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Charlotte Business Journal
Developer buys land for first project here
Constellation Real Estate Partners has acquired a site in southwest Charlotte for its first industrial development here.<\p> The Texas-based developer last month bought just over 41 acres off Continental Boulevard for $11.75 million, according to Mecklenburg County real estate records. The site will be home to Constellation 485 South, a 374,220-square-foot industrial building. Constellation will break ground on the project next month and plans to deliver the building in August 2025.<\p>
$56M apartment project debuts
A Virginia developer's latest apartment project here has opened on Charlotte's east side.<\p> Glen Allen-based HHHunt Apartment Living recently opened Abberly Commons, a 287-unit property at 5020 James Bradley Lee Way. Its first residents moved in last month. The apartment community has one-, two- and three-bedroom units. Monthly rent starts at $1,404 for one-bedroom, $1,799 for two-bedroom and $2,207 for three-bedroom units, according to its website.<\p>
Manufacturing giant cutting 224 more jobs here
Stanley Black & Decker Inc. (NYSE: SWK) is making another move here that will reduce its presence and workforce in the Charlotte area. <\p> The toolmaker recently disclosed to state and local officials that it will close its Kannapolis Distribution Center at 1000 Stanley Drive by next year, laying off about 224 workers. The company said the closure is expected to occur in five phases starting on Aug. 5 this year and ending on Oct. 10, 2025, according to its Worker Adjustment and Retraining Notification received by the N.C. Department of Commerce on June 7.<\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
Longtime South End restaurant shutters
Futo Buta has dished up its last bowl of ramen. The South End restaurant announced its permanent closure over the weekend via Instagram.<\p> "For nearly a decade we have had the privilege of serving thousands of ramen bowls, witnessing Charlotte and beyond embrace the vision crafted and cherished by Chef Michael Shortino," the post reads.<\p>
Why cupcake shop is closing
SAS Cupcakes is closing in south Charlotte on June 15 after 15 years in Blakeney Town Center. <\p> Owner Kaitlyn Alvas posted a message on Instagram, saying it's been a roller coaster of emotions. She started at the bakery as an employee, working her way up and eventually purchasing it. Alvas notes that 15 years is a "lot of trips around the sun for a small business, and for that I am forever grateful."<\p>
These local ZIPs among America's wealthiest
Several ZIP codes in the Charlotte area rank among the nation's 1,000 wealthiest places, and 28207 leads the way. <\p> That’s according to The Business Journals Wealthy 1000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at a number of wealth metrics. <\p>
Major development snags more retail, office
Pappas Properties' sprawling mixed-use development in southwest Charlotte is nearing the finish line.<\p> Berewick Town Center has landed 28,500 square feet in new development that includes retail and medical office tenants. <\p>
Charlotte project grabs White House's attention
White House senior advisor Tom Perez paid a visit this week to the Latin American Chamber of Commerce of Charlotte.<\p> Perez, who is also director of the White House Office of Intergovernmental Affairs, met yesterday with a group of about 30 LACCC members, small-business owners, corporate executives, nonprofit representatives and local government officials. Charlotte Mayor Vi Lyles and City Council member Marjorie Molina were in attendance.<\p>
Ally sued by Trump-aligned group
Ally Financial Inc. (NYSE: ALLY) is being sued by a client of a legal group established by a former President Donald J. Trump adviser over claims of discriminatory hiring practices. <\p> The lawsuit claims Ally engaged in illegal race- and sex-based hiring practices against one of America First Legal's white male clients. The complaint was filed June 4 in the U.S. District Court for the Western District of North Carolina. <\p>
Questions linger as casino breaks ground
The Catawba Nation celebrated a long-awaited milestone today as it broke ground on its permanent, $700 million Catawba Two Kings Casino project in Kings Mountain. Catawba Chief Brian Harris in his emotional remarks at the ceremony called the groundbreaking the "realization of a dream" after years of delays. <\p> The delay was caused by scrutiny from regulators regarding the partnership between the Catawbas and Wallace Cheves' Sky Boat Gaming. The Catawbas reached a deal with Cheves last month on a separation agreement to pave the way for the project. <\p>
Home-exchange startup launching here
In need of an escape? A home-exchange startup is launching in Charlotte to help make that desire more attainable and affordable. <\p> Atlanta-based Swiftstay is a private member club for home exchange. Accepted members can message each other and decide if a host can stay in their home when they're away. The model is designed for travelers seeking an easy getaway. <\p>
BofA exec makes case for stadium plan
Kieth Cockrell, Bank of America Corp.’s (NYSE: BAC) Charlotte market president, left little doubt this week that the company plans to keep its name on the city’s NFL stadium for years to come.<\p> What Cockrell declined to do was share any specifics about a sponsorship extension reached in December 2023 with Tepper Sports & Entertainment.<\p>
Which local public companies pay most?
Nine of Charlotte’s largest public companies report that annual pay for their median employee, other than the CEO, is more than $100,000.<\p> The Charlotte Business Journal reviewed proxy filings for the region's public companies to see which CEOs earned the most last year, which company had the highest median employee pay and which saw the greatest disparity between the CEO's annual compensation and that of the median employee.<\p>
CLT unveils new spot to watch planes
Local plane watchers will now have a new and improved spot to go at Charlotte Douglas International Airport.<\p> CLT officials gave media members a sneak peek today of its new permanent airport overlook, which includes a full slate of amenities. It officially opens tomorrow and is the fifth dedicated overlook at the airport since 1937.<\p>
Are customers happy with banks' mobile apps?
Charlotte's Truist Financial Corp. (NYSE: TFC) and Bank of America Corp. (NYSE: BAC) saw their rankings among big financial institutions drop for mobile app satisfaction from customers, according to a recent J.D. Power study.<\p> Truist, which formed when BB&T and SunTrust merged in late 2019, received a score of 631 out of 1,000 points for mobile app satisfaction this year. It placed at No. 7 among the nine banks. That's down from 651 points in 2023.<\p>
Spanish company to add 100 jobs
A Spanish chemicals company has chosen Monroe for its first U.S. manufacturing location.<\p> Briolf USA LLC, which is the U.S. subsidiary of Spain-based Briolf, will invest $30.5 million in its facility at Monroe Corporate Center. The project is expected to create 100 jobs. <\p>
Country club operator outlines local strategy
Dallas-based Invited Clubs owns two clubs in the Charlotte area — Firethorne Country Club and TPC Piper Glen — and wants to add more.<\p> Invited CEO David Pillsbury told CBJ in an interview that the privately held company, formerly known as ClubCorp, invested $5 million in renovations to Firethorne over the last several years. TPC Piper Glen benefited from similar upgrades. He sees potential for more growth at those clubs and across the region.<\p>
The National Observer: Sign of reversal seen amid loan delinquencies
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 a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
$320M deal for local hospitals back on
A federal judge in Charlotte has cleared the way for Novant Health's $320 million deal to acquire two hospitals in the region from subsidiaries of Community Health Systems Inc. (NYSE: CYH).<\p> U.S. District Judge Kenneth Bell denied the Federal Trade Commission’s bid for an injunction blocking Novant from acquiring the 123-bed Lake Norman Regional Medical Center in Mooresville and the 146-bed Davis Regional Medical Center in Statesville. <\p>
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