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Triangle Business Journal
NC State grads take on the clothing rental industry
Two recent graduates from North Carolina State University have a growing retail business.<\p> As students, Amelia Zahn and Emmy Weiland noticed a common frustration among their sorority sisters and friends at N.C. State. Many of them were using online clothing rental services like Rent the Runway to find dresses to wear to the plethora of college events they attended. But when the dresses arrived, they often wouldn’t fit, and the students found themselves wasting their time and money. <\p>
Duke Endowment pumps $2.5M into historic Durham site
As part of its 100th year anniversary, The Duke Endowment has approved a $2.5 million grant to the Duke Homestead State Historic Site in Durham. It’s the largest private monetary gift ever given to a state historic site from a single donor. <\p> The money will be used to transform the Duke Homestead and renovate and update the site’s exhibits, provide structural maintenance and upgrades and care for the historic structures, artifacts and collections located at the site.<\p>
Cary buys former strip club for downtown transformation
Cary’s future transit center is one step closer to becoming a reality as the former bedroom community continues to explode with growth.<\p> The town recently acquired a 1-acre property along Harrison Avenue that holds a gas station, the Neighborhood Sports Bar and Arcade and the former home of Pure Gold strip club. Deed records show the town paid $4.5 million for the 2-story building across from the Amtrak station. <\p>
Raleigh firm leverages AI to better serve clients
Pronounced like duke with an “m,” rather than like muck, as the spelling might suggest, Muuk – a Mayan word that means “empowerment” – is the reflective moniker of a Raleigh technology company that automates software testing with an AI-driven platform.<\p> MuukTest, launched in 2019 by co-founders Ivan Barajas Vargas and Renan Ugalde, has developed tools that enable software teams to manage testing and quality assurance (QA) automation with exponentially greater efficiency. Vargas, CEO of MuukTest, said they can accomplish in three months what it would take 12 to 18 months, plus added manpower, for most companies to achieve.<\p>
Biz: Buc-ee's prepares to make splash in North Carolina
Buc-ee’s wants to ensure interstate travelers that its plans for a Mebane store are more than just a dream.<\p> The much-hyped convenience store chain has put up a billboard near its planned site in Mebane that says, “Yes, it’s real.”<\p>
Viewpoint: NC lawmakers should fund core programs or save surplus
I acknowledge that one politician’s “wasteful spending” may be another politician’s “strategic investment.” Still, I suspect state Sen. Phil Berger got it right a couple of weeks ago when he blamed the slow start of budget negotiations on some lawmakers’ lack of focus on truly state responsibilities.<\p> Berger, president pro tem of the North Carolina Senate, told reporters that House leaders wanted to appropriate not just the $1 billion in revenue surpluses projected for the 2023-24 and 2024-25 fiscal years but as much as $1 billion more from state reserves.<\p>
2024 40 Under 40 Awards winners
Each year, the 40 Under 40 Awards honor 40 rising stars in the local business world who have distinguished themselves in their companies, their communities and their industries – all before their 40th birthday. These young professionals are executives, innovators and entrepreneurs who represent our region’s next generation of business leaders.<\p>
Major homebuilder buys up more land in red-hot Harnett County
A national homebuilder that has been active in the Research Triangle area is pouring millions of dollars into a booming county.<\p> Meritage Homes (NYSE: MTH) purchased around 50 acres off Old Buies Creek Road in the Harnett County Town of Angier for more than $3.2 million earlier this month, according to Harnett County deed records. The land is slated to be near the company's upcoming Glen River neighborhood, which will have 74 homes in its first phase, according to a map on the Harnett County Register of Deeds website.<\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
Pfizer faces setback with gene therapy acquired from Triangle firm
Pfizer is facing a major clinical setback in a gene therapy program with ties to the Triangle.<\p> The company on Wednesday said its gene therapy candidate targeting Duchenne muscular dystrophy has failed to meet its primary endpoint in a phase 3 clinical trial. With the gene therapy candidate failing both its primary and secondary targets, the company said it is evaluating its next steps for the program.<\p>
