Economic Development - Expansions and Relocations

[U_R_]

HBM Holdings (“HBM”) announced today it has acquired HarperLove of Charlotte, North Carolina. HarperLove, founded in 1978 and a portfolio company of Graycliff Partners, is a leading provider of specialty adhesives, performance additives and wet-strength resins to corrugated packaging manufacturers. 

https://www.businesswire.com/news/home/20200102005092/en/

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The parent of Charleston-based CresCom Bank kicked off the new year by extending its reach into the Charlotte market while also preparing to be acquired by a bigger out-of-state lender. Carolina Financial Corp. said Thursday that it finalized its $100 million purchase of Carolina Trust BancShares Inc. this week. The deal, announced last summer and financed with a combination of cash and stock, closed on New Year’s Eve, about two weeks after shareholders voted to approve it. 

Carolina Trust Bank, which was headquartered in Lincolnton, N.C., is now part of Carolina Financial’s CresCom subsidiary. The newly acquired franchise operates 11 branches and a loan office mostly in and around the Charlotte market, including Concord  and Gastonia. Two of its locations are across the border in South Carolina — in Clover and Lake Wylie.

(Paywall on the article)....(I used one of my free articles for the month  )

https://www.postandcourier.com/business/sc-s-crescom-bank-seals-m-buyout-as-a-bigger/article_f61e7276-2d9d-11ea-9285-6b0255f5a073.html

[KJHburg]

On 12/30/2019 at 8:11 PM, CLT2014 said:

I'm confused.... weren't we supposed to have some announcements before year end of did those get canceled?

stay tuned.  sometimes things take longer than first thought. 

[KJHburg]

Business Facilities Mag the trade pub for economic development and relocations named Lowes tech center in Southend as one of the top deals in the US last year.

https://businessfacilities.com/2020/01/michigans-fiat-chrysler-expansion-is-bfs-deal-of-the-year/

[KJHburg]

From Chris Chung at the EDP of NC the states economic development agency.  Speaking in NC Economic Forecast up in RTP

https://www.wraltechwire.com/2020/01/07/expect-more-job-announcements-in-next-couple-of-weeks-says-ncs-economic-development-partnership-ceo/

[SouthEndCLT811]

Cross Sherwin Williams off the list.  From my youth growing up in Cleveland and going to Urban Ohio  Ken is like Cleveland's RDF on their site

 

[Matthew.Brendan]

I'm happy for Cleveland. Would have been a painful loss for them I'm sure.

[KJHburg]

from an economic outlook conference in Charlotte 

""Tracy Dodson, assistant city manager and head of economic development, said after recent changes in business recruitment — the merging of the Charlotte Chamber and the Charlotte Regional Partnership in late 2018 and putting recruitment into the city's hands — the next challenge is to keep early momentum going, as well as ensuring Charlotte keeps up with infrastructure and amenities to remain competitive.  Dodson said the city is in pursuit of about 10,000 jobs right now across various prospects.""

https://www.bizjournals.com/charlotte/news/2020/01/10/soft-landing-slower-growth-economist-real-estate.html  subscriber 

[Dale]

Would have been a nice coup, but I’m happy for Cleveland.

[DH17]

I've heard on good authority that we will likely hear an announcement very soon for a major expansion (NOT HQ relocation) of a company already in Charlotte, with their new development built in South End.

This is third or fourth hand information, but the original source is well-placed enough I figured it was worth mentioning here. I'm wondering if this is the one alluded to earlier in the fall and in the South End mid-rise thread as well.

[DownEast]

Hmm. Truist tech center, perhaps?

[CarolinaDaydreamin]

48 minutes ago, DownEast said:

Hmm. Truist tech center, perhaps?

Don't think thats in SouthEnd.

Probably Lending Tree or Lowe's

[SydneyCarton]

I wonder if SPX has outgrown its space in Ballantyne and wants to expand in SouthEnd.

Nucor might be a candidate too.

Edited January 13, 2020 by SydneyCarton

[KJHburg]

28 minutes ago, SydneyCarton said:

I wonder if SPX has outgrown its space in Ballantyne and wants to expand in SouthEnd.

Nucor might be a candidate too.

I would say neither of those.  Nucor has one of the leanest corporate offices of any Fortune 500 they do own the building they are in Southpark and there were some other tenants in there.  SPX seems content in Ballantyne.  

 

5 hours ago, DH17 said:

This is third or fourth hand information, but the original source is well-placed enough I figured it was worth mentioning here. I'm wondering if this is the one alluded to earlier in the fall and in the South End mid-rise thread as well.

I think it could be the company alluded above.  Remember there are some big operations in the suburbs in this town of some big companies.  Because they are not uptown or in a high rise they can get lost in the trees or lakes. 

[TheOneRJ]

Oh great, more announcements “coming soon” just like the ones that were supposed to come months ago. 

[KJHburg]

15 minutes ago, TheOneRJ said:

Oh great, more announcements “coming soon” just like the ones that were supposed to come months ago. 

the biggest job announcement in the last few years had not a whisper beforehand and everyone was surprised.  It was Allstate with their 2250 job announcement a few years back.  If the company has already picked a location in the city then sometimes announcements take longer to get the leases signed and other deals done.  

Edited January 13, 2020 by KJHburg

[J-Rob]

What about AIG?  They were rumored to be looking for space at one point, and they are in the BB&T building uptown where Truist could probably increase their leased sq footage to backfill AIG if they left.  I am guessing a new tower and expansion in South End might be for an AIG-like company.  Financial services with corporate functions in Charlotte.  Of course, if BofA Plaza increased their rates substantially, it is also possible US Bank ends up in a new tower rather than in BofA Plaza.  Can't wait to find out.

