North Carolina development thread. (Charlotte, Raleigh: oil, recycle, children)
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Merged BB&T-SunTrust bank to occupy most of Hearst Tower for HQ
The proposed merger between BB&T and SunTrust has selected Hearst Tower for its Charlotte headquarters.
The combined bank will lease 561,000 square feet at the North Tryon office tower. Its lease agreement includes a 15-year term at the 970,000-square-foot building in uptown, ultimately backfilling what is currently office space for Bank of America (NYSE: BAC) and law firm K&L Gates, as well as an option to buy the tower from Cousins.
The space could house up to 2,000 people in the future, the bank said.
This will give 4 Fortune 500 Companies HQs in uptown Charlotte, plus Wells Fargo Easter Region HQs, and the largest place for the numner of Wells Fargo workers with 25,700 employees.
Dole HQs is located uptown, but it is a private own company and not on Fortune 500 list of companies.
In its June meeting, the N.C. Board of Transportation approved state and federal grants for safety improvement projects at three North Carolina airports.
Nearly $3.5 million in state and federal funding has been awarded for projects that improve the taxiways at these airports, enhancing safety for pilots and their aircraft.
At Wilkes County Airport, the funds will be used to upgrade the taxiway through pavement rehabilitation, removing direct access to the runway and adding wider turning areas. This will bring the airfield up to date with current Federal Aviation Administration standards.
“This will benefit our airport and our community significantly," said Wilkes County Airport Manager Robert Gross. “Larger aircraft will now fly here directly and use this airport. People will be able to do business in Wilkesboro, Boone, Sparta and other communities without having to fly in somewhere else and make the drive up."
The grants the N.C. Board of Transportation approved provide:
$200,000 in additional funding to include a partial parallel taxiway design in the existing grant for apron expansion design at Elkin Municipal Airport;
$534,398 in additional funding to rehabilitate the pavement on taxiway A and the apron area at Michael J. Smith Field in Beaufort;
$2,718,000 in additional funding to rehabilitate the pavement and add safety enhancements to Wilkes County Airport's taxiway.
North Carolina's 72 public airports serve as a vital economic engine connecting people and business enterprises with the world, and are among the primary economic drivers in their communities. Airports and aviation-related industries contribute more than $52 billion to North Carolina's economy each year, according to the 2019 State of Aviation report. They support 307,000 jobs, generate more than $2.2 billion in state and local tax revenue and provide more than $12.6 billion in personal income.
The funds awarded do not necessarily represent the total cost of the project.
Merged BB&T-SunTrust bank to occupy most of Hearst Tower for HQ
The proposed merger between BB&T and SunTrust has selected Hearst Tower for its Charlotte headquarters.
The combined bank will lease 561,000 square feet at the North Tryon office tower. Its lease agreement includes a 15-year term at the 970,000-square-foot building in uptown, ultimately backfilling what is currently office space for Bank of America (NYSE: BAC) and law firm K&L Gates, as well as an option to buy the tower from Cousins.
The space could house up to 2,000 people in the future, the bank said.
This will give 4 Fortune 500 Companies HQs in uptown Charlotte, plus Wells Fargo Easter Region HQs, and the largest place for the numner of Wells Fargo workers with 25,700 employees.
Dole HQs is located uptown, but it is a private own company and not on Fortune 500 list of companies.
I was expecting US Bank to take this spot, I’m now expecting them to anchor a new tower. They’re looking for a lot of space in Uptown, more than what will become available once Ally moves from it’s current building to Ally Center. Also now that this is confirmed, I’m expecting Phase 4 of the Legacy Union development to become a large hotel and/or residential building.
I was expecting US Bank to take this spot, I’m now expecting them to anchor a new tower. They’re looking for a lot of space in Uptown, more than what will become available once Ally moves from it’s current building to Ally Center. Also now that this is confirmed, I’m expecting Phase 4 of the Legacy Union development to become a large hotel and/or residential building.
