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Triangle Business Journal
Column: July Fourth is both a day to rest and to remember
Flags and fireworks. Swimming pools and sun hats. Hot dogs and parades. <\p> Sounds like the Fourth of July, doesn’t it? Our national birthday party is coming up, and many families in business will celebrate by taking the day off to sit around and watch the kids run through the sprinklers or to turn juicy beef patties into overcooked hockey pucks. This year, even some of us will add the Fifth of July to the Fourth to make it a four-day weekend — even more time to throw the brain out of gear and relax.<\p>
Garner restaurant seen on 'Bar Rescue' opening new locations
More than a decade after first appearing on a reality TV show, a longtime Garner restaurant and bar is growing. <\p> MoonRunners Saloon, currently located off Highway 70 near the 401 split, is opening two new outposts. One, located at 21 Technology Drive in Garner — off Highway 42 in Johnston County near Interstate 40 — is opening in July, while the other location at 1125 E. Cumberland St. in Dunn will open later this year. <\p>
Duke names longtime professor dean of prestigious business school
Duke University will soon have a new leader overseeing its business school.<\p> Mary Frances Luce will begin a two-year term as interim dean of the Fuqua School of Business on Aug. 1. Luce is replacing long-term dean Bill Boulding, who has led the school for more than a decade. <\p>
Homes near $1 million to be built outside Chapel Hill
Prospective homebuyers able to pay close to seven figures will soon have a new option near Chapel Hill.<\p> Virginia-based HHHunt Homes recently purchased 19 lots on the Chatham County side of Chapel Hill for $2.7 million, according to Chatham County deed records. The land is for the upcoming Summit at Morgan Ridge neighborhood, which will be located off Jones Ferry Road. <\p>
Raleigh coffee biz greets Bidens, Air Force One
A local coffee shop had a memorable night when it was on the scene early Friday morning when President Joe Biden arrived in Air Force One. <\p> Lindsay Wrege and the team at 321 Coffee, which employs over 50 adults with disabilities, were at Raleigh-Durham International Airport around 10 p.m. to get ready and were there when Air Force One arrived around 1:45 a.m.<\p>
14 Triangle startups emerge from GRO incubator
A new crop of Triangle startups is chasing investments and connections.<\p> Thursday evening, the largest cohort of entrepreneurs to date presented their 5-minute business pitches at the GRO Incubator Demo Day in Morrisville. The startups, spanning from technology to life sciences, aimed to attract potential investors and customers.<\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
Raleigh tennis club settles $350K whistleblower lawsuit
The Raleigh Racquet Club and a former club member have agreed to a more than $350,000 settlement in a whistleblower lawsuit that alleged the club improperly applied for a Paycheck Protection Program loan in 2020.<\p> The settlement total includes $307,900 to repay the original PPP loan, and $46,185 to Lindsey Flower. <\p>
Durham apartments sell for well above assessed value
An apartment complex near Research Triangle Park has been sold for well above its assessed value.<\p> California-based ColRich acquired the Campus Crossings at Durham apartments for $30 million, according to Durham County deed records. The apartments have an assessed value of approximately $18.1 million. <\p>
Triangle facility key to new public company's future
A North Carolina facility is key to the future plans of a California company that recently began trading on the Nasdaq. <\p> Shares for Grail (Nasdaq: GRAL) began trading Tuesday after the company spun off from Illumina (Nasdaq: ILMN). <\p>
Hillsborough businesses in limbo after fire
After a fire at a warehouse facility in Hillsborough, the business owners have been left to pick up the pieces.<\p> On Saturday night, a fire damaged businesses at 1515 Coleman Loop Road off Highway 86 north of town, including Bootstrap Brands — the maker of Happy Wax — and Balanced Bookkeeping of NC. All the businesses were closed at the time of the fire, but now they must navigate a way forward.<\p>
West Raleigh townhomes come with elevators, high price
High-end luxury townhomes with a starting price well above $1 million are proposed for land near Lake Johnson in west Raleigh.<\p> MJM Group, a hospitality developer in Raleigh, submitted site plans for Floresta Trails (on the plans as “Trailwood Townhomes”) to the city. The project will have 39 townhomes. Anuj Mittal, founder and CEO of MJM, said the company is targeting the $1.5 million range for home prices.<\p>
Biz: Chapel Hill leads craze for Taylor Swift's European tour
Travis Kelce isn't the only American going to Europe this summer to see Taylor Swift, and it turns out Chapel Hill is a hotbed for Swifties headed to the Old Country.<\p> Airbnb (Nasdaq: ABNB) says searches for Airbnb stays in Europe have surged 70 percent during the Eras tour, and about two-thirds of the bookings were done by women. <\p>
Emerging group adds fuel to Triangle housing market
After spending 15 years working in international logistics, Paloma Marquez Brown signed on as a broker at the Compass real estate firm in Raleigh.<\p> She had moved from Mexico to Texas in 2013 when she joined TE Connectivity, arrived in the Triangle in 2016 to work with the company’s manufacturing facility in Fuquay-Varina, and entered the real estate profession when she married and decided to keep the home she owned in Apex as an investment rental property.<\p>
Blockbuster Amazon series to film at UNC
The Amazon Prime blockbuster series "The Summer I Turned Pretty" will be filmed on the UNC-Chapel Hill campus in July, the Triangle Business Journal has confirmed.<\p> Cherrix Casting Wilmington is recruiting paid extras for a production filmed on UNC’s campus from July 8-10. The casting agency has casted for the series in the past and a source confirmed the agency is looking for extras for the Amazon (Nasdaq: AMZN) hit.<\p>
Chatham town sees another multimillion-dollar real estate investment
As Siler City grows, so too have commercial real estate sales in the Chatham County town.<\p> A group called Siler City Wash Inc. this month bought a car wash on a 0.8-acre outparcel of a Walmart Supercenter off Highway 64 for $3.4 million, according to Chatham County deed records. <\p>
Raleigh pharma secures FDA approval for highly-anticipated drug
A public biopharmaceutical company in Raleigh is preparing for its first commercial launch after securing approval from federal regulators for its lead product. <\p> Verona Pharma (Nasdaq: VRNA) this week announced that the U.S. Food and Drug Administration has approved its inhaled maintenance treatment for chronic obstructive pulmonary disease, or COPD. The company believes its lead product, ensifentrine, can "change the treatment paradigm" for COPD patients in the U.S. <\p>
Major bank preps first Raleigh branches
TD Bank (NYSE: TD) is in the process of opening its first branches in Raleigh. <\p> The Canadian bank with more than $1.4 trillion in assets globally, and more than $500 billion with its U.S. subsidiary, TD Bank N.A., will open its first branch at 7320 Creedmoor Road by Harris Teeter and Outback Steakhouse. <\p>
Once gritty North Carolina beach town sees investment surge
A North Carolina beach town that’s always been a grittier cousin of Wrightsville Beach has a new vibe.<\p> Carolina Beach, once a haven for skee-ball shops and cheap souvenirs, is riding a wave that includes a new rooftop bar, swank new homes and perhaps even an Embassy Suites before too long. <\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
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