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Triangle Business Journal
Durham rezones hundreds of acres for development despite concerns
New developments that would bring hundreds of residential units to Durham are moving forward after winning rezoning approval. But not without facing pushback. <\p> As the battle over whether land should be developed in southeast Durham continues, several residents spoke up Monday night in opposition to rezoning 200 acres between Highway 98 and Carpenter Pond Road. After much discussion, the Durham City Council voted 4-3 in favor of the rezoning with council members Nate Baker, Chelsea Cook and DeDreana Freeman in opposition. <\p>
Fayetteville competing for 450-job project with six-figure salaries
A North Carolina county is trying to lure a major investment and hundreds of jobs from a titanium company.<\p> The Cumberland County Board of Commissioners on Monday unanimously voted to approve an incentives package to attract Delaware-based American Titanium Metal. The project, which county leaders say is considering several different sites across multiple states, would include an $895 million investment to build a titanium reclamation facility. The company pledges to create 450 jobs, with the average salary being $120,000 and the lowest salary being $85,000.<\p>
Atlanta firm pours millions into Harnett Co. housing development
Out-of-state investors are ponying up millions to get in on Harnett County's residential real estate market.<\p> Durham Land Acquisitions, an LLC tied to real estate firm Heritage Equities Inc. of Atlanta, spent a little more than $2.7 million on 24 lots last week in the Avery Chase subdivision off Hudson Drive in the Town of Dunn, according to Harnett County deed records. The seller is Fayetteville-based Bruce Drive LLC.<\p>
Owner of 'gargantuan' OBX home wins appeal in federal court
A decade-long fight over a massive beach house in the Outer Banks could be over in time for the summer tourist season.<\p> After losing multiple appeals in state court, homeowner Elizabeth LeTendre was able to sway a federal appeals court panel, which ruled unanimously in her favor. It’s a ruling 13 years in the making, with Fourth Circuit Chief Judge Albert Diaz writing that Currituck County couldn’t define a building differently than the state of North Carolina.<\p>
Raleigh brewery charts next steps after closing downtown taproom
After making the decision to close its Downtown Raleigh location, a local brewery is tapping into other areas of growth. <\p> Last month, Clouds Brewing closed its taproom and restaurant after a decade at 126 N. West St. But the brewery recently signed with Georgia-based Empire Distributors and plans to at least double its production and taproom footprint within the Triangle next year. <\p>
Hot Durham-Chapel Hill corridor gets more homes, retail
A busy corridor linking Durham and Chapel Hill is adding another new development.<\p> White Oak Properties is planning a mixed-use project with townhomes, apartments and retail space for southwest Durham near the South Square shopping off Highway 501. The Shannon at Old Chapel Hill will have 43 townhomes, 17 apartments and 3,500 square feet of retail space. <\p>
Longtime Coca-Cola bottling facility in Sanford sold for millions
A real estate investor recently paid millions for a Coca-Cola bottling facility that's operated for 50 years in Lee County. <\p> An LLC tied to Florida-based New Market Strategies, a real estate investment firm that has been active in the Research Triangle area, purchased the property at 1605 and 1611 Hawkins Ave. last week for $3.85 million, according to Lee County deed records. The site includes two buildings, one more than 32,000 square feet and the other 8,600 square feet. <\p>
PHOTOS: One of North Carolina’s priciest homes hits market for $24M
About six miles away from one of North Carolina’s most famous estates lies another large home — but this one's now up for sale.<\p> The mountainside estate, called Deerhaven Gardens, in Asheville is on the market for $24 million. That makes it one of the most expensive homes on the market in North Carolina, second only to a $49.99 million estate in the mountain town of Highlands.<\p>
Are investors re-entering the housing market after two-year retreat?
Investors could be launching a bit of a comeback in the U.S. housing market — although the reversal of fortunes comes amid a strategy shift for many investors in the face of low inventory. <\p> Purchases by investors grew 0.5% on a year-over-year basis in Q1, according to analysis by Redfin Corp. (Nasdaq: RDFN). Redfin defines an investor as any buyer whose name includes LLC, Inc., Trust, Corp. or Homes, or any buyer whose ownership code on a purchasing deed includes association, corporate trustee, company, joint venture or corporate trust.<\p>
Apple campus in RTP stuck in neutral. Here's why
Three years after Apple announced plans to develop a huge campus with thousands of workers in Research Triangle Park, the site remains quiet even as the company continues to hire in the region.<\p> In April 2021, Apple (Nasdaq: AAPL) announced plans for a 3,000-job hub in RTP. But the tech giant has not released any public updates on the project since. And while public records show movement behind the scenes from a design standpoint, construction at the site off Louis Stephens Drive and Little Drive has yet to start.<\p>
Projects still rise despite office demand remaining sluggish
This article is from Triangle Business Journal's SPACE quarterly publication for Q2 2024.<\p> While the Triangle job market ranks among the hottest metros in the country, the Raleigh-Durham real estate office market is still in quarantine. <\p>
Las Vegas investor puts up millions for eastern NC property
Continuing a trend of out-of-state investors flooding money into eastern North Carolina, a Las Vegas-based real estate company spent millions recently on a warehouse and additional land in Lenoir County.<\p> 1350 Kinston LLC, a group tied to Las Vegas-based RevolveCRE, purchased a 114,000-square-foot warehouse at 1350 Cunningham Road in Kinston for $2.2 million, according to Lenoir County deed records.<\p>
Public investor funnels $60M to Triangle firm
A biotech in Morrisville has secured up to $60 million from an investment firm to support its growth. <\p> Metabolon has secured a financing deal with Trinity Capital (Nasdaq: TRIN), which includes an upfront investment of $42.5 million. The investment date of the credit facility was March 28, and it has a maturity date of April 1, 2029, according to Trinity's most recent earnings report. <\p>
Preschool tied to embattled Knightdale church to shut down
As a community church in Knightdale remains in limbo amid a halted merger deal and a bankruptcy petition, its preschool is closing its doors.<\p> Faith Baptist Church, which is embroiled in litigation with a group of parishioners over a planned merger with The Summit, plans to close its preschool permanently this month. <\p>
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