Local Business News
Catawba Ave. vacancies rise;
office building in foreclosure
March 31 — Cornelius: The former office of Pippin Home Designs on Catawba Avenue is in foreclosure after being on the market for over a year. The farmhouse-like building, a landmark in old Cornelius, was renovated by designer and contractor Jennifer Pippin, who moved her business to Sherrills Ford.
She has received a number of awards for projects ranging from Prairie-inspired lakefront mansions to a sprawling Mediterranean horse ranch in the Mooresville countryside. She was also one of Business Today’s Top Women Business Leaders in 2008.
A wide array of Golden Crescent businesses associated with residential construction being hit especially hard by the economic downturn.
“We are deeply saddened by the impact this made on our industry and friends. I have had 23 amazing years in the residential design industry, and just at the time that I took the biggest risk of my career -- building my own green home, which also serves as a community educational center -- the economy slammed on the brakes, halting our projects for months,” Pippin said, explaining that her business in Sherrills Ford continues to operate.
“With a heavy heart, we just did not have the cash to fund the property after it was on the market for more than a year. When I was forced to choose me or the building, it was a very difficult, but necessary decision to allow it to go into foreclosure,” Pippin said.
She does not view this situation as a setback for me or my company.
“We made a substantial investment in the town of Cornelius and we were so happy and fortunate to be there. We are very proud of what we were able to do to preserve and rehabilitate this historic property. Hopefully the next owners will continue to protect the integrity of this structure, as we did.”
There is an increase in office space up and down Catawba Avenue, according to Tom McMahon, managing director of Sperry Van Ness commercial brokers in Cornelius. “Anytime you have an increase in supply and no increase in demand, the market will take some time to correct,” he said.
Coldwell Banker United acquires C-21 Hecht
March 30 - Lake Norman: Coldwell Banker United, Realtors has picked up Century 21 Hecht, which had more than 100 agents in Mooresville and Denver. The merger, however, means more empty office space in Lake Norman. Hecht shut down a large office in Cornelius more than a month ago. Coldwell Banker already purchased Realty World Lake and City in Cornelius from Tony Monticello last year, which means the company will operate from there. Coldwell Banker will exit its Williamson Road office in Mooresville and move to the Hecht offices on Highway 150. Franchise issues are probably minor since Realogy Franchise Group owns both Century 21 and Coldwell Banker. Shantae Brown, broker in charge of the Denver office, said she was "very excited about a positive change" that will "help us grow our business." Bob Hecht, the son of the founder of Century 21 Hecht, will not be associated with Coldwell Banker, Brown said. The Hecht firm claimed to be the first organized Realtor firm in the Lake Norman area. Organized in 1971, the firm affiliated with Century 21 in December of 1976.
Free 'Biotech for
Non-Scientist' course
March 30 - Kannapolis: The Small Business Center at Rowan-Cabarrus Community College is offering the free seminar, "Biotechnology for the Non-Scientist," 6:30-8:30 p.m. April 16 at the David H. Murdoch Core Laboratory Building, on the North Carolina Research Campus, in Kannapolis. The free seminar focus on how biotechnology is relevant to Cabarrus and Rowan counties, provide an introduction to the science behind the biotech industry, and describe many biotech-related products, businesses and jobs.
MSI chamber workshop
on surviving tough times
March 27 - Mooresville: The Mooresville-South Iredell Chamber of Commerce will hold a "How to Survive and Grow Your Business During Tough Economic Times" lunch workshop noon - 2p.m. Wednesday, May 13 at Mitchell Community College, Mooresville Campus, 219 N. Academy St. Eileen Joyce from the U.S. Small Business Administration is the presenter. This class will provide practical tips for small business owners on making it through an economic slowdown. As a small business, what extra expenses can you cut or purchases can you postpone? What is your strategic plan? Now is not the time to stop advertising, but you can market smart. The $15 cost includes lunch and materials. To register: 704-664-3898.
Embassy Suites at Lake Norman moving ahead this year
March 27 - Mooresville: John Q. Hammons Hotels & Resorts plans to begin construction this year on its second Embassy Suites hotel and convention center in the Golden Crescent.
Construction at the Lake Norman location in Mooresville off Interstate 77's Exit 32 should start by early fall at the planned Langtree at the Lake development.
John Q. Hammons, 90, bought the land for the project four years ago because it is near the Lowe's Companies national headquarters off the soon-to-open exit, says the resort magnate known for his vision. John Q. Hammons Hotels Management LLC is located in Springfield, Mo.
Hammons traditionally steers his dream clear of major cities, where the risks are lower but the competition greater and the costs higher. Instead he has focused on second-tier markets with top-notch potential that he sees but others can't. Many of his properties are built in state capitals or towns with large colleges, universities or healthcare centers. Nearby corporate headquarters signal to Hammons that hotels with conference centers will flourish.
Hammons' Lake Norman project represents an investment of $75million to $85million, and is planned as a 300-room, 12-story Embassy Suites hotel and 75,000-square-foot convention center.
