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Charlotte Business Journal
Vintage store lands at Camp North End
Thrift Pony is on the move. The Charlotte-based secondhand and vintage shop is relocating to Camp North End from Plaza Midwood. <\p> It will operate an expanded, 2,700-square-foot space at 1824 Statesville Ave., Unit 103, in Camp North End’s Boileryard District. <\p>
Office leasing sees resurgence
Despite continued uncertainty in the office sector, leasing is gaining momentum — and is expected to begin impacting the vacancy rate soon.<\p> Chris Schaaf, JLL executive managing director, brokerage co-lead, said that across the three largest commercial real estate firms operating in Charlotte — JLL, CBRE and Cushman & Wakefield — revenue is up. Office, in particular, is leading all sectors year to date, he said.<\p>
$650M for stadium renovations approved
After more than two hours of discussion, Charlotte City Council tonight approved $650 million in public funds for renovations of Bank of America Stadium.<\p> The proposed renovation projects are estimated to cost $800 million. A new sound system, upgraded video and display boards, updated restrooms and more diverse concessions menus are among changes planned as part of the facelift. All seats will be replaced, with some being removed to create a social-gathering area facing the field. And, outside, a more. park-like atmosphere will be created.<\p>
Another shop sets Ballantyne debut
Another shop is ready to open at this high-profile Ballantyne development.<\p> Honeysuckle Gelato will open June 28 at 15119 Bowl St. as part of The Bowl at Ballantyne. It follows Flower Child, North Italia and a 14,000-square-foot location from The Olde Mecklenburg Brewery, which opened there on June 1.<\p>
Honeywell strikes $2B deal
Honeywell International Inc. has reached an agreement to acquire CAES Systems Holdings from private equity firm Advent International for roughly $1.9 billion in a bid to bolster its defense business.<\p> Charlotte-based Honeywell (NASDAQ: HON) announced the deal last week. The all-cash transaction is expected to close in the second half of this year, pending regulatory approval and other conditions.<\p>
Major growth coming with $1B acquisition
Charlotte-based RXO Inc. (NYSE: RXO) said yesterday it has inked a deal to acquire United Parcel Services' logistics business unit. <\p> The company's $1.025 billion purchase of Coyote Logistics is set to close by year end. RXO will become North America's third-largest freight broker, rising from No. 8 with the deal. It will also notably escalate the scale of its brokerage business, growing RXO's customer base, market position and carrier network. <\p>
Builder plots 800 more homes
M/I Homes Inc. (NYSE: MHO) is adding a slew of new projects to its Charlotte-area portfolio.<\p> The homebuilder today revealed plans to develop nearly 800 homes and townhomes across three new projects in Wingate, Gastonia and York. The projects add to M/I Homes' trend of aggressively adding to its local pipeline. Since October, the builder has announced new communities that would bring over 1,700 homes and townhomes to the Charlotte area.<\p>
Fast-growing restaurant chain targets Charlotte
A fast-casual restaurant chain built around chicken is setting its sights on Charlotte for future expansion. <\p> Kansas chain Chick N Max wants to put eight to 10 restaurants in the Charlotte market as part of a larger expansion plan to grow its presence in the Southeast. That could create as many as 250 jobs in the local metro area, it says in a news release.<\p>
Is Charlotte's home shortage easing?