Probably kills any chance Charlotte had of getting a new tallest building in the foreseeable future. 2,000 also employees also seems lower than anticipated. Will Winston and Atlanta remain the main employment centers for the new bank?
Also interesting that another high profile tower seems significantly undervalued from a property tax perspective - $362m on the 2019 valuation vs $455m on the purchase option.
Safety and accessibility will be improved along the intermodal rail corridor between the Port of Wilmington and Charlotte, thanks to a grant awarded today.
The Federal Railroad Administration awarded the N.C. Department of Transportation a $34.8 million grant as part of the Consolidated Rail Infrastructure and Safety Improvements Grant Program. The grant goes toward improvements on part of CSX’s freight intermodal network.
“It’s essential to our state’s economy that cargo can move efficiently from the ports to other areas within North Carolina, and beyond," said Jason Orthner, director of NCDOT’s Rail Division. “These improvements will reduce congestion on our highways, and help North Carolina remain an economic leader both domestically and globally.”
The project will make several safety improvements at 33 railroad crossings. It will also enhance rail access to the Port of Wilmington through track, bridge and signal improvements along with increased rail siding capacity (areas where trains can pass each other) between Polkton, Monroe and Waxhaw. Construction is anticipated to begin in 2022.
“The Piedmont Atlantic Intermodal Rail System project is key to improving rail fluidity to and from the Port of Wilmington and providing better access for North Carolina Ports’ customers,” said Paul J. Cozza, executive director of the North Carolina Ports Authority. “The project will provide North Carolina Ports with unprecedented rail access to the greater Charlotte region and the Southeast. This investment shows the importance of improving rail infrastructure in our state and the positive impact an improved rail corridor will have on freight movements across North Carolina.”
BB&T, SunTrust reveal new name for merging bank
The soon-to-merge BB&T Corp. (NYSE: BBT) and SunTrust Banks Inc. (NYSE: STI) has a new name — Trust Financial Corp.
"We're excited because we really think we can redefine the client experience and really create a meaningful change in the community," said BB&T Chief Executive Kelly King.
King said he believes this brand is a way for the new entity to build on the heritages of BB&T and SunTrust while also positioning the new bank for the future.
Probably kills any chance Charlotte had of getting a new tallest building in the foreseeable future. 2,000 also employees also seems lower than anticipated. Will Winston and Atlanta remain the main employment centers for the new bank?
Also interesting that another high profile tower seems significantly undervalued from a property tax perspective - $362m on the 2019 valuation vs $455m on the purchase option.
You can't just shift 4,000 jobs to a new are all at once. It'll transition.
As I've said before. I imagine the new Bank would say "We are committed to Winston/Atlanta, we have made a deal with the state to at least retain XYZ jobs for at least 5 years"
That's just how mergers work. Promise to keep major operations in certain areas. Then over 5 years, wind them down.
BB&T, SunTrust reveal new name for merging bank
The soon-to-merge BB&T Corp. (NYSE: BBT) and SunTrust Banks Inc. (NYSE: STI) has a new name — Trust Financial Corp.
"We're excited because we really think we can redefine the client experience and really create a meaningful change in the community," said BB&T Chief Executive Kelly King.
King said he believes this brand is a way for the new entity to build on the heritages of BB&T and SunTrust while also positioning the new bank for the future.
If they de-emphasize the "Financial Corp" and over time refer to themselves as just "Trust" with a very modern logo then maybe I could like it.
But my God, that name is a big yawn for young people.
BB&T is displaying some of its restrained conservatism with regard to spending money by adopting the Hearst Tower which is admirable.
I worked on a renovation project in 2004 with the lead architect for the Hearst Tower, designed by Smallwood, Reynolds, Stewarr & Stewart in Atlanta.
You don't want to replace the intricate crown with a taller building.
It could turn out as lame as the West Coast's new tallest building in downtown LA.
ress
Thank goodness it's far away from LA's Mexican headdress/crown, ocuupied by US Bank, whose name undoubtedly was inspired by former NationsBank.
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