Scott Tarwater, executive vice president for development at the John Q. Hammons Hotels, says Hammons has an easier time obtaining financing even in the economic downturn because of his longstanding reputation in the industry. Weather permitting, the Lake Norman project should open 16 to 18 months from the start of work.
Cabarrus County officials are thrilled with the Embassy Suites in Concord that opened in January 2007. The upscale facility has more than 42,000 square feet of flexible event and conference space, including a 28,800-square-foot ballroom and 26 breakout rooms.
Why would Hammons choose Concord and Lake Norman, which will be Hammons sixth Embassy Suites facility in North Carolina?
His approach has been to find communities with local civic and business leaders who are committed to long-term growth and then build a hotel that anticipates and taps that aspirational drive.
"Think market, then location and then design, and build a high-quality product to meet the needs of the public," Hammons said in November 2008 letter. "A community will result."
Frank Harmon, the broker with Equity Commercial Properties in Mooresville that brought Hammons to the table, says Hammons was very hands-on in the decision to build at Lake Norman. First he was looking near Exit 30, Harmon says. Then he found about the plans for Langtree at the Lake, the first phase of which will include 300,000 square feet of corporate and professional office space and 650 exclusive residences, Harmon says. Hammons would fly into the airport in Statesville and walked the site, talking to Langtree developer Rick Howard. He eventually purchased eight acres and has been back several times, Harmon says.
Langtree to secure
private bond financing
March 24 - Mooresville: Town Commissioners approved the first step in Langtree At The Lake's request to finance public infrastructure with bonds secured by Langtree's land at no risk to the town or its taxpayers, the developer announced.
The resolution, which passed with a unanimous vote, opens the door for the Town of Mooresville to submit its application to the Local Government Commission. Although this kind of bond financing is new to North Carolina, it has been used for over 40 states, going back to the 1700's, Rick Howard, president of Langtree says.
Phil Hunt, an underwriter for the firm of Gardnyr Michael Capital, said "in this economic environment, banks are simply not lending for basic infrastructure like water, sewer and road. … Langtree At The Lake, with its large commercial component, is very attractive to bond buyers in the market at rates that are acceptable in this climate."
The first phase will include more than 300,000 square feet of corporate and professional office space and 650 exclusive residences. Langtree At The Lake will include a 300-room Hammons Embassy Suites Hotel with 75,000 square feet of convention space.
MUMPO will put Augustalee
roadways on TIP vote in April
March 23 - Cornelius: A key transportation planning agency has given Augustalee the green light into highway improvement discussions that are required before road improvements at the $550 million mixed-use project can begin. The Metropolitan Union Municipal Planning Organization voted unanimously to allow all of the road projects associated with Augustalee into a public comment period. The comment period is for the critical Transportation Improvement Plan that serves as the timeline for highway improvements in North Carolina. No matter how critical the need, if the project is not on the TIP, it won’t be built. According to Cornelius Commissioner Jim Bensman, MUMPO will vote on whether to add these projects to the TIP on April 29. The developers of Augustalee plan $90 million in road projects, none of which would impact funds for other projects in Mecklenburg and Union County. Augustalee is expected to generate 4,500 job, as well as 500 to 1,100 construction jobs. This project would widen I - 77 and create on/off ramps at Westmoreland. “There are a large number of federal and state agencies looking at this project,” Bensman said. Among the issues: Air quality as it relates to traffic. Bensman has asked the N.C. transportation secretary for his support.
Cruise-in changes hands
March 19 - Mooresville: The Mooresville-South Iredell Chamber of Commerce and the Mooresville Downtown Commission have announced that classic car shows will continue in 2009, with the Mooresville Downtown Commission handling the event as part of their ongoing effort to promote Downtown Mooresville. The change in handlers begins with the first show Saturday, April 4 and the event is renamed the Downtown Mooresville Cruise In.
In 2006, the chamber initiated the Mooresville Cruise-In, with the support of the Town of Mooresville, local businesses and other organizers that have volunteered time and expertise to making this show successful, with as many as 600 classic vehicles on display and thousands of spectators every first Saturday of the month. The commission will look for opportunities to expand and grow the event.
Anti-tax ‘tea party’
April 4 in Charlotte
March 18 — Cornelius: Entrepreneur Bob Watson is helping organize a “Tea Party” April 4 to protest federal spending. He’s part of a grassroots movement by “American patriots concerned about our country” as the deficit appears to be climbing well on its way to $2 trillion.
The owner of storage businesses and car washes in Cabarrus County and Cornelius, Watson drew a crowd of about 30 business owners to a meeting in Cornelius Monday night that focused attention on growing dissatisfaction with President Obama’s bailout plans.
An anti-tax tea party, complete with nationally known speakers and The Craig Woolard Band, will be held April 4, from 11 a.m. to 1 p.m. at Marshall Park in uptown Charlotte. Information: www.iamwithrick.com A recent California transplant, Watson said he watched the Golden State virtually tax and spend itself into insolvency. He is the owner of Bob’s Car Wash in Kannapolis and Cornelius Self Storage and Old Statesville Self Storage.
