Local Business News
Cornelius restaurant
closes after five months
Nov. 20 — Cornelius: The Paradise Bar and Grill restaurant that was located in the old Splash space has closed after only five months in the rainbow-painted Lakeshore Marketplace retail/office complex on Catawba Avenue. Lakeshore, which was purchased last year for about $5 million by investors from Florida, is now represented by Locus Real Estate Advisors in Concord. Sperry Van Ness had represented the property that went through a dramatic, though controversial facelift with the . The pink, lime green and pale blue paint scheme was criticized when it was completed in 2007 for its jarring effect on tenants in neighboring buildings.
Rezoning plan for
former restaurant site
may be done for
Nov. 20 — Cornelius: The Cornelius Town Commission killed a plan from SCI North Carolina Funeral Services to put a 9,755 square foot mortuary in the old Prime Sirloin building on Highway 21 over concerns about funeral processions departing in the dead center of rush hour. The application reached a dead end when the owner, one of the largest funeral home businesses in the United States, also buried plans for a special turn lane.
Art exhibit highlights Birkdale lifestyle
Nov. 14 — Huntersville: Romero Britto, the pop art sensation from Brazil via Miami, appeared at the opening of an exhibit of his works sponsored by Developers Diversified Realty, the new owner of Birkdale Village in Huntersville. The company paid $6.2 billion for Inland Retail Real Estate Trust, the former owner of Birkdale Village. The Britto exhibit, which includes large, colorful sculptures inspired by the exuberant South Florida lifestyle, will run through Nov. 23. The marketers behind the exhibit want to bring a highly visual aspect to "lifestyle centers" like Birkdale Village. Developer Diversified is taking the Britto tour to 13 of its lifestyle centers around the country.
Chip and Dale: Merger means hundreds of layoffs
Nov. 13 - Mooresville: With three out of four of its race teams unfunded, Dale Earnhardt Inc. is merging with Chip Ganassi Racing. The merger will result in the layoffs of about 110 people. Teresa Earnhardt and Chip Ganassi will combine their race teams to make their way through suddenly straitened times. The combined team will be called Earnhardt Ganassi Racing. The top NASCAR teams are in many ways captives of the nation's auto industry, which has practically run out of gas. GM and Ford reported third-quarter losses of $4.2 billion and $2.998 billion, respectively, forcing both to slash their budgets. DEI was also hit by sponsorship losses, including the U.S. Army and Menards, a home improvement chain in the Midwest. "Having a partner like Chip who is heavily involved on the competition side of the business is an ideal situation for DEI," Teresa Earnhardt said. Separately, Hendrick Motorsports in Concord has already laid off 12 workers.
'Augustalee' new name for Village at Lake Norman
Nov. 13 - Cornelius: Augustalee is the new name for the Village at Lake Norman, the $500 million mixed-use project planned between Exit 25 and Exit 28 along Interstate 77 in Cornelius. Developed by a partnership of Bromont Group of Scottsdale, Ariz., and Carlsen Douglas Development of Cornelius, the project has been almost two years in the making. It is being planned as a larger, more ambitious "Birkdale Village," complete with two hotels and considerable Class A office space. Officials at Bromont said they would commence branding around the "Augustalee" name, which is a combination of the first and middle name of a member of the Cooke family, long-time owners of the 104-acre parcel. The first retail stores are expected to open in the fall 2012. In addition, the project will feature luxury residences above quality retail, two top-tier national brand hotels on the central street, extensive Class A office space in multiple buildings, plus parks and walking trails. A Super Target is expected to be one of the early tenants. Officials said private financing has been secured for the project, which includes significant enhancements to local highways.
Aquesta Bank post record quarterly results
Nov. 6 - Cornelius: Aquesta Bank reported record operating earnings for the third quarter of $64,000, prior to writing down the value of its Fannie Mae and Freddie Mac shares. This compares to a net loss of $211,000 for the third quarter of 2007 and net income of $32,000 for the second quarter of 2008. From an operations standpoint, this is Aquesta's second profitable quarter since it opened for business in August of 2006. However, during the third quarter the bank wrote down its investment in Fannie Mae and Freddie Mac preferred stock resulting in a non-cash charge of $792,000 net of associated tax benefits. Aquesta, according to Jim Engel, president and CEO, remains very well capitalized with almost twice the regulatory capital requirements to be considered a "well capitalized" bank. Aquesta Bank reports significant growth in loans and deposits. Its loan portfolio continues to perform well with a minimum of delinquency, despite the economy. Aquesta Bank has had no charged off loans since its inception on August 1, 2006. Meanwhile, the bank also finalized plans to open a branch off of exit 33 in Mooresville. Architect Roger Layman will design the branch which will open in the summer of 2009.
