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Triangle Business Journal
Wake Co. ABC to expand after spending $27.5M for Garner building
The governing body overseeing liquor sales in Wake County has made a big real estate buy. <\p> The Wake County Board of Alcoholic Beverage Control (ABC) has purchased a massive industrial building in Garner at 600 S. Greenfield Parkway for $27.5 million, per property records.<\p>
North Carolina building flipped for 30% profit — in 75 days
A New Jersey real estate investment firm has recently sold a building in a Kernersville industrial park for 30 percent more than it purchased the building for just 75 days before.<\p> This week, Lucern Capital Partners completed what it described as a "strategic disposition" of one of four buildings it purchased in Indeneer Business Park in Kernersville for $4.1 million at the end of February. The light industrial portfolio was 51,450 square feet on 7.9 acres of land at the time of purchase. <\p>
RDU lands a record day for passengers
All the graduations across the Triangle had Raleigh-Durham International Airport buzzing Monday, as the airport set a single-day record.<\p> Nearly 59,000 passengers came through the terminals that day, a 6.1 percent increase over the previous record set in October 2023.<\p>
Now pitched for Sanford: infill townhomes
A Sanford custom homebuilder is looking to bring a townhome community to the booming Lee County city.<\p> Harrington Properties of North Carolina LLC has submitted a conditional rezoning request with the City of Sanford to rezone three parcels between Cooper Street and Bragg Street east of downtown to clear the way for the development of a 29-unit townhome community. <\p>
As Complete 540 inches closer, turnpike late fees could go up
As Complete 540 moves forward, a bill that would increase toll road late fees by 50 percent is advancing on Jones Street.<\p> David Roy, director of project financing with the N.C. Turnpike Authority, explains that it comes down to escalating cost. <\p>
NCInnovation awarding $5M to first set of university research projects
A nonprofit backed by state funding is directing about $5 million to eight university research projects through a pilot grant program. <\p> NCInnovation, which is focused on advancing research at North Carolina universities into commercial opportunities, plans to distribute $5.2 million to researchers at seven different schools. The projects include technologies aimed at lithium refining, vaccine development and drinking water purification, among others. <\p>
Triangle's largest women-owned businesses eclipse $1.2B in revenue
Total 2023 revenue of the 25 largest women-owned businesses in the Triangle was more than $1.2 billion – up slightly from the year prior, according to Triangle Business Journal research.<\p> The largest companies on the list combined for nearly 3,600 Triangle employees, more than a handful of which have more than 100 local workers each. <\p>
RDU attorneys refute 'encroachment' issue in quarry fight
The encroachment issue: It’s one of the tactics recently deployed by supporters of Umstead State Park, who have been arguing for years against plans for a rock quarry on adjacent land.<\p> And the Raleigh-Durham Airport Authority is trying to squash it altogether, having hired real estate attorneys to conduct its own analysis. <\p>
NC company to invest $100M to build Moore County luxury driving resort
A North Carolina company is ponying up $100 million to build what it says is the first "luxury driving resort" in the state.<\p> Autoport, which was registered as a business with North Carolina based in Wake Forest in May 2021 and has Kristi Maluchnik and Michael Morse listed as managing members, announced late Thursday evening that it is going to build "a world-class driving resort" in northern Moore County and has 400 acres of timberland under contract for it. The company said it will invest over $100 million and create at least 32 full-time jobs and 100 part-time jobs, with an average salary of $48,000.<\p>
AutoZone revving up yet another store in Raleigh
Memphis-based AutoZone (NYSE: AZO) is gearing up for another store in the Triangle. <\p> The auto retailer is looking to build a new location at 5101 Forestville Road, according to plans filed with the City of Raleigh this week. AutoZone's expansion plans in the Triangle are a stark contrast to its Raleigh-based competitor Advance Auto Parts (NYSE: AAP), whose plummeting stock, leadership transitions and layoffs have all made headlines in recent months. <\p>
Downtown Cary growth spurs multifamily project on edge of downtown
Downtown Cary’s explosive growth is what drew a Milwaukee-based developer to now expand into the Triangle. <\p> Fiduciary Real Estate Development (FRED) is planning its first Triangle project, and only second in North Carolina, on the edge of downtown Cary. The multifamily project, named Seasons at Cary, will have 186 apartments on E. Chatham Street adjacent to Vida Dulce ice cream and near Fenton.<\p>
