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Triangle Business Journal
Biz: Firm takes over former ACC home
An empty reminder of Greensboro’s loss of the Atlantic Coast Conference has a new owner.<\p> Wynnefield Properties, a Jamestown development and property management group, has purchased the former ACC headquarters near the Grandover Resort. <\p>
Bringing mental health into focus in the workplace
The 2024 “Workplace Mental Health Poll” conducted by the National Alliance on Mental Illness (NAMI) underscores the importance of creating a culture that supports the mental health and well-being of employees, but 70 percent of senior-level managers reported they have not received training for how to talk with their teams about mental health. <\p> Additionally, most full-time workers (58 percent) are not comfortable discussing their own mental health. Those are eye-opening numbers given that one in five U.S. adults experiences mental illness and one in 20 experiences serious mental illness. <\p>
Viewpoint: Shot clocks for North Carolina permits make sense
North Carolina played a key role in the origin story of college basketball’s shot clock.<\p> That is to say, it was the “Four Corners” offense of the late Dean Smith, longtime coach at UNC-Chapel Hill, that ultimately forced the NCAA’s hand back in the 1980s. Although professional basketball had a shot clock for decades, leaders of the college sport long resisted it. They thought limiting the time a team could possess the ball without shooting would make offenses too similar and force them to take poor shots.<\p>
NC State Chancellor Woodson to retire in 2025
N.C. State University Chancellor Randy Woodson is set to retire next year, the school announced Thursday.<\p> Woodson is planning to retire next June at the end of the upcoming academic year. The UNC system will appoint a search committee for a successor in the near future.<\p>
Eastern NC county selling new industrial buildings to lure business
An Eastern North Carolina county is bringing online new industrial space in order to attract business investments.<\p> The private-public Wayne County Development Alliance has two new shell buildings available in the ParkEast Industrial Park in Goldsboro: a 50,000-square-foot building that is expandable to 100,000 square feet and a 30,000-square-foot building expandable to 120,000 square feet, according to Craight Foucht, president of the alliance.<\p>
Plans revealed for Red Hat Amphitheater 2.0. Will it be bigger?
Plans are progressing for Red Hat Amphitheater’s relocation in Downtown Raleigh. <\p> The relocation of the concert venue has been in the works for some time. This month the City of Raleigh received an administrative site review application for the proposed relocation one block south. <\p>
Two-tower project in Glenwood South moves closer to construction
A New York developer says it is closer to starting construction on a two-tower project that would dramatically change the look of Glenwood South in Raleigh.<\p> Turnbridge Equities is looking to start construction on the Creamery development around the end of 2024 or early next year, according to CBRE, which is handling leasing for the retail portion of the project. <\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Raleigh firm lands major deal for 2026 World Cup
A Raleigh company that is providing premium hospitality at the upcoming Paris Olympics has a major new client — the FIFA World Cup.<\p> FIFA, in an announcement Thursday out of Zurich, named On Location the official hospitality provider for the 2026 World Cup, which will be held in the United States, Mexico and Canada. On Location is based in Raleigh but is a subsidiary of Endeavor, a global sports and entertainment company based in Beverly Hills, California.<\p>
Durham CEO eyes growth in a challenging sector
J.D. Mowery began his career in the chemical industry, a prominent sector in his small hometown in Ohio. But after nearly a decade, he pivoted to pharmaceuticals and has spent the years since working at drug developers such as Genentech and Celgene and at contract development and manufacturing organizations (CDMOs) like Lonza and AGC Biologics.<\p> In April 2023, Mowery joined one of the larger CDMOs in the Triangle, KBI Biopharma, part of JSR Life Sciences — a business unit of the Japanese conglomerate JSR Corp. KBI operates six facilities globally and three in the Triangle, where the company is headquartered and has about 1,000 employees.<\p>
Plans emerge for 900-home community with pickleball, parks, pool
A national homebuilder has big plans for a new community on the outskirts of Wendell as eastern Wake County continues to explode with growth.<\p> Lennar (NYSE: LEN) has filed a preliminary master plan with the Town of Wendell for a new residential community. The community will be called Weathers Landing and is proposed to have 922 single-family homes and townhomes.<\p>
Greensboro dealership invests $21M in new showroom, service center
Greensboro Honda is well on its way to having a new multimillion-dollar showroom and service center, and two other Greensboro dealerships owned by the same group are getting upgrades to their facilities.<\p> Choate Construction is building the $21 million new showroom and service center for the dealership located at 3633 W. Wendover Ave., according to Greensboro's online building permit portal. Joe DiLello, a senior sales consultant at the dealership, said the goal of the new building is to make the dealership more efficient and reduce the amount of time customers have to spend there, especially first-time buyers.<\p>
UNC realigns research hub to fuel new companies
The Institute for Convergent Science at UNC-Chapel Hill is under new management.<\p> The university has placed the institute within Innovate Carolina, the school's initiative aimed at turning research into commercial operations. Convergent science is a form of collaborative science where researchers work in tandem with experts from multiple disciplines to put the innovation into practice. <\p>
Home of downtown Durham restaurant for sale
The downtown Durham property that houses the restaurant Luna Rotisserie and Empanadas is up for sale for more than $3 million.<\p> Nish LeBlanc, owner of Lennox and Grae real estate firm, owns 112 W. Main St. and is listing it for sale for $3.2 million. LeBlanc bought the property in 2019 for $2.485 million. <\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
Developer eyes Toyota workers for Sanford community
An active developer in the Sanford area is proposing a townhome subdivision in the Lee County city — hoping to attract future workers at the Toyota plant in nearby Randolph County.<\p> Mark Lyczkowski has submitted plans to the Lee County Technical Review committee for "421 North," a neighborhood in west Sanford off Glenwood Drive and Highway 421 North that would include 59 townhomes, according to application documents. The attached townhomes, with an average lot size of 2,000 square feet, would be spread across 12.26 acres, per the application.<\p>
Retailers flock to small, but booming, Wake town
A developer's effort to bring more retail options to the growing Rolesville area is nearing completion. <\p> KDM Development Corp. has nearly filled all 55,000 square feet of its retail space at its Cobblestone Village project at 108 S. Main St. The firm has multiple tenants with leases gearing up to open their doors, in addition to three tenants with pending leases. Once those are signed, the firm will only have two suites left to lease out. <\p>
Tech firm expands offices on Franklin Street to support hiring
One of Orange County’s largest tech employers is expanding its office footprint on Franklin Street in Chapel Hill.<\p> Well Dot Inc. is expanding into 501 and 503 W. Franklin St. The company located at 419 W. Franklin St. will now occupy just under 30,000 square feet in the downtown area, according to CFO Jared Sokolsky.<\p>
Durham company reaches $15 million settlement in shareholder lawsuit
A public company in Durham is prepared to pay a multimillion-dollar settlement in a class action lawsuit. <\p> Bioventus (Nasdaq: BVS) has reached an agreement to settle the shareholder lawsuit, which claims the company misstated its financial results, leading to an artificial stock price. The medical device company has denied all claims in the lawsuit. <\p>
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