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Triangle Business Journal
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>
Triangle firm seeks partner for cancer drug after positive results
A biopharmaceutical company in Research Triangle Park is looking for a partner to advance one of its drug development programs after recently reporting positive clinical trial results. <\p> G1 Therapeutics (Nasdaq: GTHX) on Tuesday announced results from a phase 2 study that shows the company's lead drug trilaciclib, in combination with another anti-cancer therapy, could improve the overall survival of patients with metastatic triple negative breast cancer. <\p>
Raleigh's newest attraction comes with South-Mex flair
Move over Tex-Mex and Cali-Mex: the new culinary rage is South-Mex – making its restaurant debut right here in the Triangle at Jaguar Bolera, the recently opened “eatertainment” venue in Raleigh Iron Works.<\p> The elevated menu is built around the complementary flavor profiles of Mexican cuisine and traditional Southern fare, heavy on wood-fired smoked proteins and fresh ingredients, all envisioned by culinary director Manny Barella, a 2022 James Beard semifinalist in the Emerging Chef category and one of five finalists competing in the current season of Bravo’s “Top Chef.” <\p>
New FastMed CEO has ambitious goals for urgent care
After beginning his career on the payer side of health care, Jim Moffett has spent his recent years leading different primary and urgent care organizations in Florida. <\p> Moffett was previously the president of Holy Cross Medical Group, a division of Trinity Health, in south Florida. He was also president and CEO of the AdventHealth Medical Group. In these roles, Moffett focused on building out integrated delivery networks that provide patients with access to high-quality care. <\p>
AI threatens North Carolina community banks
The biggest new challenge for community banks is technology adoption, from artificial intelligence to quantum computing.<\p> That’s according to Brandon Milhorn, the president and CEO of the Conference of State Bank Supervisors in Washington, D.C. Milhorn addressed the North Carolina State Banking Commission Wednesday, telling bankers it was a challenging time as the rise of world-changing technology faces off against often unyielding regulators. <\p>
NY developer eyes Knightdale for 300-home BTR community
A New York developer is breaking into a new sector and building its first build-to-rent property in the Triangle.<\p> Turnbridge Equities, the developers behind the redevelopment of the historic Seaboard Train Station and The Creamery building in Raleigh, have acquired 74 acres in Knightdale with plans to build 302 build-to-rent homes. The residential project, named Mailman Post, will be on Mailman Road just north of Interstate 87, south of Knightdale’s core.<\p>
Dozens of homes on large lots proposed in Sanford
Sanford is in line for plenty of medium-to-high-density housing projects. But for those who want plenty of space surrounding their homes, a proposed development will be music to their ears.<\p> Preliminary plans submitted to the Sanford/Lee County/Broadway Technical Review committee show a 29-home subdivision off White Hill Road southwest of downtown Sanford. <\p>
Raleigh facility plays key role in $245M collaboration
A biotech manufacturing facility in Raleigh is a key part of a collaboration between global pharmaceutical companies. <\p> AstraZeneca (Nasdaq: AZN) has invested $245 million in Cellectis (Nasdaq: CLLS), a clinical-stage biotech headquartered in France with a critical manufacturing facility in Raleigh.<\p>
Advance Auto Parts targets supply chain consolidation
Advance Auto Parts remains in course correction as a new CEO tries to turnaround the Raleigh company. <\p> During the retailer's earnings call Wednesday, Advance Auto CEO and President Shane O’Kelly outlined continued priorities while giving an overview of its first quarter financial performance that wrapped up April 20. <\p>
Tax bills for Raleigh area homeowners rising. The worst may lie ahead
Most homeowners in the Raleigh metro will see their property taxes jump again this year, and analysts say the trend could gain steam in the years to come. <\p> The gains aren't solely due to the surge in home values — Wake County's revaluations released at the start of this year showed an overall increase of 53 percent from four years ago for the more than 400,000 residential properties covered. The struggles of the commercial real estate market, especially for office properties, is also expected to contribute to an increasing property tax burden for homeowners.<\p>
More affordable housing on the way for Downtown Durham
Plans are advancing for a multi-phase redevelopment on the edge of Downtown Durham. <\p> Charlotte-based Laurel Street and the Durham Housing Authority are about to start construction on the Commerce Street apartments and Dillard Street apartments. Both are part of the redevelopment of the combined 519 East Main and Liberty Street apartments at the intersection of E. Main and Elizabeth streets. <\p>
Popular Durham restaurant saddled with loans files for bankruptcy
A month after a GoFundMe campaign raised more than $25,000 for a Downtown Durham restaurant, the business, saddled with SBA loans, has filed for bankruptcy.<\p> Copa, a Latin bistro and bar serving Spanish, Cuban and American dishes at 107 W. Main St., filed for Chapter 11 bankruptcy this week, signaling a financial reorganization of the business. <\p>
Raleigh CEO sells Wrightsville Beach home for $9.2M
After 10 months, Richard Byrne, the founder of Raleigh's TowerCo, one of the largest cell-tower real estate companies in the country, has sold his Wrightsville Beach home for $9.2 million.<\p> Byrne, who initially listed his house for $11.4 million back in August, eventually sold the house on Lumina Drive for $9.25 million, according to New Hanover County deed records. Byrne's team took the house off the market late last year to list it back in March for $10.4 million. <\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
North Carolina tourism numbers hit eye-popping levels
North Carolina's beaches, mountains, lakes, towns and cities were packed over the Memorial Day weekend with visitors from near and far.<\p> It should come as no surprise, as the state continues to ride a tourism boom that is pumping tens of billions into the state's economy. <\p>
Report: VinFast weighs delaying Chatham plant — again
The Vietnamese electric vehicle manufacturer behind the largest economic investment announcement in North Carolina history may be delaying its Chatham County plant yet again as it struggles to gain traction in the North American auto market. <\p> Reuters reported Wednesday that VinFast (Nasdaq: VFS) is looking at further delaying its planned $4 billion plant at the Triangle Innovation Point megasite in Moncure. The company has previously said that the plant will be operational by the end of 2025. When VinFast announced the investment in March 2022, it said the plant — set to create 7,500 jobs — would begin production in mid-2024.<\p>
Developer pays over $1M for home lots in growing coastal NC city
A Triad developer is looking to get in on the growth of a North Carolina coastal city.<\p> An LLC tied to Kernersville-based LeoTerra Development purchased vacant lots in an upcoming subdivision in New Bern for a little over $1 million earlier this month, according to Craven County deed records. The seller is Overlook Holdings LLC, a group tied to Cary-based Preston Development, which is behind the massive Chatham Park development in Pittsboro.<\p>
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