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Triad Business Journal
Truist cuts jobs as part of bank's restructuring plan
Truist Financial Corp. (NYSE: TFC) plans to implement an undisclosed number of job reductions in its technology unit, a spokesperson at the bank confirmed to Charlotte Business Journal.<\p> Truist said the move will improve its operations and strengthen relationships with its customers. The cuts will occur over the next three to four months. No other departments were impacted. The bank did not disclose where the effected employees work. <\p>
$246M hospital delayed by three years as AHWFB, Cone reach settlement
The yearlong legal dispute between Cone Health and Atrium Health Wake Forest Baptist is over, and AHWFB will move forward with its proposed $246 million Greensboro hospital – three years later.<\p> The two health systems and N.C. Department of Health and Human Services reached a settlement agreement, according to a filing with the N.C. Office of Administrative Hearings on Friday.<\p>
Tobacco company spends $31 million buying Wilson properties
A major tobacco manufacturer has spent tens of millions to acquire properties in an Eastern North Carolina city that was formerly a tobacco hub.<\p> TRP Properties, an LLC tied to Wilson-based Tobacco Rag Processors, spent more than $31 million on roughly 130 acres in the county, according to two separate Wilson County deeds posted at the end of last month.<\p>
Jamestown developer pays $1.9M for former ACC HQ, will expand there
After sitting empty for 10 months, the former Atlantic Coast Conference headquarters in Greensboro has a new owner. <\p> Wynnefield Properties, a Jamestown development and property management group, will take over the office building, President Craig Stone told Triad Business Journal. An affiliate of the company purchased the building for $1.87 million, according to a filing with the Guilford County Register of Deeds office on Wednesday. <\p>
List Dive: Triad hospitals see first rise in ER visits since pandemic
Hospital emergency departments in the Triad saw more visits last year than since the beginning of the Covid-19 pandemic in early 2020.<\p> In the years following the pandemic, emergency room visits gradually declined by almost 18%, according to Triad Business Journal research. But last year visits jumped a little over 3% from the previous year. However, that jump was still well below the height of the pandemic by nearly 15%.<\p>
Triad entrepreneur turns sauce company into Jamaican restaurant
Those in Winston-Salem may be used to finding Ah Fiwi, an authentic Jamaican sauce, in stores such as Mast General Store and Weaver Street Market. Now, owner Verna Liles has expanded her footprint to a brick-and-mortar restaurant by the same name on 25th Street.<\p> Ah Fiwi Jamaican restaurant opened July 1 at 858 NE 25th Street in Winston-Salem. Since beginning operations, Liles has seen steady business as she solidifies her menu and figures out customers' favorite dishes. <\p>
How NC's legalization of to-go cocktails will affect Triad restaurants
Two days after Gov. Roy Cooper signed the ABC Omnibus bill into law, The Porch Kitchen and Cantina sold its first to-go margarita.<\p> The popular Winston-Salem Tex-Mex restaurant was ready to go when North Carolina legalized to-go cocktails, as it already sells its margarita mixes. Claire Calvin, owner of The Porch, told TBJ that she foresees to-go cocktails being a fan favorite among to-go orders.<\p>
Colorado company takes over management of Greensboro Coliseum complex
The Greensboro Coliseum Complex and the Steven Tanger Center for the Performing Arts are under new management after a private group out of Colorado took over operation of the venues from the city on July 1.<\p> In March, the Greensboro City Council voted to begin contract negotiations with the Oak View Group that would cover employee compensation, building maintenance and the financial agreement between the city and Oak View Group.<\p>
Fast-growing firm seeks Greensboro help to stay in city, add 26 jobs
The homegrown Greensboro company Core Technology Molding Corporation might be about to move from its home at the Gateway Research Park to a home of its own.<\p> The news was disclosed Thursday afternoon when the city of Greensboro posted the company’s name as the applicant for an economic-development grant going before City Council on Tuesday.<\p>
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>
Entrepreneur turns neighborhood club into multimillion dollar business
