The Good News Report

[Blue_Devil]

New HQ in Charlotte. Rail company TTX relocating their HQ here from Chicago, with an average salary of 162,000. They are taking 70k office space as well, but no confirmation on which building or area yet

https://www.bizjournals.com/charlotte/news/2023/07/11/ttx-co-to-relocate-hq-from-chicago-to-charlotte.html

 

[KJHburg]

1 hour ago, QCxpat said:

Today's CBJ  "Ally Charitable Foundation donates $5M to Atrium Health to boost its workforce program" by Symone Graham

Excerpt:  "Ally Charitable Foundation's largest investment to date included a recent $5 million donation to expand Atrium Health's workforce development program." ... "The investment also established the Ally Charitable Foundation Workforce Development Center of Excellence and a scholarship fund."  “Because of this partnership, I’m excited that the students who participate will be the next generation of amazing doctors, nurses and allied health professionals who will walk the hallways of Atrium Health,” said Gene Woods, president and CEO of Atrium Health."  ... "Ally's workforce scholarship fund, established with $1 million of the $5 million investment, will provide $50,000 in scholarships per year to Carolinas College of Health Sciences." ... "According to Ally, more than 7,000 health-care job vacancies currently exist in the Charlotte region. The foundation's investment aims to help meet that need."

Link:  https://www.bizjournals.com/charlotte/news/2022/11/17/ally-charitable-foundation-donation-atrium-health.html

Ally Bank foundation is also committing $4 Million to affordable housing here in Charlotte which is great news!

""Ally Financial Inc. (NYSE: ALLY) has committed more than $4 million to preserving and adding affordable housing in Charlotte, with an additional $2.2 million in grants going to 84 nonprofits in both Charlotte and Detroit this year for a range of philanthropic investments that also include housing.""

https://www.bizjournals.com/charlotte/news/2023/07/11/ally-financial-affordable-housing-banks-charitable.html

and in another tidbit from this article is this:

Summerville said Ally has 2,800 employees in Charlotte; CBJ’s most recent count was 2,400.

[KJHburg]

for the first half of 2023 Charlotte metro is 5th Highest in the nation in absorbing apartments beating out much larger metros like Atlanta, DC metro,  and Denver.    This should show all how fast we are growing.   We absorbed 5257 apartments ahead of Nashville, Atlanta, Raleigh Durham, Orlando, Austin etc.  

https://www.bizjournals.com/bizjournals/news/2023/07/12/apartment-delivery-slowing-rental-market.html?

why is this good news?  we are building so many and will continue to do so.  

[Blue_Devil]

46 minutes ago, KJHburg said:

for the first half of 2023 Charlotte metro is 5th Highest in the nation in absorbing apartments beating out much larger metros like Atlanta, DC metro,  and Denver.    This should show all how fast we are growing.   We absorbed 5257 apartments ahead of Nashville, Atlanta, Raleigh Durham, Orlando, Austin etc.  

https://www.bizjournals.com/bizjournals/news/2023/07/12/apartment-delivery-slowing-rental-market.html?

why is this good news?  we are building so many and will continue to do so.  

It will also encourage banks to continue to loan in the area 

[KJHburg]

this relates to my post above about new apartment absorption we the Charlotte region is gaining 113 new residents DAILY 

https://charlotteregion.com/news/2023/07/11/alliance-news/number-of-people-moving-to-charlotte-region-climbs-to-highest-level-in-more-than-a-decade/

Population growth attract employers and of course new construction of all sorts. 

[rancenc]

Exports from North Carolina reached a record high last year!

https://abc11.com/north-carolina-economy-international-trade-business-exports/13499137/

[rancenc]

Could be a boon for attracting innovation and research into the state.

https://www.wral.com/story/nc-lawmakers-weigh-big-swing-on-economic-development-using-1-43-billion-from-taxpayers/20954621/

[KJHburg]

Good news on the office front from the 2nd quarter of 2023 so says CBRE and JLL in this Biz Journal article.

