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Charlotte Business Journal
Restaurant closures stack up this summer
A recent string of Charlotte restaurant closures continued into July. <\p> Two SouthPark restaurants — Harper’s Restaurant at Sharon Corners Shopping Center and The Fox & Falcon by David Burke at Sharon Square — both closed for good last month. Harper's is set to be razed and replaced by a Chase Bank branch, while chef Burke told CBJ in July that The Fox & Falcon never got off the ground. Harper's had been in business for 37 years. The Fox & Falcon was open for less than a year.<\p>
Brewery's comeback continues with latest addition
A North Carolina craft brewery that's in the midst of a comeback has added a brewhouse and beer garden after acquiring a notable property in downtown Greensboro. <\p> Natty Greene’s Brewing Co. snapped up a parcel adjacent to its brewpub and restaurant at 345 S. Elm St. for its latest expansion. The roughly 0.75-acre property, sometimes called Hamburger Square Park, was owned by the North Carolina Railway and for years was maintained as a green space by the city of Greensboro. <\p>
Don't give up on paper checks before considering all the consequences
Target Corp. stopped accepting personal checks for customer purchases earlier this month, joining the ranks of big businesses that have ditched the old-school payment method.<\p> It's a lineup that includes the likes of Whole Foods, Aldi and Old Navy, all of whom have canceled checks as a payment option. At the same time, digital payments through the likes of Venmo, Cash App, and other card- and phone-based systems have skyrocketed.<\p>
Inside $1M upgrade for uptown rooftop
Merchant & Trade isn’t waiting to revamp its rooftop space in uptown. The Kimpton Tryon Park Hotel is in the midst of $1 million-plus in updates for the bar and restaurant just seven years after opening.<\p> The hope is to begin showcasing its new look and vibe just after Labor Day.<\p>
Company closing Charlotte plant after HQ move
An industrial manufacturer that recently moved its headquarters to Charlotte is shutting down a local plant and laying off more than 70 workers this fall.<\p> Columbus McKinnon Corp. (NASDAQ: CMCO) will close its Duff-Norton manufacturing facility at 9415 Pioneer Ave. in southwest Charlotte, the company disclosed in a Worker Adjustment and Retraining Notification sent yesterday to the N.C. Department of Commerce. <\p>
Duke Energy seeks to reduce SC bills
Duke Energy Carolinas is proposing to reduce customer bills as part of its annual adjustment for fuel costs in South Carolina. If approved, the move could offset a rise in monthly residential bills stemming from recent Duke Energy Corp. (NYSE: DUK) rate increases.<\p> Duke has proposed a plan to the Public Service Commission of South Carolina to cut average residential bills by 13.8% monthly. The plan would reduce bills to account for the cost of fuel used to generate electricity. The monthly residential user of 1,000 kilowatts-hours per month would see their bill decrease by $19.60 — from $142.23 to $122.63 — if the plan is approved.<\p>
South End property trades for $18.6M
A portion of The Quarter South End, an adaptive-reuse development in Charlotte's Wilmore neighborhood, has changed hands.<\p> Florida-based Ram Realty Advisors acquired two of the development's three buildings, totaling just over 100,000 square feet. The firm bought the properties for $18.6 million from a joint venture that includes Abacus Capital, FCP and Big Cypress Capital. <\p>
Luxury home prices hit a new high
The U.S. luxury housing segment has bucked some of the trends affecting the rest of the residential real estate market, in large part because those buyers and sellers are less affected by affordability issues.<\p> But like the broader housing market, luxury homes continue to see a surge in prices. In fact, luxury home prices hit a new high in the second quarter of this year, with a typical home in the category selling for $1.18 million, an 8.8% increase from the same quarter last year, according to Redfin Corp. data.<\p>
Home-price growth flattens in key index
The annual growth rate of Charlotte-area home prices plateaued in the latest S&P CoreLogic Case-Shiller index.<\p> Local home prices increased 7.2% year over year in May, according to the index. That's slightly below the 7.3% annual uptick in April and a 7.5% increase in March. Annual price growth over the past 12 months peaked in February, with a gain of 8.2%.<\p>
Investor buys Owens Corning facility here