On a typical summer weeknight, Will Kohlenberg is running around Pinetop, interacting with members and assisting staff at the Greensboro tennis and swim club. Shouts of “Hi Will” are heard from several individuals as they play sand volleyball, lounge by the pool or have a drink on the deck.<\p> Despite his busy schedule and responsibilities as club owner, Kohlenberg stops to talk to several members, checking in on their most recent game or purchase from the club’s "to-go" wine and beer supply. The high energy in Pinetop Neighborhood Resort is not unfamiliar to Kohlenberg, who spent his childhood sweeping tennis courts and learning to play at the club, which was then called Westside Tennis & Swim Club. <\p>
WFU med school gets $45M to study heart, brain health
A new grant from the National Institutes of Health brings the total funding for a Wake Forest University School of Medicine study on heart health’s impact on the brain to $45 million.<\p> The National Institute on Aging, part of the NIH, awarded researchers at the medical school a $27 million, five-year grant for an ancillary study of Wake Forest’s Multi-Ethnic Study of Atherosclerosis called MESA-MIND. This adds on to the $18 million MESA-MIND received in 2018 to launch the research on the connections between cardiovascular health and brain health.<\p>
Ross buys site for large Triad distribution center for $21 million
A major industrial project in Randolph County has moved another step forward, after Ross Dress for Less purchased over 300 acres for the site of its recently-announced distribution center.<\p> Ross recently paid $21.24 million for approximately 336.7 acres land from Samet Corp. of Greensboro. The site will have a physical address of 4477 Wall Brothers Road in Sophia, but is technically within the city limits of Randleman.<\p>
Drive-thru coffee bar coming to heavily traveled area in Winston-Salem
Clutch Coffee Bar’s second Winston-Salem location will open this fall in a developing 700-sqaure-foot building on the corner of South Stratford Road and Oakwood Drive, according to John-Lewis Godfrey, chief operating officer at Hubbard Commercial .<\p> Hubbard Commercial owns the 0.11-acre parcel, and the company secured a lease with the coffee chain three to four months ago. The location previously housed Kangaroo Express gas station, and demolition on the former building was recently completed by Davie Construction Co. Construction on Clutch’s new location is expected to begin in August, with a target opening date in October.<\p>
Cone Health plans $18M surgery center at Greensboro hospital campus
With other construction underway and its legal battle with a competitor nearing a conclusion, Cone Health is looking to restart a four-year-old project at more than double the original cost.<\p> The Greensboro independent health system submitted a Certificate of Need application with N.C. Department of Health and Human Services for a cost overrun for an ambulatory surgery center at its Wesley Long Hospital campus. The project was originally approved in late 2020 at a cost of $7.7 million; now the surgery center will cost $18.9 million – a 145% increase.<\p>
Hanes will reduce space by 75% in HQ relocation. Here are the details.
Hanesbrands Inc.'s recent announcement of the relocation of its headquarters will be a major downsize in both footprint and operating cost, according to information the company shared with its employees today detailing the terms of the move.<\p> Hanes will be moving from 470,000 square feet at its Oak Summit Campus in north Winston-Salem to 121,000 square feet in the top three floors of The Park Building located at 101 N. Cherry St. in downtown Winston-Salem, according to an email obtained by the Triad Business Journal.<\p>
Toyota joins EV charging-station network with other major automakers
Toyota, whose nearly $14 billion battery plant under construction in the Triad depends on demand for electrified vehicles, is joining a new company formed by most of its peer international automakers to try to quickly build a network of charging stations.<\p> Toyota Motor North America announced Wednesday morning it has joined seven other automakers as an investor in Ionna, which was formed about a year ago with the goal of installing at least 30,000 charging ports in North America by 2030.<\p>
Here's why Carolina University made big move to buy Hanes' W-S complex
Carolina University is taking a big step forward with Monday's announcemen that it will purchase the Hanesbrands headquarters complex in Winston-Salem, expanding and upgrading its campus after a recent financial windfall.<\p> The Christian-based school outgrew its current campus on South Broad Street in Winston-Salem as enrollment surged in recent years. The trend continued as Carolina University enrolled its large class in school history this fall.<\p>
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The Piedmont Triad region's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
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