Lowe's Cos. Inc. extends naming rights at Speedway
Nov. 5 - Mooresville: Lowe's Cos. Inc. will continue as title sponsor of Lowe's Motor Speedway in 2009. The home improvement retailer, based in Mooresville, bought naming rights for the track in 1999. Terms were not disclosed, but it was reported in the past that the prior 10-year contract was worth $35 million. With fiscal year 2007 sales of $48.3 billion, Lowe's is the second-largest home improvement retailer in the world.
Business Expo Nov. 13 at Waltrip Raceworld USA
Nov. 5 - Cornelius: The Lake Norman Chapter of eWomenNetwork will hold a business expo Nov. 13 at Waltrip Raceworld USA featuring women-owned businesses. Speakers include officials from ConnectU, Ageless Remedies, Pre-Paid Legal, Powerful Edge Coaching and Permanent Cosmetics by Chong. More information: 980-722-0997
AlphaGraphics expands with purchase in Mooresville
Nov. 4 - Cornelius: Enterprise Printing & Office Supplies Inc. in Mooresville is being purchased by the family that owns the AlphaGraphics franchise for Lake Norman. The sellers were Tom and Ann Starrette, who started Enterprise Printing & Office Supply in 1968. The Starrettes will continue advising the new organization and the staff will continue as a part of the AlphaGraphics - Lake Norman organization. AlphaGraphics - Lake Norman, is independently owned and operated by Fran Boling, Carter Boling and Robert Reed.
Business women hold fundraiser for Dress for Success
Nov 4 - Huntersville: Tickets are now on sale for the first "Pearls On The Porch" gala on Nov. 14 to benefit Dress For Success Charlotte.
The event at the Historic Ranson House in Huntersville is being hosted by Lake Norman area business women. The evening will feature a jazz trio, chocolate fountain, wine, hors d'houvres, pearl cupcakes and a silent auction with items such as a case of private label wine, spa packages, NFL Panthers tickets and a chance to co-host the popular FOX News Rising morning show with local celebrity, Mark Mathis.
Tickets are $50 per person.
Dress For Success is still seeking sponsorships for the event as well as donations for the silent auction. The mission of Dress For Success is to promote the economic independence of disadvantaged women by providing professional attire, a network of support and the career development tools to help women thrive in work and in life.
Details, tickets: Chairperson Heather Valeri, 704-264-4006 or heather@addflair4design.com.
Carolina Beer adding new distribution center
Nov. 3 — Mooresville: The maker of Carolina Blonde beer is spending $11 million to expand its warehouse and distribution facilities in Mooresville Business Park. The 300,000 square foot distribution center will add about 30 people to the company’s work force here. Carolina Beer & Beverage Co., which was founded in Mooresville in 1997 by CEO Michael Smith and John Stritch, president, will have about 105 people on site. The new warehouse and distribution center will allow them to consolidate five such centers into one, according to Mooresville/South Iredell officials. They said Iredell County provided a tax rebate incentive of $39,338 a year for five years totaling $196,690. Mooresville kicked in a tax rebate incentive of $48,640 a year for five years totaling $243,200.
Dirt Track kicks off $8 million in spending
Nov. 1 — Concord: The Cabarrus County Convention & Visitors Bureau projects the
World of Outlaws Finals events at The Dirt Track at Lowe’s Motor Speedway to
generate $8 million in direct visitor spending in the Cabarrus County region.
Ticket sales for the event reflect spectator attendance totaling 22,500 over
four nights of racing that ended Nov. 1.
“The importance of these events cannot be overstated in terms of our region’s
economy,” stated DeSales Wagster, CEO of the Cabarrus County Convention &
Visitors Bureau.
Condos delayed at NCRC in Kannapolis
Oct. 30 - Kannapolis: One piece of the residential side of the billion-dollar North Carolina Research Campus is on hold because of ongoing turmoil in the financial markets. The condominiums planned by Castle & Cooke for downtown Kannapolis have been put on hold based on rising rates in the bond finance market, according to John Cox, economic developer in chief for Cabarrus County. Tax Increment Financing bonds have not been sold, according to Kannapolis City Manager Mike Legg. The market, because of the worldwide financial crisis, has virtually disappeared for the time being, he said. "We'll come back, but the question is when," he said. The TIF money was earmarked for water and sewer lines and road projects, the costs for which have been fronted by Castle & Cooke. A building planned for Rowan-Cabarrus Community College is in the same boat, with financing issues involving construction lending. A building planned by the Cabarrus Health Alliance appears to be on schedule, with ground-breaking set for the spring, based on TIF bonds being let in the early part of the winter, according to Dr. Fred Pilkington, public health director for Cabarrus County. He said there is a possibility construction bids will come in lower than anticipated, offsetting potentially higher finance costs. The 60,000-square-foot building is estimated to run $12 million to $13 million. Officials from Castle & Cooke did not return phone calls for comment.