Invesco Real Estate (NYSE: IVZ) has added to its Charlotte-area holdings with a recent purchase in the industrial sector.<\p> The investor paid $8.6 million last week for a 61,200-square-foot industrial building at 4535 Enterprise Drive NW in Concord, Cabarrus County real estate records show. The facility is fully leased to roofing, insulation and composite materials company Owens Corning Inc. Invesco bought the building from an entity affiliated with Peakstone Realty Trust, property records state.<\p>
Atrium hit with breach-of-contract suit
Atrium Health is denying allegations made in a lawsuit earlier this year by a regional insurance provider claiming breach of contract.<\p> The suit, filed by Gastonia-based ApexHealth in North Carolina Business Court on May 23, claims that Atrium is in breach of a contract signed in May 2021 to collaborate on a Medicare Advantage health plan. In the complaint, ApexHealth says it invested $62 million to get the plan up and running, meeting its agreed-upon obligations. <\p>
Brewery drops Optimist Park plans
Protagonist Beer’s plans for Optimist Park are off the table. The brewery is instead eyeing south Charlotte for its next taproom, co-founder Mike Salzarulo says.<\p> He sees opportunity in the suburbs as customers have moved out of the city into those communities. Protagonist wants to have a more family-friendly, full-service brewpub that matches what its customers want, Salzarulo says.<\p>
Audit questions city program
A new internal audit of city government’s five-year-old Vision Zero Plan to eliminate car crash-related deaths and serious injuries found a lack of controls and monitoring to achieve those goals.<\p> Vision Zero cuts across multiple city departments and agencies, including the city’s transportation (CDOT) and police departments (CMPD) as well as planning and transit, among others. It aims to improve safety for drivers, passengers, pedestrians and cyclists across all modes of travel.<\p>
Taproom lined up in LKN town
King Canary Brewing Co. is spreading its wings to downtown Davidson. The Mooresville brewery has landed space on Depot Street for its second taproom, it announced via Instagram.<\p> “We are so excited to bring you along with us on our next adventure,” the post reads.<\p>
Construction starting on Huntersville project
Foundry Commercial is planning to begin site work next month on its Huntersville industrial development.<\p> The project — named Bryton Logistics Center — will include industrial buildings of 408,000 and 325,060 square feet at 11048 Everett Keith Road. Foundry's Bill Simerville said the developer is awaiting final site plan approval from Huntersville's staff before breaking ground. That approval is expected to come soon. Foundry is planning to deliver the project late in the second quarter of 2025. <\p>
Nightlife spot set to open near NoDa
The Side Room will crack into Charlotte’s club scene, starting Aug. 2. That 2,500-square-foot nightclub is in the NoDa area. <\p> It’s part of Blackbox Theater, at 421 E. Sugar Creek Road. That independent, live entertainment venue sits catty-corner from the Sugar Creek light-rail station.<\p>
New restaurant in NoDa brings island vibes
Restaurateur Dalton Espaillat’s MaBí Cocina Tropical will bring the tastes, smells and vibes of the Caribbean islands to Charlotte with a new concept. His latest restaurant pays homage to his roots.<\p> Espaillat plans to deliver flavors that are found in the Dominican Republic. Expect authentic Latin foods along with fruity beverages in a tropical setting.<\p>
PHOTOS: Wine restaurant taking flight in Elizabeth
Husband-and-wife team Dwight and Vicki Bailey want Flight to be the gathering place in Charlotte’s Elizabeth neighborhood.<\p> That wine-forward restaurant and bar opens on Aug. 2 at the Shoppes at 7th Street. It’s at the corner of Pecan Avenue and Seventh Street.<\p>
PHOTOS: CLT unveils latest upgrade
Passengers will get a glimmer of good news this week when it comes to the endless snarls at Charlotte Douglas International Airport. Two pedestrian skybridges will open tomorrow morning, connecting the main terminal to the hourly parking deck and rental cars.<\p> The skybridges, in combination with two underground walkways previously opened, will allow the airport to end roadway crossings — providing relief for the airport’s most problematic traffic artery. A recently completed, 146,000-square-foot canopy will protect passengers from rain and other weather elements as they cross. The skybridges align with the fifth level of the hourly deck.<\p>
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