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Charlotte Business Journal
Brunch spot makes local debut
There's a new brunch spot in Charlotte's restaurant scene. <\p> Biscuit Belly debuted its first of several planned locations in the area today at 1949 E. Seventh St. in Elizabeth. A grand opening is planned for Aug. 30, with food and merchandise giveaways for early-bird customers, according to CBJ news partner WSOC-TV.<\p>
Firm in talks for Ballantyne move
One of Charlotte’s largest accounting firms is in lease negotiations for a move to Ballantyne next year that would include the addition of a training center.<\p> Minneapolis-based CliftonLarsonAllen plans to take two floors in an unidentified Ballantyne building. Work on that 50,000-square-foot space is expected to be complete by December 2025. The firm's Charlotte office is now in the Carillon building at 227 W. Trade St. <\p>
Bank doubles down with new mortgage office
SouthState Bank is expanding its home-lending presence in the Charlotte region with the opening of a new mortgage office.<\p> The Winter Haven, Florida-based bank — a subsidiary of SouthState Corp. (NASDAQ: SSB) — recently opened that office in the historic Grinnell Water Works building at 1435 W. Morehead St., just west of uptown. The 3,586-square-foot space opened in July. The move comes after SouthState doubled its Charlotte mortgage team earlier this year.<\p>
Airport transit plan stirs debate
A long-simmering debate about a rail link between uptown and the airport resurfaced yesterday as Charlotte City Council discussed a $25 billion transit and transportation expansion plan.<\p> The proposed Silver Line, a 29-mile, east-west light-rail project, includes a portion running from uptown to the airport and on to Interstate 485 before, possibly, extending to Belmont. The eastern portion of the line is likely to be converted to Bus Rapid Transit (BRT) service.<\p>
NASCAR icon's taproom opening soon
The second local taproom by a prominent NASCAR figure is set to open soon in Mooresville.<\p> The Mooresville Chamber of Commerce will host a ribbon-cutting event for Michael Waltrip Taproom at 128 Argus Lane, Suite D, at 10:30 a.m. on Sept. 9. That location is off River Highway and Perth Road in The Village at Byers Creek shopping center. <\p>
What's on the menu for PGA Championship
When the PGA Championship returns to Charlotte next year, Eric Babcook is the guy in charge of making sure nobody goes home hungry.<\p> Babcook is general manager of PGA of America Championships for Delaware North Cos. Inc.’s Patina Restaurant Group. Last week, Babcook came to host course Quail Hollow Club to get a better sense of how to feed 200,000 fans, media and officials starting with practice rounds on May 12 and ending with the championship putt May 18.<\p>
Local apartment property sold for $13.5M
Gindi Equities has sold Cedar Ridge Apartments in Gastonia for $13.5 million. The New York City-based investment firm says that Geller Associates purchased that roughly 9-acre property at 1680 Herman Drive. <\p> The complex spans over 104,000 square feet across 14 buildings. The price tag breaks down to approximately $130,000 per apartment.<\p>
Layoffs mount at Wells Fargo
Wells Fargo & Co. (NYSE: WFC) is shedding hundreds of jobs in recent rounds of layoffs around the country and more are expected.<\p> While Intel and Cisco Systems recently made headlines as each announced they'd lay off of thousands of employees, Wells Fargo and other big banks typically try to fly under the radar as they steadily trim jobs throughout their operation.<\p>
Ultra-high-paying jobs are seeing a hybrid-work comeback
Jobs paying more than $250,000 shifted in recent years to be nearly entirely in-the-office jobs after a surge of remote work during the Covid-19 pandemic, but hybrid work appears to be making a comeback for certain high-dollar employment fields.<\p> New research from Ladders.com, the career site for jobs that pay more than $100,000 annually, found that hybrid jobs advertised at $250,000 or above on the site more than doubled in the second quarter of 2024 — growing to 2.9% of all posted high-paying jobs, up from just 0.9% in the first quarter of the year.<\p>
What Red Line corridor will cost
The city of Charlotte would spend $91 million to buy the 22-mile rail corridor owned by Norfolk Southern Corp. (NYSE: NSC) as part of an agreement with the company to be decided Sept. 3.<\p> The acquisition for a proposed commuter rail line connecting uptown to Davidson, called the Red Line, is the result of negotiations started last year. The agreement would preserve the rail corridor into Iredell County with an option to extend the line by up to 7 miles, depending on whether Mooresville and Iredell County support expansion — and whether they support funding the additional rail service.<\p>