Since the start of the second quarter, several companies have announced plans for new office space in the city including Minneapolis financial services firm Ameriprise Financial Inc., which will be leasing 53,000 square feet across two floors at 300 South Tryon in uptown.

Additionally, TerraCap Management inked four new leases totaling 51,000 square feet at the Resource Square in north Charlotte; Trinity Capital secured more than 40,000 square feet of new and renewed leases at Toringdon Office Park; logistics company Spot expanded its uptown footprint with an additional 22,000 square feet at First Citizens Bank Plaza; and Foundry Commercial announced two new tenants at The Line — SignatureFD and Society Awards have leased 3,7000 square feet and 4,000 square feet there, respectively.   

Franco said CBRE has already signed several deals in July with multiple more in the pipeline. And after a quiet couple of years, out-of-market companies are beginning to look again at relocating here, he said.

"We’ve heard more activity on deals looking at Charlotte from out of market, and that’s been a very positive thing because after 2020, it was quieter than everyone would have liked related to relocations," he said. "There was a while there where it was virtually nonexistent to hear of (out-of-market) tenants looking here in Charlotte, and now we’re seeing it on a weekly basis."

https://www.bizjournals.com/charlotte/news/2023/07/18/office-leasing-trending-up-q2-momentum-activity.html

Now TTX of Chicago is shopping for 70,000 sq ft of office space to bolster that argument about out of market tenants looking in Charlotte again.  The worse in office space vacancies may be behind us as tenants are looking for space again.  

 

[KJHburg]

If we had this kind of positive absorption in office space instead of industrial warehouse space we would have to be building multiple 40 plus story office towers.  Alas this is all industrial warehouse space  4.2 Million sq ft of industrial space has been absorbed the first half of this year!  This segment in the commercial real estate world is en fuego 

 

https://www.cbre.com/insights/figures/charlotte-industrial-figures-q2-2023

[rancenc]

Spectrum adding headcount to its operations on Sardis Road in East Charlotte.

https://businessnc.com/spectrum-adding-600-workers-to-charlotte-call-center/

[rancenc]

Good news for the taxpayers in this case! Incentives are just not thrown around.  Companies have to deliver on their end for sure!

https://www.insurancejournal.com/news/southeast/2023/07/27/732392.htm

[Blue_Devil]

Patagonia confirmed for SouthEnd design district. Nike store is next. Maybe we will get a Apple too

[CLT Development]

2 hours ago, Blue_Devil said:

Patagonia confirmed for SouthEnd design district. Nike store is next. Maybe we will get a Apple too

*wink emoji*

[J-Rob]

SouthEnd's transformation is both exciting and impressive. On the other hand, it actually make me a little sad to reflect on First Ward. I know they are different, but I can't help but think a well executed First Ward full of midrises and retail could have been awesome. 

[KJHburg]

1 hour ago, J-Rob said:

SouthEnd's transformation is both exciting and impressive. On the other hand, it actually make me a little sad to reflect on First Ward. I know they are different, but I can't help but think a well executed First Ward full of midrises and retail could have been awesome. 

Or even in Brooklyn 2nd Ward that is 2 huge areas of uptown lagging in development due to inaction of local government and landowners.  

[15895]

4 hours ago, Blue_Devil said:

Patagonia confirmed for SouthEnd design district. Nike store is next. Maybe we will get a Apple too

I’m so basic. My favorite stores, lol. Just missing s vineyard vines.

[RANYC]

2 hours ago, J-Rob said:

SouthEnd's transformation is both exciting and impressive. On the other hand, it actually make me a little sad to reflect on First Ward. I know they are different, but I can't help but think a well executed First Ward full of midrises and retail could have been awesome. 

1 less signature destination retailer for an epicenter reboot.

[Rufus]

7 hours ago, Blue_Devil said:

Patagonia confirmed for SouthEnd design district. Nike store is next. Maybe we will get a Apple too

And just for added effect: Ryan Gellert, CEO of Patagonia Inc. is a Charlotte grad. Received his BSBA from the Belk College of Business. 