[DH17]

5 hours ago, J-Rob said:

What about AIG?  They were rumored to be looking for space at one point, and they are in the BB&T building uptown where Truist could probably increase their leased sq footage to backfill AIG if they left.  I am guessing a new tower and expansion in South End might be for an AIG-like company.  Financial services with corporate functions in Charlotte.  Of course, if BofA Plaza increased their rates substantially, it is also possible US Bank ends up in a new tower rather than in BofA Plaza.  Can't wait to find out.

AIG isn't who I heard mentioned.

I do have reason to believe AIG is looking for more space (in Charlotte and elsewhere) since they are downsizing their New York offices, but nothing concrete or imminent that I know of.

[J-Rob]

This is interesting. Tariq Bokhari is a city council member and runs Carolina FinTech...

[KJHburg]

Interesting as Mr. Bokhari is quite apart of this story on this company that was not even considering or even knew where Charlotte was to now the British fintech upstart  Curve  is looking at either Charlotte or NYC for a new 200 person office.

from the subscriber article in Biz Journal this afternoon

""Orson, the Curve site selection executive, credited Fran West, the city recruitment leader, and Bokhari for coordinating the company’s visit on Oct. 22. West and her boss, Dodson, outlined some general incentives guidelines of what Charlotte has provided to companies, but Orson said specifics “really don’t matter” when real estate costs are considered. She went on to say that per-square-foot rates of $85 in areas of New York the company is considering versus $33 in Charlotte likely overwhelm any other financial comparisons.The big question for Curve about Charlotte is whether a large enough pool of skilled workers can be found to get moving fast. That topic was one of several Orson and Bialick took up with Red Ventures CEO Ric Elias at an uptown breakfast meeting during their Charlotte scouting trip. Elias told me Bialick has followed up several times since with additional questions.""

https://www.bizjournals.com/charlotte/news/2020/01/14/how-charlotte-earned-its-spot-as-finalist-for-u-k.html

 

[J-Rob]

Would you consider Curve to be a "#gamechanger" as Tariq suggested?  It would be great, but not sure about game changer, unless he just means from a recruiting perspective.  I am hoping it is bigger and better than that.

[kermit]

(I have no idea but...) Truist tech center seems like the most obvious possibility to me. 

Although Kelly King's libertarian distaste for incentives might (?) rule them out.

Edited January 15, 2020 by kermit

[KJHburg]

25 minutes ago, J-Rob said:

Would you consider Curve to be a "#gamechanger" as Tariq suggested?  It would be great, but not sure about game changer, unless he just means from a recruiting perspective.  I am hoping it is bigger and better than that.

Not sure but the story of how this company even came to consider Charlotte is pretty interesting indeed.   But I would take 200 jobs of a fast growing Fintech any day of the week and twice on Sunday!   But for sure they are bigger fish out there.   

[SydneyCarton]

2 hours ago, KJHburg said:

Interesting as Mr. Bokhari is quite apart of this story on this company that was not even considering or even knew where Charlotte was to now the British fintech upstart  Curve  is looking at either Charlotte or NYC for a new 200 person office.

from the subscriber article in Biz Journal this afternoon

""Orson, the Curve site selection executive, credited Fran West, the city recruitment leader, and Bokhari for coordinating the company’s visit on Oct. 22. West and her boss, Dodson, outlined some general incentives guidelines of what Charlotte has provided to companies, but Orson said specifics “really don’t matter” when real estate costs are considered. She went on to say that per-square-foot rates of $85 in areas of New York the company is considering versus $33 in Charlotte likely overwhelm any other financial comparisons.The big question for Curve about Charlotte is whether a large enough pool of skilled workers can be found to get moving fast. That topic was one of several Orson and Bialick took up with Red Ventures CEO Ric Elias at an uptown breakfast meeting during their Charlotte scouting trip. Elias told me Bialick has followed up several times since with additional questions.""

https://www.bizjournals.com/charlotte/news/2020/01/14/how-charlotte-earned-its-spot-as-finalist-for-u-k.html

 

Most fintech firms buy or lease space in NY at way over $85/sf, which is a sum that gets a company a mediocre space in a mediocre area.

Google and Facebook alone in the past year have leased millions of square feet in buildings under construction (on top of the millions they already occupy).   Apple, Amazon, and IBM are currently searching for millions more, which will further drive up the costs.

Hopefully, the cost factor will bring this company to the QC.

Edited January 15, 2020 by SydneyCarton

[J-Rob]

I would think this Joe Bruno tweet bodes well for an announcement soon.  Maybe one of the unnamed BIG fish rumored on UP for 6 months? Vanguard was rumored a while back? What ever happened to that?  Seems there may have been other potential companies looking for around 500k sq ft and 1M sq ft respectively, so I am excited to see how this plays out.  Also remember Tariq Bokhari's recent tweet. #GameChanger

[KJHburg]

Told you this was a unlike any economic development search ever.  Amazon HQ2 was a farce from the get go and cities and towns across the country gave great data to Amazon.

https://www.bloombergquint.com/business/amazon-s-hq2-fiasco-was-driven-by-bezos-envy-of-elon-musk

I think it was predetermined to go to DC and NY too even though NYC backfired. 

anyway there was good that came out it for Charlotte reorganizing our econ development efforts, and others cities did the same. 

Edited February 5, 2020 by KJHburg