NC mansion pulled from auction block
A new twist arose late last week in the saga of a Raleigh mansion that already has an interesting history.<\p> The 16,856-square-foot home in the North Ridge Country Club community has been pulled from the auction block by its owner. Here’s how we got here.<\p>
Land marked for 187 homes
One of the most active homebuilders in the Charlotte region appears to be eyeing a 65-acre site in Mooresville for a new project.<\p> The Mooresville Planning Board tomorrow night is scheduled to consider a rezoning request from law firm Alexander Ricks for a site along Shearers Road. The request is being made to accommodate a single-family residential community with up to 187 houses developed by Mattamy Homes, town documents show. The development group is also seeking to annex the site. <\p>
South End property acquired
A Chicago developer has added to its holdings in South End with a recent acquisition along the submarket's main thoroughfare. <\p> Sterling Bay closed Aug. 22 on its $4 million purchase of 1617 South Blvd., according to Mecklenburg County property records. The 0.23-acre parcel is situated between a Wells Fargo bank branch at 1625 South Blvd. and 1601 South Blvd, which Sterling bought in December 2022.<\p>
Sneak peek at PGA Championship prep
Corporate hospitality buyers for the 2025 PGA Championship came to Quail Hollow Club last week for a preview of the menus and accommodations for the tournament next spring.<\p> At the same time, the PGA of America and its main concessionaire, Delaware North Cos. Inc.’s Patina Restaurant Group, spent time on the ground interviewing vendor candidates and refining plans to feed around 40,000 people a day from temporary kitchens for an entire week. <\p>
Banking giant picks next branch site
JPMorgan Chase & Co. (NYSE: JPM) continues to expand its branch network in the Charlotte region, this time with a second location headed to Mooresville. <\p> The New York City banking giant plans to open a full-service branch at East Plaza Drive and North Broad Street in that Lake Norman-area town. The branch is expected to open in the first quarter of 2025, a Chase spokesperson confirmed.<\p>
Camp North End adds to tenant mix
Camp North End continues to shake up its tenant mix with the addition of a smoothie bar.<\p> Hip Hop Smoothies expects to open in mid-September in Camp North End's Boileryard District, according to a news release. It signed a lease with developer Atco Property & Management for a vintage Airstream that was previously occupied by a private office.<\p>
Charlotte's largest commercial real estate firms
The most recent Charlotte Business Journal lists the area’s largest commercial real estate firms, ranked by number of full-time local employees. All companies on the list have local brokerage operations.<\p> JLL tops The List with 1,068 employees in the Charlotte area. The company currently has 27 licensed commercial real estate brokers here.<\p>
Charlotte center snags national retailers
Carolina Pavilion is shaking up its tenant mix with three new retailers: Sierra, Academy Sports & Outdoors and Ulta Beauty. All are slated to open in 2025.<\p> Those deals come as the south Charlotte shopping center was acquired by Florida-based real estate investor CTO Realty Growth Inc. for $94 million. The deal includes 700,529 square feet of retail space that is nearly fully leased at 9541 South Blvd.<\p>
South Charlotte shopping center sells for $94M
Florida-based real estate investor CTO Realty Growth Inc. (NYSE: CTO) has made a significant acquisition in Charlotte as part of a portfolio deal.<\p> CTO this week purchased Carolina Pavilion shopping center in south Charlotte for $94 million, Mecklenburg County real estate records show. The deal includes 700,529 square feet of retail space that is nearly fully leased at 9541 South Blvd. The asset was acquired from Ohio-based Site Centers Corp. (NYSE: SITC), which bought Carolina Pavilion in 2012 for $110 million.<\p>
Acclaimed restaurateurs debut midtown spot
Chef Greg and Subrina Collier have put down roots in midtown for their newest restaurant concept.<\p> Their BayHaven Restaurant Group soft opened 3rd & Fernwood at the Metropolitan mixed-used development earlier this summer. A grand opening is scheduled for Aug. 30. It's located in a 5,200-square-foot space at 1100 Metropolitan Ave., Suite 170 — formerly home to Hickory Tavern.<\p>
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