Acclaimed Wilmington restaurant's bankruptcy highlights wider problem
For Diane Smith, mother of the late Fork ’N Cork founder James Smith, the downtown Wilmington restaurant is more than a paycheck. It’s a family legacy that’s being threatened into bankruptcy by multiple Merchant Cash Advance companies, she says.<\p> Fork ’N Cork, known for its duck confit and beef Wellington bites, once drew praises from Food Network star Guy Fieri. But now, it's battling with lenders in bankruptcy court.<\p>
Wake County sees 50% spike in appeals for office building revaluations
Thousands of Wake County commercial property owners are appealing their revaluations amid a sluggish market for commercial real estate. <\p> Wake County in January released its 2024 property revaluations, and while much of the focus has been on the more than 50 percent surge in overall home values, many office properties also saw significant increases since the last revaluation in 2020 — while some prominent buildings saw dramatic declines.<\p>
Triangle housing looks to solve building permits equation
It is understandable why everywhere you go nowadays people who own homes talk about how unaffordable it is to live in most parts of Wake, Durham and Orange counties.<\p> Of course, they are quietly happy because almost everyone has become house rich in a short time. It’s a different story, of course, if they have to sell their house and move somewhere.<\p>
Column: FTC’s new non-compete rules will be hard to reverse
The Federal Trade Commission recently invalidated virtually all non-competition provisions except those that apply to business owners when they sell the business. <\p> The rule retroactively negates existing contracts (with limited exemptions for existing senior executive contracts). If the business provided compensation for the non-compete provision, the employee keeps the compensation. The rule requires employers to provide written notice to employees that their non-competition provisions are no longer enforceable.<\p>
She left GSK to lead real estate development in Raleigh
Sara McTyeire wasn’t looking to leave her role at GlaxoSmithKline (NYSE: GSK), but she knew she wanted to push herself outside of her comfort zone. <\p> At GSK, McTyeire was on the tenant side of things, working as the director of real estate and asset management. It was a role she was familiar with as her entire career to that point was on the tenant side in corporate real estate. <\p>
U.S. Open odds: Who are the top picks to win at Pinehurst
The day has finally arrived. The U.S. Open Championship at Pinehurst is underway with players such as Tiger Woods, Justin Thomas and Brooks Koepka among the first to hit the course Thursday morning.<\p> With sports betting now legal in North Carolina, thousands of golf fans across the state will be placing wagers on the action this week. Online sports gambling in the state saw more than $1.8 billion in wagers in the first three months since going live in March. <\p>
Raleigh office buildings see dramatic price drop
More low-occupancy office buildings in Raleigh are being sold off as the commercial real estate market languishes.<\p> Atlanta-based Bridge Commercial Real Estate sold a pair of class-A office buildings on Falls of Neuse Road for $12.25 million combined, according to Wake County deed records. That's more than $17 million below what Bridge paid for the buildings in 2020 when the combined price was nearly $30 million. <\p>
J. Alexander's Raleigh property sold. Will restaurant stay open?
The land that a prominent restaurant in Raleigh sits on has been sold to a real estate developer in Charlotte. <\p> Cambridge Properties purchased the 2.6-acre property at 4600 Crabtree Valley Ave., home to J. Alexander’s Restaurant, for $6.1 million on June 6, according to Wake County property records. The seller was PMT JA NC LLC, managed by Zachary Shuman. the LLC lists a Honolulu, Hawaii, address. <\p>
Developer pays $1 million for dozens of acres in JoCo
A North Carolina housing developer has purchased dozens of acres in a booming Triangle-area county.<\p> Clayton-based LLC RRT Development purchased roughly 60 acres in the Johnston County town of Smithfield for $1.12 million this month, according to Johnston County deed records. The land, which is off the intersection of Steel Bridge and Cooper Branch roads, is zoned AR, meaning it can be used for agricultural and residential uses.<\p>
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
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