Independent-Tribune delivering
news of frequency reduction
March 11 - Kannapolis: The Independent-Tribune, based in Kannapolis, will go from daily publication to three-times a week in mid-April. The Independent and The Tribune were merged under the leadership of former publisher John Kennedy, who combined the newspapers in Kannapolis and Concord. A tireless promoter of the newspaper and a respected business leader, Kennedy retired in 2002. Since then, the publication has weathered difficult times, including a determined incursion by the Charlotte Observer, which established a large newsroom and sales office in Concord. Now both publications are cutting back dramatically. The Independent-Tribune is owned by Media General, out of Richmond, Va. Publisher Terry Coomes could not be reached for comment. An announcement is expected soon.
Nine agents land honors
at Weichert-Craven & Co.
March 10 - Concord: Nine agents with Weichert–Craven & Co. were presented sales excellence awards. The agents that received awards are: Glen Tucker, who received his fourth consecutive President’s Club trophy; Debbie Fink, recognized for having the largest dollar volume of closed sales of any Weichert office in both North Carolina and South Carolina; R. Carter Critz; Starr Black;Tammy Fulk;Joyce Howell; Ellen Lariviere; Debbie Little; and Julianna Wagner.
Survey illustrates financial crisis' impact on community banks
March 10: The Independent Community Bankers of America and Aite Group LLC, released a report today based on information gathered through a February 2009 survey of 743 community bank respondents, including 10 community banks in North Carolina, examining the impact of the current financial crisis on community banks.
"While the financial crisis has affected banks of all sizes and in all regions, community banks continue to lend and are typically faring much better than the larger banks because they didn't participate in the high-risk activities that led to problems we are experiencing," said ICBA President and CEO Camden R. Fine. "This survey clearly shows that the vast majority of community banks are well-positioned to survive the economic downturn and, perhaps, even reclaim some of the customers from larger banks."
Survey highlights include:
* Of the community banks surveyed, 55 percent have seen an increase in deposits as a result of new customer acquisition. Only 17 percent have had customers withdraw deposits from their institutions.
*Community banks are acquiring new customers at a faster rate than in the past. Of the community banks surveyed, 57 percent saw an increase in new retail customers during the third and fourth quarters of 2008 compared to the first half of the year, while 47 percent saw an increase in new business customers.
*Community banks are still lending, and 40 percent have seen an increase in loan origination volume over the last year. Only 11 percent believe the crisis has "significantly" curtailed their institution's ability to lend. Economic compression and mixed messages from the U.S. government are key factors driving down loan activity.
RCCC, developer
sign NCRC lease
March 6 - Concord: Rowan-Cabarrus Community College has entered into a lease agreement with Castle & Cooke Inc. for a 62,332 square-foot building to be constructed on the North Carolina Research Campus (NCRC) in Kannapolis. The building will house the college's newly established biotechnology programs, developed by the college to train local residents for career opportunities at the NCRC. The agreement was signed Wednesday and Castle & Cooke will now complete a loan application and submit it to the lender. The lender will have 15 business days after receiving the application to lock in an interest rate. The building should be open for the fall 2010 semester.
Sunwest Management, owner
of senior facility,
in bankruptcy
March 4 — Mooresville: Federal regulators have accused Sunwest Management Inc., one of the nation's largest operators of assisted-living facilities of securities fraud. The SEC says Sunwest raised more than $300 million from investors, promising returns on the order of 10 percent. The company, which operates more than 200 senior housing facilities around the country, defaulted on numerous loans after it began running out of cash last year and couldn't obtain any more credit. Sunwest owns Churchill Senior Living on Carriage Club Drive in Mooresville. A spokesperson said the Mooresville facility was not affected by the suit or Sunwest’s bankruptcy filing.
New business is
gathering place
Feb. 24 - Cornelius: Cornelius Today's Silver Threads columnist Marsh Cook and business partner Elizabeth Reavis are opening a new business in Cornelius, "a little gathering place called The Nook."
Here's how Cook describes the next phase of her evolution as a Silver Thread in the lives of others: "The Nook is ... a place that encourages and empowers the individual; whether it be through a workshop gathering, classes, support group, personal strategy guidance or simply stopping by to borrow or read from the library while sipping a hot cup of tea."
The grand opening is 2-5 p.m. March 8. Special guest Joyce Marie Sheldon, faith coach, inspirational speaker and author, will read her poetry 3-4 p.m. The Nook is located between Jetton and Bethel Church roads at 19621 W. Catawba Ave., Cornelius. Details: 704-892-3110, www.mychoices.com.
Cornelius Today is the sister paper of Business Today.
LKN to host Wal-Mart FLW fish tourney in April
Feb. 23 — Cornelius: Visit Lake Norman will host the Wal-Mart FLW Outdoors National Guard Open for the third year in a row in late April. With an economic impact of $1.1 million, the fishing tournament is expected put heads in beds for the Lake Norman tourism industry. "We have secured five more national fishing tournaments beginning in September through November with anticipated revenues of $1 million," said Sally Ashworth, executive director of Visit Lake Norman. In May and June, Visit Lake Norman will be assisting with the State Games which include soccer, gymnastics and high school baseball. The projected economic impact: $350,000.
