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Charlotte Business Journal
SouthPark confirms latest fashion retailer
Another international fashion retailer is setting up shop at Charlotte's SouthPark mall. <\p> Zara is the newest addition to the mall's lineup of retailers, according to a press release from the mall. It confirms chatter dating back more than a year about the possibility of a Zara store here. <\p>
450-home project on city's agenda
Arizona-based real estate firm Suncrest is eyeing another significant move in the Charlotte region.<\p> Gastonia City Council is scheduled tonight to hold a public hearing and consider annexation and rezoning requests from Suncrest. The requests concern a 251-acre site at 201 Barn View Road, of which 229 acres would be rezoned if approved. The requests would facilitate the development of up to 450 homes at the site, city documents show. Suncrest uses its land holdings to work with homebuilders on large residential developments.<\p>
Panthers' practice site revamp approved
The Carolina Panthers received unanimous approval yesterday for a rezoning request in uptown at the NFL team’s practice site. Charlotte City Council’s decision will allow the Panthers to continue planning for a practice fieldhouse that will be built on an expanded, 12-acre site.<\p> The site is on the east side of South Cedar Street, west of Fourth Street and north of Mint Street, next to Bank of America Stadium. In addition to 9 acres of city government-owned land that has housed the Panthers’ practice fields since the stadium opened in 1996, another 3 acres owned by the city and used for surface parking has been added. <\p>
Stadium deal gets mixed reviews
Spending tourism tax money on NFL stadium renovations makes sense because football games, soccer matches and concerts help fill hotel rooms, bars and restaurants, among other businesses.<\p> Spending any tax money on a stadium owned by multibillionaire David Tepper makes no sense because he can afford the renovations himself and the touted benefits are inflated.<\p>
PHOTOS: Brewpub opens at ballpark
Beer, bourbon, barbecue and baseball collide at Towel City Tavern.<\p> The 8,000-square-foot brewpub opens today on the ground floor of Stadium Lofts at 126 West Ave. in downtown Kannapolis. That 60,000-plus-square-foot, mixed-use building is also home to the Kannapolis Cannon Ballers' retail store and 43 apartment units. <\p>
Local real estate firm sued by landlord
Local commercial real estate company CitiSculpt is being sued by its landlord for breach of lease.<\p> The lawsuit, filed June 6 in North Carolina Superior Court, alleges that CitiSculpt walked away from its lease at 1355 Greenwood Cliff without just cause or appropriate payment. The suit was filed by Michigan-based limited-liability company 1355 Greenwood Cliff.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
South Charlotte office property trades for $7.8M
A South Charlotte flex office property traded this month for nearly $8 million.<\p> New Jersey-based limited liability company Mava Capital acquired Park Cedar Business Park near Pineville on June 5, according to Mecklenburg County real estate records. Mava bought the property from Charlotte-based commercial real estate company Waters Inc. for $7.8 million. <\p>
Push for support of stadium plan intensifies
One week before Charlotte City Council is set to vote on NFL stadium renovations, business leaders are rallying in support of the proposal.<\p> Charlotte Center City Partners, the Charlotte Regional Business Alliance and the Charlotte Sports Foundation brought together a mix of corporate and hospitality sector executives on June 5 for a press conference backing the proposal. That was two days after it was introduced to council’s economic development committee.<\p>
Big Concord development in works
Two active industrial developers in the region have teamed up on a 1.35 million-square-foot project in Concord.<\p> Fortius Capital Partners and McCraney Property Co. have partnered to develop Concord Commerce Park, a 156-acre project at Concord and George Liles parkways. The developers are targeting the third quarter to break ground on the project. It could include as many as nine industrial buildings. <\p>
South End redevelopment taking 'surgical' approach
Griffin Brothers Property Services and Quore Real Estate Advisors are beginning to make progress on the Brookhill Village redevelopment, two years after taking over the land lease there.<\p> Antoine Dennard, partner at Quore, said over the last 12 months the 40-acre site, which runs along Remount Road at the edge of South End, was cleared of vacant units. Rehabilitation work has since begun on the remaining 100 units. Dennard said interior renovations are complete in about 50% of the units, and he anticipates work on the rest to wrap up by early fall. <\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