[elrodvt]

On 7/27/2023 at 2:00 PM, rancenc said:

Good news for the taxpayers in this case! Incentives are just not thrown around.  Companies have to deliver on their end for sure!

https://www.insurancejournal.com/news/southeast/2023/07/27/732392.htm

That's an interesting twist to the work at home debate. Obvious in retrospect but it never occurred to me. Seems as though we need some legislation that defines where taxes are paid. Perhaps in this case it should be a 50/50 split based on state of residence and state where you're.... is. What should it be? Can't use the IT infra as it could all be cloud based. Does anyone know if that's been debated and what the options considered and chosen were?

Makes me wonder about the Philly city employment tax. Where they recognized many people lived in DE and commuted thus paying no taxes in Philly and legislation was passed to make company's located in Philly withhold tax for those workers. This is old info and I didn't have time to look if they still had that when covid hit. I always felt that was something we could learn from vis-a-vis SC commuters.

[kermit]

^ Suburbanites have an entirely parasitic relationship with the cities where they work (or once worked), their consumption of city resources without contributing fully to their costs is the biggest reason why American cities have been declined since the 1950s. State DOTs bulldozed urban neighborhoods to build freeways and cities razed old buildings (reducing the urban tax base) for the sole reason of accommodating this pestilence.  Charlotte sees the largest economic costs from South Carolina suburbanites who don’t even pay state taxes [thanks to CLT 2014 for clarification]— we need toll booths at the city limits.

[I am not sure what Union County resident peed in my Corn Flakes this morning]

Edited July 29, 2023 by kermit

[elrodvt]

Not without merit. It is mildly infuriating.

[Take2]

On 7/13/2023 at 4:23 PM, KJHburg said:

this relates to my post above about new apartment absorption we the Charlotte region is gaining 113 new residents DAILY 

https://charlotteregion.com/news/2023/07/11/alliance-news/number-of-people-moving-to-charlotte-region-climbs-to-highest-level-in-more-than-a-decade/

Population growth attract employers and of course new construction of all sorts. 

The number is higher but for some reason Union County is no longer included in this particular data. Strange

[CriticalT]

On 7/11/2023 at 3:00 PM, Blue_Devil said:

New HQ in Charlotte. Rail company TTX relocating their HQ here from Chicago, with an average salary of 162,000. They are taking 70k office space as well, but no confirmation on which building or area yet

https://www.bizjournals.com/charlotte/news/2023/07/11/ttx-co-to-relocate-hq-from-chicago-to-charlotte.html

 

I'd put my money on the line they're going to a millennial neighborhood near train tracks in a colorful new building where you get a view and drink

[CLT2014]

2 hours ago, kermit said:

^ Suburbanites have an entirely parasitic relationship with the cities where they work (or once worked), their consumption of city resources without contributing fully to their costs is the biggest reason why American cities have been declined since the 1950s. State DOTs bulldozed urban neighborhoods to build freeways and cities razed old buildings (reducing the urban tax base) for the sole reason of accommodating this pestilence.  Charlotte sees the largest economic costs from South Carolina suburbanites who don’t even pay state taxes — we need toll booths at the city limits.

[I am not sure what York County resident peed in my Corn Flakes this morning]

York residents that commute to jobs based in NC pay NC income tax for that job. Corporations like Bank of America withhold all their earnings to NC and the employee would file an NC return. They would pay SC income tax on dividend earnings, interest income, et. outside their job. 

On the flip side, RedVentures employees living in South End pay South Carolina income taxes if they are based at the Indian Land campus.

The state where the employee is a resident then collects anything in excess if the tax formula in the residential state results in a higher bill than the state of employment. 

Edited July 29, 2023 by CLT2014

[kermit]

27 minutes ago, CLT2014 said:

York residents that commute to jobs based in NC pay NC income tax for that job. Corporations like Bank of America withhold all their earnings to NC and the employee would file an NC return. They would pay SC income tax on dividend earnings, interest income, et. outside their job.

I stand corrected, I forgot about withholding. York County residents are no more villainous than Union County residents -- but they are all still vampires draining  the city's blood. My apologies.