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Triangle Business Journal
As housing demand increases in Sanford, 130-home community pitched
Like many municipalities surrounding the core of the Research Triangle, Sanford can't get enough housing. Developers are seeing this — and in the latest example of trying to boost supply, one is proposing a 130-home community.<\p> Florida-based LLC LG Investments has submitted a plan with the Sanford/Lee County/Broadway Technical Review Committee for a new subdivision off Commerce Drive by Lee Avenue, southeast of downtown Sanford. The group is hoping to build 35 single-family detached homes and 95 townhomes.<\p>
Bayer backs Durham firm's gene-edited food
A Durham gene editing company focused on food and agriculture has landed a licensing deal with Bayer to commercialize its first product. <\p> Pairwise last year launched its first product, blends of leafy greens that include nutritious mustard greens with improved flavor through the company's gene editing platform. <\p>
Longtime Garner restaurant space may get new life
The longtime home of an Italian restaurant in Garner now belongs to the owner of a local chain of Mexican restaurants. <\p> Alvaro Torres purchased the former Ragazzi’s property at 1514 U.S. Highway 70 in Garner for $2.5 million on April 24, property records show. Moss Withers and Christina Coffey with Lee & Associates represented the seller, Ragazzi’s Real Estate LLC, in the sale. Withers confirmed that Torres is the owner of El Tapatio, a Mexican restaurant with multiple locations in North Carolina. <\p>
More Apple plans for RTP hub revealed in new documents
As Apple plans its East Coast hub in Research Triangle Park, engineers are telling officials it’s all being done with the environment top of mind.<\p> Just over three years ago, Apple (Nasdaq: AAPL) announced plans for a 3,000-job campus in RTP. But the tech giant has not released any public updates on the project since. Construction has not started at the site, located off Louis Stephens Drive and Little Drive, as key permits have yet to be issued, according to Wake County.<\p>
Former Avaya execs deny fraud allegations
Former executives at Avaya are pushing back against investors who sued them over a financing deal gone wrong.<\p> Former CEO Jim Chirico and CFO Keiran McGrath were named in two lawsuits last year that continue to circulate North Carolina Business Court. The suits claim executives talked up “inflated financial projections,” even as their own employees were warning those milestones were “unachievable" — allegations the executives deny in recent filings.<\p>
Department store picks NC for 850-job distribution center
A chain of discount department stores is planning a huge distribution center in North Carolina that could result in hundreds of new jobs. <\p> Ross Dress for Less won North Carolina economic-development incentives Tuesday for a distribution center in Randleman — located in Randolph County south of Greensboro — that would create 852 jobs over five years.<\p>
The AI boom is coming for these at-risk manager roles
For years, front-line workers have worried about automation taking their jobs. It may end up being middle managers who are most in danger.<\p> Companies are gaining access to new artificial-intelligence tools and capabilities at the same time many are re-assessing their operations in a challenging post-pandemic economic environment. That combination of potential new efficiencies and a desire for cost savings is putting management-level employees in the crosshairs.<\p>
Triangle firm sued over music festival claims it's the real victim
Etix, a Morrisville company being sued by the producers of a country music festival, claims to be the real victim in recent court filings. <\p> The case deals with the inaugural Voices of America Country Music Festival, held outside Cincinnati last August and featuring groups such as Alabama and artists such as Chris Young and Lainey Wilson. Its producer, Further Festivals, sued Etix late last year, claiming it erroneously gave away thousands of tickets for the inaugural event for free. <\p>
Major homebuilder plans 122-home community in fast-growing NC county
A national homebuilder that is active in the Triangle area recently snagged up land in the area's fastest-growing county.<\p> Lennar Carolinas, a subsidiary of Miami-based Lennar (NYSE: LEN), purchased roughly 46 vacant acres off Hicks Road in Youngsville this month for a little more than $1.65 million, according to Franklin County deed records. The land is zoned R-30, meaning it can be used for low-density residential housing.<\p>
Chinese firm responds to FDA over concerns at Durham facility
A Chinese biotechnology company is trying to address concerns from federal regulators about a critical manufacturing facility in Durham. <\p> CARsgen Therapeutics has responded to observations made by the U.S. Food and Drug Administration after an inspection of the company's manufacturing facility in December led the FDA to place a hold on three of company's drug development programs.<\p>
This Raleigh neighborhood leads the Triangle for wealth, home values
In the Triangle area, there is one spot that outshines the rest in terms of top-tier wealth: the 27608 ZIP code in Raleigh.<\p> The location is home to the tony neighborhoods of Five Points and Hayes Barton and the area around Carolina Country Club. It has a per capita income of more than $91,000 — the highest in the Triangle, according to an analysis by The Business Journals and its 2024 wealth index.<\p>
NC couple settles lawsuit with Wells Fargo, Truist over missing money
A married couple who sued Wells Fargo and Truist last year over their seemingly vanished funds has reached a confidential settlement with the banks, putting an end to what could have been a lengthy court fight. <\p> Holly Springs couple Taylor Goodnough and Kevin Kohl sued Truist (NYSE: TFC) and Wells Fargo (NYSE: WFC) in federal court after the banks allegedly lost their money and gave them the “run around” for a full year.<\p>
Downtown Raleigh adds two new restaurants
Workers will soon have new lunch options in Downtown Raleigh.<\p> Diced, a quick-service restaurant with three Triangle locations already, is planning to add a fourth outpost at 121 Fayetteville St. in Suite 108. The new restaurant is opening this fall, according to the company’s website. <\p>
NC State lab creates Under Armour's next-gen fabric
The new direction of Under Armour could be pioneered at North Carolina State University. <\p> Quietly, the Baltimore-based performance apparel giant has teamed up with Celanese Corporation and researchers at N.C. State to invent an alternative to spandex. Leading the charge on innovation is Kyle Blakely, an N.C. State graduate who is now the senior vice president heading up innovation at Under Armour (NYSE: UAA). <\p>
NASCAR's Kevin Harvick selling Charlotte mansion (Photos)
Former NASCAR driver Kevin Harvick is looking to sell his south Charlotte mansion about seven months after making a splashy purchase on Lake Norman.<\p> Harvick and wife DeLana have put their SouthPark home on the market for $12.5 million. The couple has owned the property since February 2014, buying it for about $3.33 million, according to Mecklenburg County real estate records.<\p>
Duke easily tops UNC, NC State for employee pay
Duke University has the highest pay among colleges and universities in North Carolina with its staff earning an average of more than $92,000 per year.<\p> That’s according to a recent Business Journals analysis of fiscal year 2023 U.S. Department of Education data for public and private universities. <\p>
Coastal NC city pays more than $1 million for 1 acre. Here's why
A growing city on the North Carolina coast has invested in land to expand its electric operations to keep up with an influx of new residents.<\p> The City of New Bern recently spent $1.4 million to acquire 1.34 acres on a lot at 212 Kale Road, according to Craven County deed records. The sellers are Refreshing Lives Church and Born Again Ministries, and the property comes with three small buildings.<\p>
Big changes at Village District in Raleigh
An iconic shopping area in Raleigh that's celebrating its 75th year is seeing some dramatic changes. <\p> At one end of the Village District, The Oberlin hotel is starting to come out of the ground where the K&W Cafeteria was once located. The hotel is planned to have 153 guest rooms and rise seven stories.<\p>
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