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Triangle Business Journal
Wealthy area of Wake County gets more million-dollar homes
A custom home community is underway in a wealthy area on the edge of Wake County.<\p> Plans for a new 16-home subdivision were recently approved by the Town of Apex. The homes will be in the New Hill area southwest of Apex’s core and close to Jordan Lake. The properties were annexed by Apex late last year. <\p>
One Raleigh restaurant closes, another opens in its place
Between Raleigh's Historic Oakwood and Mordecai neighborhoods, a restaurant space has made a swift transition. <\p> Brookside Bodega has closed, and a new taco and cocktail venue has opened in its place. <\p>
Company ramps up hiring, building plans for 100-job Sanford facility
Just over three months after announcing its roughly $200 million investment in North Carolina, a Japanese pharmaceutical company is moving fast — already hiring more than a dozen workers and submitting designs for its new facility.<\p> Kyowa Kirin made a splash in late February when it announced it'd place its first North American biomanufacturing facility on 75 acres outside Sanford at Helix Innovation Park at the Brickyard — a move the company says will create 102 jobs.<\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
Focus shifts to former CEO in dispute between Durham firm, NC startup
The company behind a “brain fitness app” is pushing back against claims that it owes a technology firm in Durham hundreds of thousands of dollars. <\p> Startup services firm Pathos Ethos filed a lawsuit against BrainTap Technologies earlier this year, claiming it built an app in exchange for company stock — only to have BrainTap suddenly allege the shares were invalid. But in an answer and counterclaim filed recently, BrainTap pushes back on those allegations, denying it ever “refused to pay” for Pathos Ethos services that were actually performed. <\p>
Apartment deals in the Triangle trending down. Here's why
Apartment sales are trending down across the Triangle — both in volume and price — and it hasn’t reached bottom yet.<\p> A couple of years ago, multifamily communities in the Triangle were routinely fetching eye-catching price tags well above $100 million as demand for housing in the region far outpaced supply and interest rates were low. But now, interest rates have soared and new construction has flooded the market with an abundance of new apartment complexes. And the trend of rising rents has cooled. <\p>
Investors take control of bankrupt Raleigh startup
A bankrupt startup in Raleigh has a new owner — its investors.<\p> Neither BOA Nutrition’s NIL deals (name, image, likeness) with college athletes nor its sports-energy supplement technology were enough to secure alternative bidders after a group of the company's investors submitted a stalking horse bid of $400,000.<\p>
More workers are staying with their current employer in 2024
Most U.S. employees are now choosing to stay with their jobs instead of looking for new ones, a sharp turnaround from the job reshuffling that was common during the Covid-19 pandemic. <\p> A new survey by global advisory firm WTW found 72% of employees are choosing to stay with their employer — up substantially from the 53% who said the same thing in 2022. Back then, about 25% of workers were open to job offers, compared to just 11% now.<\p>
Prospective homebuyers are missing out as sellers cut their prices
The chronically troublesome housing market is seeing more price drops, but that doesn’t necessarily translate into relief for homebuyers.<\p> Data from real estate firm Redfin Corp. shows 6.4% of active listings on the platform had a price drop through the week ending May 26. While that's not a massive portion of listings, the percentage is substantially higher than the 4.4% of listings with price drops recorded during the same time in 2023.<\p>
CON appeals process in need of a refresh
I read with intense interest TBJ Staff Writer Zac Ezzone’s piece on the changing landscape of the certificate of need (CON) process to forward the health care needs of North Carolinians. Why do state health care regulators allow specific methods likely to be dilatory for most North Carolinians to continue?<\p> Let me explain:<\p>
Bezos group gives NC State $30M for research, manufacturing hub
North Carolina State University is launching a new center through a $30 million grant from a philanthropic initiative backed by Amazon founder Jeff Bezos.<\p> The five-year grant from the Bezos Earth Fund supports the formation of the Bezos Center for Sustainable Protein at N.C. State, which is focused on creating a biomanufacturing hub for dietary proteins that are environmentally friendly, healthy and affordable. <\p>
A rising cost for companies and employees takes hold as summer arrives
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> In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child care options.<\p>
JoCo town approves builder's 750-home age-restricted community
It took more than two hours of deliberation, but a Johnston County town has given the green light to a massive housing project.<\p> The Clayton Town Council on May 20 voted 4-1 to approve a request from Atlanta-based homebuilder PulteGroup (NYSE: PHM) to rezone 362.75 acres off Brookhill Drive to clear the way for a community with a maximum of 750 homes.<\p>
Couple looks to grow fitness brand in Triangle with new Cary studio
A husband-and-wife team has opened a new fitness studio in Cary, with plans to eventually open 20 locations across North Carolina.<\p> Since signing their franchise agreement over a year ago, Liz and Luis Arcos have opened their first OHM Fitness location in Cary at 12214 Bradford Green Square in the Market at Bradford retail center near Prestonwood Country Club.<\p>
NC process for new healthcare facilities can be lengthy — and costly
In 2021, UNC Health unveiled plans to build a 40-bed hospital in Research Triangle Park. <\p> After state regulators approved the plans, UNC Health anticipated investing around $252 million in building a hospital near the intersection of highways 54 and 147.<\p>
Biz: Raleigh architect designs D-Day memorial in France
A Raleigh architect is the driving force behind a dramatic new memorial on the beaches of Normandy that honors some of D-Day’s bravest men.<\p> Matt Pearson designed the new memorial to the U.S. naval combat demolition units, who arrived on the beach as part of the first wave on June 6, 1944. Their role was to clear a path through the German obstacles shortly before Higgins boats loaded with infantry arrived.<\p>
BofA pulls PNC bankers to its Raleigh team
Bank of America has recruited a trio of experienced private bankers from PNC to its Triangle team: Scott Keesee, Jeanna Hastie and Mike Moyer, part of a larger move to grab market share in the region.<\p> That's according to Charles Royal, North Carolina market Leader, and Will Manning, North Carolina market executive, who told TBJ that the Charlotte bank, which already has 25 private bankers in the Triangle, plans to recruit aggressively in the coming months to take advantage of the hot local market.<\p>
Durham firm joins PE-backed outfit to form new software company
A Durham company with its roots at Duke University is combining with a Canadian outfit to form a business focused on health care education. <\p> This week, Durham's DaVinci Education announced its "strategic merger" with Elentra, a portfolio company under investment firm Achieve Partners. The software companies will form a combined entity led by new CEO JD White.<\p>
Raleigh developer pitches big project for buzzing area
A Raleigh developer has its sights set on the growing Wendell area for a mixed-use project.<\p> R&R Development has proposed West End, a development with 384 apartments, 151 townhomes, 50,000 square feet of commercial space and a town park. West End will be on 41 acres on the eastern edge of Wendell Falls. <\p>
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