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Triangle Business Journal
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Raleigh native leads homebuilder's push into Triangle market
A Kentucky homebuilder has picked the Raleigh area for its next market.<\p> Fischer Homes is expanding into North Carolina with its sights set on Raleigh for its first office. The company has hired James Mitchell as vice president of land acquisition to lead the Raleigh division. <\p>
Train ridership in North Carolina soars
Passenger rail is on the rise in North Carolina.<\p> Ridership on the state's passenger rail service operated by Amtrak was up 20 percent in the first half of 2024 compared to 2023. Each month of 2024 has smashed ridership records, according to Gov. Roy Cooper's office.<\p>
Gas station sells for whopping $1.3 million in Franklin County
Another commercial property has sold for seven figures in one of North Carolina's fastest-growing counties.<\p> Fuel Express LLC purchased a gas station on less than an acre at 108 S. Main St. in the Town of Franklinton for $1.3 million earlier this month, according to Franklin County deed records. The gas station is in the heart of downtown, right off U.S. Highway 1.<\p>
Here's what's replacing an Apex movie theater
Visitors to an Apex shopping center will soon be trading their butter popcorn at the movies for treadmills and spin class. <\p> Onelife Fitness, a Virginia-based fitness chain with locations in four states and Washington, D.C., appears to be expanding to Apex. The company is taking the 45,159-square-foot space that currently holds Regal Beaver Creek theater in the Beaver Creek Crossings shopping center at 1441 Beaver Creek Commons Drive, according to a CBRE brochure for the retail property.<\p>
New 20-story Raleigh tower nearly complete
Work on a new high-rise residential tower joining the Downtown Raleigh skyline is wrapping up.<\p> Virginia-based Capital Square will open its 20-story mixed-use building at the corner of Dawson and Lenoir streets near Red Hat Amphitheater in February 2025. The tower, named Maeve, has 297 apartments,10,500 square feet of ground-floor retail and an 8-level parking deck. <\p>
Food truck grows into Raleigh, Wake Forest locations
A food truck operation in the Triangle is surfing into more permanent space for the first time. <\p> Buoy Bowls, a food truck business that sells acai bowls and smoothies, has three locations in the works in Raleigh, Wake Forest and on the coast at Ocean Isle Beach. <\p>
Durham hospital named best in North Carolina
Duke University Hospital in Durham is the top hospital in North Carolina, according the latest hospital rankings from U.S. News & World Report. <\p> In addition to topping the publication's ranking of the best hospitals in the state, Duke Health's flagship hospital was also considered one of the best in the nation. <\p>
Eastern NC city scores 232-job factory with $400M investment
A Japanese company that manufactures medical equipment is looking to invest hundreds of millions of dollars in a new factory that would create hundreds of jobs in a growing Eastern North Carolina city.<\p> Nipro is expected to announce Wednesday a roughly $400 million investment that will create 232 jobs in Greenville in Pitt County, according to sources with knowledge of the project. <\p>
Hub RTP gets ready to add another apartment building
Hub RTP continues to grow as the push to remake Research Triangle Park into a "live, work, play" environment continues. <\p> Mid-America Apartments (MAA) has filed new site plans for a 4-story apartment building that wraps a parking deck. The apartments will be next to the Wells Fargo (NYSE: WFC) branch inside Research Triangle Park.<\p>
Cary firm lands $4 million federal contract
The federal government has selected a contract research organization in the Triangle to lead a multimillion-dollar project focused on clinical research. <\p> The Biomedical Advanced Research and Development Authority selected Allucent for a project that aims to enhance the capabilities of decentralized clinical trials to support the development of medical countermeasures. <\p>
Orange County wins 200-job manufacturing expansion
Japanese candy company Morinaga is planning to expand its North Carolina operations in a big way in Orange County. <\p> Morinaga will invest approximately $136 million to build a second production facility in Mebane, where the company has had a facility for nearly a decade making its Hi-Chew brand of fruit chew products. <\p>
Architect growing Raleigh offices scores billion-dollar mega project
An architecture firm with a growing Raleigh presence is designing the new $4.1 billion campus for Novo Nordisk, the Danish company behind the popular weight-loss and diabetes drugs Ozempic and Wegovy.<\p> Novo Nordisk is moving ahead with a huge expansion at its site in Clayton in Johnston County. <\p>
Duke Health absorbs Durham practice amid broader consolidation
A longtime physicians practice in Durham is now part of Duke Health. <\p> Central Carolina Foot and Ankle Associates on July 1 joined Duke Health Integrated Practice, a clinical practice within the broader Duke Health system. <\p>
South Carolina group pays millions for NC land tagged for 291 homes
A South Carolina-based developer that had previously paid big money for land in the Triangle area has invested millions more in land in one of North Carolina's fastest-growing counties.<\p> Fleming Road Land Holdings, an LLC tied to Contender Development, recently purchased roughly 38 vacant acres off Fleming Road near the intersection with Bert Winston Road in the Town of Youngsville for roughly $5.5 million, according to Franklin County deed records. <\p>
New car dealership proposed in Raleigh
A new auto dealership is being proposed for a property on the edge of Raleigh.<\p> The city has received plans for a used car dealership to be built at 3616 Louisbury Road east of Forestville Road in Northeast Raleigh. The site is near a Sunoco gas station and a Family Dollar in the Highway 401 corridor heading toward Rolesville. <\p>
Durham company moves to RTP to support hiring spree
A clinical trial technology company has moved its headquarters to Research Triangle Park as it plans for further growth. <\p> TruLab, which offers technology for clinical trial oversight, recently leased about 10,000 square feet of space at the Frontier RTP office complex near Highway 54. The new site gives the company room to expand as its revenue increases. <\p>
Well-known convenience chain buys Durham property
A Durham property has been sold for $4.4 million to a company that operates scores of convenience stores in the region. <\p> The property includes 5021 and 5015 Wake Forest Highway and 109 Stallings Road, located on the corner of Patterson Road and Wake Forest Highway. The location is across the street from a Walgreens and a CVS. <\p>
Chapel Hill Raising Cane’s hot start leads to expansion plans
Lines routinely wrapped around the entrance of Raising Cane’s on Franklin Street in Chapel Hill for weeks following its opening last November. Now, the Louisiana-based restaurant chain is preparing to build upon its success by expanding its storefront.<\p> Raising Cane’s, with a menu focused on chicken, will expand next door into the soon-to-be vacated Starbucks storefront at 103 E. Franklin St., according to plans shared with the Triangle Business Journal. Starbucks is moving across the street to the corner lot on 100 E. Franklin beneath Top of the Hill Restaurant & Brewery.<\p>
Sleepy Raleigh shopping center has new buzz
A once sleepy shopping center just outside the Raleigh Beltline has a renewed sense of energy with a fresh look and popular new shops. <\p> York Properties, which manages the Lake Boone Shopping Center, announced the renovations back in 2019. The shopping center dates to the 1970s, developed by local investors Peter and Ruth Williams and Henry Haywood, and had received only modest updates through the years. <\p>
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