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Triangle Business Journal
U.S. Open draws companies, eco-devo officials looking to make deals
When the United States Golf Association announced a few years ago that the Pinehurst No. 2 course in Moore County would be one of the anchor sites for the golf governing body to hold many of its championships, it did not come as a surprise to many on Jones Street and Gov. Roy Cooper’s staff.<\p> “That’s because it has been in the works for a long time because we believe there’s a relationship between golf and corporate America,” said Lee Lilly, Cooper’s economic and pandemic recovery director.<\p>
Triangle Business Journal redesigns print edition
Your Triangle Business Journal looks a bit different today. <\p> Sure, the cover story on the broader business impact of the area hosting one of world’s most notable sporting events doesn’t stray far from our mission of delivering relevant and topical business news important to our communities. But how we present that information has been constantly evolving since our start in 1985. <\p>
Biz: All eyes on Main Street in Wilson; Raleigh chef's big moment
Here at Biz, we love a good festival and public display of art. And we also rejoice when some North Carolina cities that have seen tougher times start to rise again.<\p> That’s the case for Wilson, which lost a step after BB&T shifted its headquarters to Winston-Salem in 1995 and the tobacco markets died out. The city still had Parker’s Barbecue and the sweet memories of Carlester Crumpler running wild at Fike High School, but the vibe wasn’t the same.<\p>
State Health Plan increases premiums to cover mounting shortfalls
The North Carolina State Health Plan is increasing premiums for thousands of members to cover financial shortfalls totaling hundreds of millions of dollars. <\p> The State Health Plan Board of Trustees on Thursday approved new premiums for 2025 self-insured retirees and retirees and dependents on Medicare Advantage plans. The changes affect more than 25,000 of the plans 750,000 members. <\p>
Column: New technologies help cardiac patients manage their own risk
Few medical scenarios are more shocking and unsettling than the sudden death of an apparently healthy person from heart disease. <\p> Both physicians and the public are far more comfortable with the concept of a gradual progression from risk factors, such as high blood pressure or diabetes, to the detection and progression of heart disease. In this more common scenario, we have time to respond and perhaps even exert some control over our fate.<\p>
First Lufthansa flight lands at RDU as airport preps for growth
The first nonstop flight between Germany and Raleigh-Durham International Airport landed in the Triangle shortly before 2 p.m. Thursday, adding to the region's growing presence on the global scene.<\p> A Lufthansa Airbus A330-300 touched down at RDU at 1:41 p.m., marking a new era for the airport. Now, RDU fliers can take a nonstop flight to Frankfurt, Germany — five times a week.<\p>
Next NC Central chancellor is longtime leader in UNC system
A prominent historically Black university in Durham has a new chancellor.<\p> The UNC system Board of Governors on Thursday appointed Karrie Dixon to be the new chancellor of North Carolina Central University. Dixon comes from Elizabeth City State, also part of the UNC system, where she's been chancellor since 2018. <\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>
Chapel Hill firm to help invest $100M in minority startups
Chapel Hill’s IDEA Fund Partners is pledging to invest 50 percent of its capital in minority-owned startups, which attracted the attention of the Virginia Innovation Partnership Corporation.<\p> VIPC announced its support for seven venture capital firms in a plan to invest $100 million in 100 Virginia-based startup companies. Within this partnership, VIPC will pledge $40 million to the seven firms with funding from the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI). One of these seven firms is IDEA Fund Partners.<\p>
1M-square-foot Durham development gears up for phase 2
A Texas developer is about to wrap up its first phase of a major industrial park in Durham north of Bragtown. <\p> Welcome Group is on track to deliver the first phase of Welcome Venture Park by the end of the Q3, according to Ted Kakambouras, acquisitions director over the Southeast region for the Houston-based company. The first phase is four buildings totaling 394,800 square feet.<\p>
Durham firm raises $70M to transform orthopedic care
A medical device firm in Durham has secured $70 million as it tries to transform orthopedic care.<\p> Restor3d develops 3D-printed orthopedic implants personalized for individual patients. The funding will help the company accelerate its growth as it expands its product offerings and grows its headcount. The funding includes a $55 million Series A round and $15 million in debt financing. <\p>
Luxury condos coming to downtown Cary. Where prices will start.
Luxury condominiums are the latest addition to the downtown Cary landscape.<\p> Raleigh-based Envision Homes has started site work to develop 44 townhome-style condos coming off the success of its Park Station project across from the Downtown Cary Park. The condo project, named Walker Row, would be across from The Massey condos on Byrum Street near the park and library. <\p>
Deal could value Raleigh software firm at $4 billion
A large software company in Raleigh that does hundreds of millions in revenue is getting new investors. <\p> Private equity firms Advent International and Leonard Green & Partners (LGP) are investing in Prometheus Group. Financial terms of the deal were not disclosed, but Bloomberg reported the deal could value Prometheus at more than $4 billion, including debt.<\p>
Thousands to flood Cary for global tournament
It's been a big few days for sports in the Triangle, and now it's Cary's turn to shine — again.<\p> Both North Carolina and N.C. State advanced to the Super Regionals of the College World Series after winning their respective regionals at home over the weekend. And UNC will host the Super Regional against West Virginia this coming weekend. The thousands of fans the games attract bring critical dollars for local businesses during the summer season when students are away from campus. <\p>
Shipping giant to close Raleigh facility, lay off 120
A division of the global shipping giant DHL Group is closing a facility in Raleigh and laying off more than 100 employees. <\p> DHL eCommerce informed state and local officials May 31 of its plans to permanently close an existing facility at 3401 Gresham Lake Road in early August. The closure will result in the company laying off about 120 employees. <\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
Fitness studio closes Raleigh, Cary locations
The Triangle locations for a high-tech, Florida-based fitness company have closed. <\p> The Body20 locations at 7930 Skyland Ridge Parkway in Brier Creek and 316 Colonades Way at Cary’s Waverly Place are no longer in operation.<\p>
Durham firm uses $30M contract to swell staff, advance its drone tech
A Durham company focused on harvesting wind energy using drones has swelled its staff size in recent months.<\p> By securing a $30 million deal with the Naval Research Lab in September, renewable energy manufacturer Windlift has more than doubled its headcount. This comes after the company encountered a funding gap last year.<\p>
Raleigh preps more land for apartments
Despite an oversupply of apartments in Raleigh leading to higher vacancy rates, more sites continue to be prepped for multifamily projects. <\p> Land near Triangle Town Center was unanimously approved for residential mixed-use up to three stories by the Raleigh City Council on Tuesday. A 30-unit multifamily building will be built at 2210 Spring Forest Road near Millbrook Exchange Park.<\p>
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