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The National Observer: Investors taking a big interest in strip malls
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at the closure of a century-old college, a sustained surge in new business formation, and where Kroger is looking to sell stores in order to win antitrust regulators’ approval for a $24.6 billion acquisition. But first, let's see how the accelerating spread of data centers is prompting resistance in some regions.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Power struggle erupts to control Swan Ball
Behind-the-scenes tensions over an opulent charity gala attended by Nashville elites have burst into public view, as the result of a lawsuit filed July 9.<\p> The new legal dispute could determine who owns the Swan Ball, which dates to 1963 and has raised millions of dollars to support one of the city's most patronized tourist attractions: Cheekwood Botanical Garden and Museum of Art, whose board is filled with notable executives.<\p>
Plug pulled on entertainment complex
The City of Murfreesboro has officially pulled the plug on its Notes Live project.<\p> The project, called Sunset Music Colosseum on the River, was set to be located in the Gateway area, but failed due to Note Live’s inability to meet conditions with its development agreement with the city, according to a city-issued press release. <\p>
Venues study stage dives into the open
Nashville has more music venues per person than most music cities across the globe, more than six times that of New York City and Tokyo.<\p> Of its 252 music spaces, 24 of them, or 9.5%, classify as independent music venues.<\p>
Hotelier proposes SoBro tower
The downtown Nashville skyline is poised to further transform as plans have been uncovered for a new tower.<\p> A veteran Nashville hotel developer is planning a 24-story hotel and apartment tower in SoBro, according to documents submitted to the Metro Planning Department.<\p>
Local pitmaster wins Netflix competition
A Nashville pitmaster smoked the competition in her Netflix appearance.<\p> Chef Shaticka Robinson, owner of Coley’s Jook Junt food truck, was crowned season three champion of Netflix’s "Barbecue Showdown."<\p>
Massive downtown district off the market
After listing his 16 acres of prime downtown property, local developer Zach Liff has taken it off the market.<\p> Station District, a 15.92-acre property at the gateway to downtown which includes iconic music venue Cannery Hall and the historic Cummins Station, is no longer being marketed for sale.<\p>
Inside Nashville’s newest billionaire’s penthouse
Nashville has a new billionaire resident who happens to be the founder of a fried chicken empire — and we have a sneak peak inside his home.<\p> Last week, Raising Cane’s CEO Todd Graves officially set the record for the largest condo purchase in Nashville history, paying $15 million for a Four Seasons residence. <\p>
Restaurants honored in international wine awards
One Tennessee restaurant was awarded Wine Spectator’s top honor this year — and it isn’t in Nashville.<\p> The 2024 Restaurant Awards program recognized 3,777 dining destinations from all 50 states in the U.S. and more than 75 countries internationally. <\p>
Dividing lines of retirement: Helping Gen Z close the gap
Retirement planning is not created equal, and the workforce’s youngest generation is next to realize that. <\p> “Historically, every economic factor that you can look at has adversely impacted people of color; that's from salary to housing.” said Courtney Hale, the founder of Super Money Kids Co., a Nashville organization that provides financial education to K-12 schools, youth organizations and colleges. “So when you start thinking about retirement planning, you’re immediately behind. That’s something that has impacted all generations. But for Gen Z, their preferences for what a career looks like, what freedom looks like and what retirement looks like, compound the struggle.”<\p>
Why this bank isn't afraid of CRE
While other banks have pulled back on commercial real estate lending, this Arkansas bank is keeping its wallet wide open.<\p> Little Rock-based Bank OZK has financed nearly $2 billion worth of real estate in Nashville since 2013.<\p>
New health care CEO's advice: 'Don’t have an agenda’
Michelle Schafer doesn’t love the spotlight. But she does love to shine the light onto others. Which is why she said her title of CEO of the Mental Health Cooperative doesn’t truly reflect the role she plays. For her, it’s all about the work her team does collectively. Schafer took over as CEO of the Nashville-based behavioral health nonprofit from founder Pam Womack in April. The Business Journal sat down with Schafer a few weeks into her new gig. <\p> Nashville has tons of things going on, which is amazing. Everybody is just incredibly friendly. We came from Indiana, where I was born and raised.<\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
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