands to Rock Hill
Tikka Shack Indian Grub has found a home in Rock Hill.<\p> The Texas-based chain has inked a deal for 2,000 square feet — formerly occupied by Nature’s Table — at The Shops at High Point Crossing. It’s at 2427 Cross Pointe Drive.<\p>
NASCAR team to shut down
Stewart-Haas Racing, a former powerhouse of NASCAR auto racing, will shut down after this season, according to a joint statement released this afternoon. <\p> The move is both expected and yet still stunning for the pedigreed team launched in 2009 by Gene Haas and Tony Stewart. SHR won the 2011 Cup Series championship with Stewart driving and the 2014 championship with Kevin Harvick. It had drivers who crossed over to the mainstream like Danica Patrick, blue-chip sponsors such as Anheuser-Busch and a connection to F1 that no one else in American racing could claim, being the sister team of the Haas F1 Team. <\p>
CATS budget hits roadblock
A proposed revision to how transit is overseen has been rejected before it’s even gotten into gear.<\p> Members of the Metropolitan Transit Commission (MTC) issued a statement this afternoon stating their opposition to a revamped governance agreement between Charlotte city government and the MTC. City government and the MTC have been at odds over the past year as the MTC sought to assert its authority to order an outside audit of Charlotte Area Transit System — a decision City Council overrode.<\p>
NC wins 850-job project
A chain of discount department stores is planning a huge distribution center in North Carolina that could result in hundreds of new jobs. <\p> Ross Dress for Less won North Carolina economic development incentives today for a distribution center in Randleman — located in Randolph County, south of Greensboro. That project will create 852 jobs over five years.<\p>
Resume gaps aren't the dealbreaker they once were, but there's a catch
Job seekers worried about gaps in their resume might still have to deal with some pushback from hiring managers, but the market today has become more forgiving to such openings than it once was.<\p> According to a recent Express Employment Professionals-Harris Poll survey, while 36% of hiring managers said they might be deterred by applicants' unexplained work gaps, the vast majority (95%) believe there are valid reasons to explain career gaps. The top reasons cited were health issues, staying home with a child, going back to school and caring for an elderly parent.<\p>
Landlord sues over brewery lease
Weathered Souls Brewing Co. is being sued after shuttering its brewery in lower South End. Gateway Investments Inc. — the landlord for 255 Clanton Road — alleges breach of contract and guaranty as well as unjust enrichment in a lawsuit filed in Mecklenburg Superior Court.<\p> The Texas-based brewery and Michael Holt, co-owner, are named as defendants in the lawsuit, which was filed in mid-May. Holt is the guarantor on the lease.<\p>
PGA Championship teeing up new plan for food
There are only 349 days to go before the 2025 PGA Championship arrives in Charlotte. Which begs the question: What’s for lunch at Quail Hollow Club? Snacks? Dinner?<\p> Not to mention water, soda, beer, wine and the rest of the beverage lineup.<\p>
Inside Atrium's $1.5B development
Atrium Health's Wake Forest University School of Medicine Charlotte and innovation district known as “The Pearl" is taking shape in midtown on time and on track for the med school to seat its first class next year.<\p> During a recent tour of the $1.5 billion project site, Hillary Crittendon, Atrium's head of district strategy and operations, detailed key aspects of the development that now towers over its midtown neighbors. <\p>
Barings adds global financing exec
Charlotte-based Barings, a global asset manager, has tapped an industry veteran to oversee securing the company's financing needs worldwide.<\p> As of today, Robert Cammilleri serves as the company's managing director and global head of fund and asset level finance. That role is a part of Barings' capital markets and strategic relationship management group, which focuses on the company's global relationships with banks, large diversified sponsors and peers across global markets, investment banking, custodial, origination and fund and asset level financing businesses. <\p>
Restaurant fills shuttered space
Tacos 4 Life has snapped up a Mooresville location — the brand's fourth in the Charlotte market.<\p> The Arkansas-based taco chain will occupy a 4,500-square-foot location left vacant by Cantina 1511 after it shuttered abruptly last August. It is at 120-D Marketplace Ave. <\p>
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