Local homeowners appear more willing to move, bringing some relief to Charlotte's persistent inventory shortage. <\p> New home listings across the 16-county Charlotte region posted a double-digit jump for the second straight month in May, recently released data from Canopy Realtor Association shows. That, in turn, helped local inventory levels pick up both over the year and month.<\p>
Charlotte ZIP code is wealthiest in Carolinas
Charlotte's wealthiest enclave is the 28207 ZIP code, which includes parts of the Myers Park and Eastover neighborhoods. That’s according to an analysis by The Business Journals and its 2024 wealth index.<\p> The 28207 ZIP has a per-capita income of more than $180,000 — by far the highest in the Charlotte region — and typical home values of nearly $1.5 million. The wealth is tightly concentrated in the area with only about 4,400 housing units across a land area of 2.4 square miles.<\p>
$80M-plus portfolio hits the market
MV2 Investments is marketing several of its Charlotte-area properties for sale, most of which are in Mooresville. The portfolio includes marquee downtown apartment projects Mill One and Station Two22, along with several development sites.<\p> A listing for the portfolio shows the asking price for all of the properties is $83.7 million combined. In total, the portfolio includes 172 existing apartments between Mill One and Station Two22. There is over 40,000 square feet of retail space across those two projects as well. The portfolio includes three multifamily development sites in Mooresville that are approved for up to 220 new apartments. It also includes two more Mooresville development sites for office/medical and self storage uses, respectively. A Cornelius light industrial site is part of MV2's listing too. <\p>
PHOTOS: Distillery transforms historic mill
Muddy River Distillery is looking toward the future with its $4 million Mount Holly home. It has transformed the historic Mount Holly Cotton Mill into an all-encompassing venue spanning nearly 5 acres.<\p> A grand opening was held on June 22. It is located at 250 N. Main St. in Mount Holly.<\p>
The Playbook: The disconnect on vacation is getting better
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> While many organizations have embraced hybrid work, there’s a chance it may not be the best option for certain groups of workers. <\p>
Twin Peaks sets Fort Mill debut
Twin Peaks has ramped up hiring in advance of its July debut. The 6,800-square-foot restaurant has set its grand opening for July 22. It is in the process of hiring 150 employees, including servers and bartenders.<\p> Expect Twin Peaks — dubbed the ultimate sports lodge — to offer made-from-scratch food, beers served at 29 degrees and wall-to-wall televisions.<\p>
$700M redevelopment hits potential roadblock
The joint venture leading the Brooklyn Village development is struggling to secure financing for the first phase of the project, which is likely to delay the start of construction.<\p> Donahue Peebles III, executive vice president of The Peebles Corp., told Charlotte Business Journal on Friday that financial constraints will hinder progress for now. Peebles said he sent a technical notice of delay to Mecklenburg County last month informing them of the challenges spurred by high interest rates and the tight lending market.<\p>
IRS announces when payments on ERC claims will resume
The Internal Revenue Service plans to deny tens of thousands of improper Employee Retention Credit applications even as it promises to renew processing legitimate claims.<\p> The agency in an announcement this week said it had taken the time since its Sept. 14 moratorium on processing new ERC applications to analyze the more than 1 million ERC claims filed in 2023 — and found that between 60% and 70% showed an unacceptable level of risk.<\p>
The Pearl lands major partnership
IRCAD North America has landed another major partnership at The Pearl innovation district.<\p> Kalamazoo, Michigan-based Stryker, a medical technologies company, will join Atrium Health affiliate IRCAD at the Wake Forest University School of Medicine Charlotte and innovation district when it opens next summer. IRCAD, a France-based surgical training center, will be headquartered on the campus.<\p>
BMW supplier starts plant in region
Heyco-Werk USA Inc. has kicked off construction at its $12.8 million Gaston County manufacturing plant.<\p> The German manufacturer makes plastic molded parts for BMW's SUV models worldwide. It held its groundbreaking ceremony earlier this week in Apple Creek Corporate Center. The facility was announced earlier this year, will be over 65,000 square feet and create 34 full-time jobs. Edifice Construction, the general contractor for the Heyco-Werk project, said it expects to complete the building in July 2025. <\p>
How Malcomb Coley made a career of making a difference
Malcomb Coley’s career at Ernst & Young divides neatly into thirds: 11 years in Raleigh, 11 in Atlanta and, now, 11 in Charlotte. He enjoyed success in each city, but Charlotte is where he cemented a legacy as a civic leader.<\p> Coley did OK at the office, too. When he arrived in 2013, EY’s Charlotte operation had 570 employees. Today, it’s 2,200. Coley was responsible for that growth as Charlotte managing partner.<\p>
Most Admired CEOs: Top execs share lessons learned, leadership advice
The local executives recognized in the Charlotte Business Journal's Most Admired CEO Awards are the faces of their companies, leading them through challenges and triumphs. With strong vision in the workplace and commitment to community, they are creating an impact in the greater Charlotte area that extends far beyond the boardroom.<\p> Forty-seven honorees chosen for 2024, the program's seventh year, across nearly two dozen industry categories accepted the honor. Each holds the title of chief executive or an equivalent, such as president or managing partner; all are established leaders in their fields who are making significant contributions to the region. They were selected following a nomination process earlier in the year.<\p>
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