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ERC moratorium could spark windfall for some businesses
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 the challenges of Series B fundraising right now, how regulations are shaking up remote work at banks and declining foreign investor purchases of U.S. homes. First, however, let's zoom in on the potential costs for the IRS' pause on Employee Tax Credit refunds.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
CrowdStrike outage may cost billions. Here's what businesses should do
The fallout over the global outage from a Crowdstrike update on Windows devices could measure in the billions — a stark reminder that business owners may want to revisit their insurance policies. <\p> A report by cloud monitoring firm Parametrix Insurance estimated the direct financial loss among Fortune 500 companies —excluding Microsoft Corp. — from the CrowdStrike outage that disabled computers around the world on July 19 was $5.4 billion. <\p>
Mortgage rates are set to fall. Buyers should adjust their hopes.
Homebuyers frustrated by high mortgage rates may soon get some relief if the Federal Reserve begins to lower interest rates but they should temper their expectations, experts say.<\p> Although the Fed has signaled it could start lowering rates as soon as its July 31 meeting, industry experts believe rates will never go back to the historic lows seen during the Covid-19 pandemic, when some buyers snagged rates below 3%.<\p>
$11.5M home sale shatters record
A sprawling lakefront estate in Cornelius sold today for a record-breaking $11.5 million, according to listing brokerage Ivester Jackson | Christie's International Real Estate.<\p> The home on Lake Norman had only been on the market since April 27, listed at $12 million. It's located on Belle Isle Drive in the Belle Isle community — 2.5 miles away from The Peninsula Club.<\p>
High-profile development lands first tenant
A specialty coffee company is the first retail tenant to be revealed for a mixed-use development currently under construction at the edge of uptown and South End. <\p> Charlotte-based Night Swim Coffee expects to open in the third quarter of 2025 at Queensbridge Collective, according to a press release. It will be on the ground floor of the project's 42-story residential tower. <\p>
Shuttered plant site sells
An entity affiliated with Virginia-based manufacturer Smithfield Foods has sold the Charlotte facility that the company closed last year.<\p> Smithfield Packaged Meats Corp. sold the site at 4825 Hovis Road earlier this month for $7.4 million, according to Mecklenburg County real estate records. The property was bought by an entity named Hovis 28 Property LLC. <\p>
High-rise at prime site nears finish line
Construction is wrapping soon on one of several new high-rise luxury apartment communities in South End.<\p> Kingston South End, a 24-story multifamily project from White Point Partners and Greystar, is set to deliver its first units in early October, said Barb O'Steen, senior director of real estate for Greystar. Full delivery is expected by the end of the year. Construction on the project began in January 2022.<\p>
What's next after Chetty study update
The Mayor’s Racial Equity Initiative will likely go beyond its initial five-year commitment — an idea bolstered by an updated national study released last week.<\p> The $250 million equity initiative started in November 2021 with a kick-off event at Johnson C. Smith University. It aimed to raise $250 million between the private and public sectors while concentrating on four goals:<\p>
Nonprofit makes key real estate buy
J’Tanya Adams pointed to the carpet and mentioned observers describing it as befitting of either a skating rink or an adult nightclub. Then, she laughs. Adams adds that her nonprofit organization, Historic West End Partners, can’t be spending money at the moment on new carpet.<\p> Seated nearby, her program manager, Chris Troutman, reminds her that the swirls of purple and green evoke Mardi Gras. And the first restaurant tenant in what is known as Thrive Food Hub on Beatties Ford Road is Bite Your Tongue Authentic New Orleans Cuisine.<\p>
Credit union moves flagship branch
Charlotte-based Carolinas Telco Federal Credit Union has opened a new flagship branch after operating in its former space for over 50 years. <\p> CTFCU's new and largest local branch, which opened July 8, is in west Charlotte at 3921 Tuckaseegee Road. The space is in the same neighborhood as its former flagship branch at 2821 Crisman St. That location closed July 3. <\p>
Burt Reynolds’ former NC home sells
A home in the North Carolina mountains once owned by the late actor Burt Reynolds has sold for nearly $3 million.<\p> The mountainside home in Highlands sold on July 24 for $2.975 million. Built in 1972 and designed by Jim Fox, an architect inspired by Frank Lloyd Wright, the property has a distinctive style with midcentury-modern nods and elements that showcase its natural surroundings. It was built with steel, stone and wood.<\p>
Local advisory firm sees shift from affluent clients
More money managers are moving away from the traditional 60/40 formula as their clients seek more diversified solutions. That includes Charlotte wealth management firm New Republic Partners. <\p> The 60/40 portfolio has for decades been the default for moderate risk investors. And the strategy did especially well throughout the 1980s and '90s. The classic portfolio is composed of 60% equities and 40% bonds or other fixed-income offerings. <\p>
Can digital equity help drive Charlotte's growth?
Charlotte’s work to make the area more digitally connected started nearly a decade ago, when Google Fiber announced it was coming here. That led to the launch of a local digital inclusion coalition in 2015, then a statewide effort that started in 2017. <\p> “While the global pandemic put digital equity at the forefront of many national discussions, Charlotte community leaders had already been working on this issue for years,” said Jess George, Google Fiber’s U.S. head of digital equity and community impact.<\p>
Casual dress is just the start of Gen Z making offices less formal
The post-pandemic workplace has undergone a lot of change, with hybrid work and the implementation of more-casual dress codes among the biggest shifts.<\p> Newly available research spotlights how both business owners and employees have younger workers to thank — or blame — for an ongoing casual revolution in the workplace that extends beyond dress codes.<\p>
New restaurant coming to Montford Park
Topsail Steamer is bringing the seafood boil to Charlotte — without the work. The family-run company will open a 755-square-foot store on Aug. 9 in the Montford Park area.<\p> That restaurant, at 1630 E. Woodlawn Ave., is the brand's first location in Charlotte. It’s neighbors with Total Wine in the Parktowne Village shopping center.<\p>
Brewery starts construction in Huntersville
Suffolk Punch Brewing has kicked off construction on its long-awaited taproom at Birkdale Village in Huntersville.<\p> The goal is to open for the holiday season, says Seth Stidham, the brewery's co-owner and chief operating officer.<\p>
Ascent FC building sponsor roster
Women’s soccer team Carolina Ascent FC kicks off its inaugural season in just over two weeks on Aug. 17. The team’s business strategy is becoming clearer as kickoff looms.<\p> Ascent FC Chief Operating Officer Tim Schuldt told CBJ the team will have at least 11 corporate backers signed heading into the season. Ascent FC is one of eight teams in the newly formed USL Super League, part of Tampa-based sanctioning body USL, which runs men’s and women’s pro and developmental teams.<\p>
Car-free apartment project wrapping up
Grubb Properties' first car-free apartment project is nearing the finish line on Charlotte's west side.<\p> The local multifamily developer will deliver Link Apartments Cykel, a 104-unit apartment community focused on micromobility, in September. Cykel is at 539 State St., just across from Portman Holdings' Savona Mill mixed-use development in the Seversville neighborhood. Pre-leasing is set to begin next week.<\p>
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