The path Manny Diaz took to now lead the Duke football team
Not many Division I football coaches will tell you they volunteered their way into the coaching profession, but Manny Diaz, who took over in December as the 23rd coach to lead the Duke University football team, is quick to highlight the valuable perspectives he gleaned from that rather unorthodox beginning.<\p> “It was almost like the old coming through the mailroom story – I was fortunate to start my career at Florida State, on a volunteer basis, just to get myself in the building,” recounts Diaz, who adds he wasn’t “good enough” to play college football at FSU, but he’d set his sights on attending a school of that caliber.<\p>
The search for foster parents intensifies in North Carolina
Finding foster parents is a rising need across North Carolina, according to a statewide nonprofit started by business leaders in 1902 to serve the state’s children.<\p> About 250 people turned out April 25 for a luncheon at North Ridge Country Club to support the Children’s Home Society of North Carolina, which has its headquarters in Greensboro but has offices and services across the state. <\p>
Biz: Change is coming rapidly in Dix Park area
The evolution of Dorothea Dix Park has been slow and incremental since Raleigh agreed to pay the state $52 million for it in 2015. <\p> But that is changing rapidly as the promise of the park comes into view. Two significant projects, The Weld and Rockway Raleigh, are rising nearby.<\p>
Does North Carolina have the revenue it needs?
Each year, the North Carolina Office of State Budget Management (OSBM) and the Fiscal Research Division (FRD) release a Consensus Revenue Forecast that projects how much tax revenue the state can expect to collect. The forecast represents an agreement – that’s the “consensus” part – between the legislative and executive branches about how much money the state has to work with in creating a balanced budget. <\p> This year’s forecast was released last month, and most headlines will focus on the fact that North Carolina is projected to collect $1.4 billion more than expected over fiscal years 2024 and 2025. Far from a cause for celebration, though, the forecast is a sobering reminder of the consequences of legislative leaders’ relentless pursuit of tax cuts for corporations and the wealthy: revenue collections that fall short of current needs and a trajectory that calls into question the state’s future ability to fund the public institutions that help our communities thrive. <\p>
Meet TBJ's 2024 Life Sciences Awards winners
The Life Sciences Awards recognize individuals and research organizations that are blazing trails and breaking ground in this field. The broad spectrum of the life sciences arena across Raleigh, Durham and the rest of the Triangle represents a number of focus areas, including biotechnology, pharmaceuticals, clinical research, human health, medical devices and diagnostics, and others.<\p>
The best and worst industries for finding a job right now
Workers in the market for a new job are finding quick success if they're targeting a select few industries — and, perhaps surprisingly, if they're hunting without the aid of artificial intelligence.<\p> A new survey from Resume Builder of workers hired into new jobs within the last six months paints a picture of workers in food and hospitality, retail, and construction being been able to find jobs quickly. Prospective employees in business and finance, education, and software are having a harder time landing a new job.<\p>
Durham spinout from Labcorp cuts revenue projections
A contract research organization based in Durham continues to face challenges connected to its spin-out last year from a large public company. <\p> Fortrea (Nasdaq: FTRE) was formed in July as the result of Labcorp (NYSE: LH) spinning off its clinical development business into a standalone entity headquartered in Durham. <\p>
Former employees appeal, say IBM miscalculated retirement benefits
A group of former IBM employees are appealing a federal court’s decision to dismiss their retirement benefits lawsuit.<\p> IBM, which has one of its biggest campuses in Research Triangle Park, had filed a motion to dismiss a lawsuit filed by a group that had questioned its retirement calculations.<\p>
This Scot found a home in cable industry – now leads Eastern NC ops
For Kat Kerr, it was a long journey to the Triangle from her hometown in Scotland – one that took her through multiple markets such as Denver and the Florida cities of Orlando and Tampa.<\p> But was also a winding road through different industries – from the postal service to dental school to Charter Communications, where she is now area vice president of Eastern North Carolina based in Morrisville.<\p>
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