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Triangle Business Journal
Beyond Complete 540 — these 3 projects will have big impact
When the ribbon is cut on the first phase of Complete 540 next week, Joey Hopkins, North Carolina Secretary of Transportation, said the work will keep going.<\p> Next on the books after phase one, which runs from the N.C. 55 Bypass in Apex to Interstate 40 in Garner, is the second phase of the project, from Interstate 40 to I-87 in Knightdale.<\p>
Active Triangle homebuilder grabs land in Eastern NC
A Texas-based homebuilder active in the Triangle area has continued its acquisition activity in the region — this time dropping seven figures in an Eastern North Carolina county.<\p> An LLC tied to LGI Homes Inc. (Nasdaq: LGIH) purchased a little more than 27.5 acres off Old Smithfield Road in Nash County for $1 million earlier this month, according to Nash County deed records. The land has an address marked in the Town of Bailey.<\p>
Triangle execs say AI must be embraced, not feared
Artificial intelligence is here, and there’s nothing you can do to stop it, says Red Hat CEO Matt Hicks.<\p> Hicks, speaking in front of engineering faculty and students at North Carolina State University Wednesday, was one of multiple industry professionals giving advice for training the workforce in the AI era.<\p>
Durham startup pulls in $40M with Fortune 500 backing
The latest funding round for a Durham company will support its efforts to develop a seedless blackberry or pit-less cherry. <\p> Pairwise, a gene editing company focused on food and agriculture, has closed a $40 million Series C round that includes a significant investment from Corteva (NYSE: CTVA), a multibillion-dollar company headquartered in Indiana. <\p>
Raleigh's new Trader Joe's opening soon(ish)
Raleigh’s second Trader Joe’s store is making progress. <\p> Construction workers are busy at work, readying the new location at 8111 Creedmoor Road in Brennan Station. The new space does not have signage yet, but a Trader Joe’s spokesperson said the store plans to be open by the end of the year. <\p>
RDU food lineup takes off
As Raleigh-Durham International Airport continues to see its passenger count swell, the airport is adding new food offerings for travelers.<\p> Raleigh chef Scott Crawford has opened his much-anticipated restaurant, Crawford's Genuine, in Terminal 2 near gate C1. The menu features breakfast items such as French toast, cheese grits and The Genuine – a fried chicken thigh and pearl sugar waffle. There's also an "all day" menu featuring appetizers and an entree list, including grilled pork chop, crispy flounder and braised beef short rib. <\p>
Retail bankruptcy filings shake up nation’s real estate market
A spate of retail bankruptcies has opened up vacancy in shopping centers and malls across America.<\p> In some markets and centers, a retailer's store closures have been backfilled quickly and at a higher lease rate than what the previous occupant was paying. But in other places, a less positive story may be playing out, as the type of store that's closing — and its location — can make it difficult for some retail landlords to re-fill vacated spaces.<\p>
The Triangle's fastest-growing companies for 2024 (third batch)
On Wednesday, Triangle Business Journal unveiled the third batch of the 2024 Fast 50 Awards winners – a roundup of the 50 fastest-growing private companies in the region.<\p> The winners will be released daily this week in random groups of 10.<\p>
Delta to boost RDU-Florida service for the holidays
Delta Air Lines (NYSE: DAL) will launch additional Florida service at Raleigh-Durham International Airport this holiday season.<\p> A spokesman confirmed plans to beef up Delta's current service to Fort Lauderdale and Miami. Both nonstop flights, which Delta currently offers once a day, will increase to twice daily from Dec. 21 through Jan. 5 to accommodate holiday flying.<\p>
Plans for Hillsborough Street shift to student housing
Nearly 4 acres near North Carolina State University has received the go ahead for more height with plans for student housing.<\p> On Tuesday, Raleigh City Council unanimously approved a rezoning for a collection of parcels along Hillsborough Street near Gorman Street. The site includes a former Arby's restaurant that is now a Cali Burger. <\p>
Out-of-state firm grabs 120 acres in Granville County
A county north of Raleigh has attracted an investment from an Arizona group focused on residential real estate.<\p> An LLC tied to Tempe-based real estate investor and developer Coronado West purchased roughly 120 acres off Bruce Garner Road in Granville County for $4.45 million earlier this month, according to Granville County deed records. The land is vacant and has a Wake Forest address. <\p>
Duke Energy buys land near RDU for grid enhancements
Duke Energy has spent more than $9 million on land near Raleigh-Durham International Airport to accommodate growth in the area.<\p> The utility giant based in Charlotte recently acquired 15.46 acres for about $9.3 million, according to Wake County deed records. The company bought the land from an LLC addressed to Sullivan Eastern, a local construction firm. <\p>
Fate of Red Hat Amphitheater decided
Red Hat Amphitheater's future is set. <\p> Raleigh City Council on Tuesday voted unanimously to permanently close one block of South Street between South Dawson and South McDowell streets and a portion of Lenoir Street to make way for a new amphitheater across from the current venue. <\p>
UNC Health wins key ruling in battle over RTP hospital
The North Carolina Court of Appeals has overturned a decision to cancel hospital beds awarded to UNC Health for a new hospital in Research Triangle Park. <\p> The appeals court on Tuesday issued an opinion to throw out an administrative law judge's decision last year to vacate hospital beds that a state regulator awarded to UNC Health. This is the second time in recent months that the appeals court has issued an opinion related to UNC Health's plans in RTP.<\p>
Red Hat wants more parking in Downtown Raleigh
Red Hat could be bringing even more workers back to its office in Downtown Raleigh in the coming months.<\p> The IBM-owned company is increasing its parking commitment with the City of Raleigh, perhaps a signal that more of its employees could be returning to Red Hat Tower. On Tuesday, the City Council approved an updated agreement with Red Hat that allows the company to pay for up to 1,200 access cards for parking downtown. <\p>
Billion-dollar firm swells RTP footprint with $33M deal
A multibillion-dollar drug developer has added to its operations in Research Triangle Park with a recent property deal. <\p> United Therapeutics (Nasdaq: UTHR) in August acquired a 14.6-acre site at 78 TW Alexander Drive that holds a 95,000-square-foot biomanufacturing facility for $33 million, according to deed records. The company acquired the facility from an entity with ties to Oxford Properties Group, a Toronto-based real estate investor and asset manager. <\p>
Leading RDU airline to end Austin flights
American Airlines will end its daily flights between Raleigh-Durham International Airport and Austin, Texas, in November.<\p> An American Airlines (Nasdaq: AAL) spokesperson said the decision came out of American’s “continuous evaluation of our network.” <\p>
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