PHOTOS: CBJ celebrates Most Admired CEOs
It was the summer of 2013. Malcomb Coley had just returned from Atlanta to his native North Carolina to lead the Charlotte office of EY when he met former Bank of America Corp. CEO Hugh McColl in the building's lobby.<\p> “I found the courage to introduce myself and let him know that I was new to Charlotte and wanted to get involved,” Coley told an audience of CEOs at The Westin Charlotte last week. “He invited me to his office. And for those of you who know Mr. McColl, you get involved.”<\p>
Truist's $22M program boosts nonprofit
National nonprofit Living Cities has been making moves with the backing of Truist Foundation's "Where It Starts" program. But seeing a real impact in its mission will take time, it says.<\p> Living Cities is a collaboration among foundations and banks working to target racial income and wealth gaps. As part of Truist's (NYSE: TFC) multiyear initiative, the nonprofit launched its Breaking Barriers to Business project, an effort to help entrepreneurs of color across five cities gain greater access to wealth-building pathways. <\p>
Charlotte students cooking at US Open
PINEHURST — This year’s U.S. Open includes a new luxury seating area along the No. 18 green with everything from fresh sushi to different internationally themed food stations each day of the tournament.<\p> It’s called the 1895 Club in honor of the first U.S. Open played in 1895. The U.S. Golf Association, the sanctioning body that owns and operates the tournament, limited capacity at its newest luxury offering to 400 daily. It is, as you would expect, sold out. Each person pays $2,500 per day or $11,000 for the week.<\p>
$2B campus marks fresh start for site
Eli Lilly and Co. (NYSE: LLY) more than doubled its initial investment pledge for its $2 billion Concord manufacturing campus. Lilly today opened the facility that is the crown jewel of The Grounds at Concord, the industrial park at the former Philip Morris plant site.<\p> Lilly's campus spans over 1 million square feet of building space for the manufacturing, assembly and shipment of injectable medicines to fight obesity and diabetes. The company told the Charlotte Business Journal last month that it had hired over 400 people there ahead of its opening. Lilly will employ more than 600 workers once fully ramped up. Medicine production is on pace to start later this year. The shipment of product is expected to begin in 2025, Lilly's Concord site head Rosa Manso Herranz said.<\p>
NoDa-area development adds restaurant, salon
The Pass has inked deals that will add a homegrown taco concept and hair salon to its lineup. Mariah’s Taco Spot and Common Thread are targeting fall openings.<\p> This marks the first stand-alone restaurant for Mariah’s. Owner Mariah Brown has snagged a 1,428-square-foot space, which will feature the brand’s signature colors — black and hot pink — and neon signs.<\p>
Charlotte caterer makes Pinehurst debut
PINEHURST — Yesterday at the U.S. Open golf tournament, several executives from Charlotte-based Best Impressions Caterers made their way through the Champions Pavilion hospitality hub and into the guts of the kitchen operation surrounding it.<\p> The group included Best Impressions founder and Chairman Dave Byron and CEO Justin King. They were at Pinehurst No. 2 to watch some of the championship — and to get a closer look at their contribution to the tournament’s overall catering operation, led by Bethesda, Maryland-based Ridgewells Catering.<\p>
PHOTOS: $14M estate hits market in Davidson
An estate in Davidson with a private vineyard and putting green hit the market yesterday for $14 million. <\p> The 13.2-acre property on the 18000 block of Shearer Road features a massive home and long list of outdoor amenities. The mansion has several high-end features indoors, including multiple bars and hosting spaces, a two-story office with a library and hidden door to the billiards room as well as a wine cellar, theater and golf simulator on the lower level, listing details state.<\p>
CLT eyed by international airline
This week, Turkish Airlines launched its 14th destination in the U.S. with a direct route to Denver, but the expansion won't stop there — Charlotte is in the carrier's sights.<\p> Turkish Airlines Chairman Ahmet Bolat told Travel Weekly in an interview that it's added Charlotte Douglas International Airport to its wish list of future U.S. destinations, alongside Minneapolis, Philadelphia and Orlando, Florida. Bolat said the airline wants to have 20 U.S. destinations, but he didn't specify a timeline.<\p>
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