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Regional Business Reports
Charlotte
Work
About to Start on Massive Mass-Transit System
North
Carolina’s most expensive public works project ever is expected to get under
way in Charlotte next spring when initial work begins on a $2.9 billion
rapid-transit system that will include the state’s first light-rail and
commuter-rail trains as well as a new road network dedicated solely to buses.
Studies show that Charlotte
drivers endure one of the longest average commute times in the country. In 1998,
voters approved a half-cent sales tax to pay for rapid transit as an
alternative. Revenue from the tax is expected to total $2.7 billion over the
next 25 years. The city hopes to combine that revenue with state and federal
grants to build and operate the system.
Building a rail transit
system for the city similar to Atlanta’s Marta and Washington, D.C.’s Metro
will take at least two decades with the system expected to be completed by 2025.
The proposal outlined by the
Charlotte Area Transit System (CATS) recommends fast-moving commuter trains
running from Uptown Charlotte north along the growing Lake Norman corridor to
Mooresville. Light-rail trains would run from Uptown northeast to the University
of North Carolina at Charlotte and south to Pineville. Because of the expense of
rail, eastern and western portions of the city would be served by buses on a
bus-only network of roads called busways. Modern-day streetcars, running on
tracks on the far right lane capable of carrying 150 passengers, will operate
along some main thoroughfares in eastern and northeast Charlotte.
CATS recommendations must
now be approved by the Metropolitan Transit Commission, a board of elected
officials that will vote on the proposal this month.
“We’re not building a
public transportation system as an end in and of itself but as a means of
developing a different land use pattern to increase density in certain areas and
change the way the city is growing,” says Ron Tober, Charlotte’s
transportation director.
Along the rail corridors,
Tober says higher density developments of say, 15 to 20 residences per acre,
will be encouraged over traditional suburban development of one to two homes per
acre.
“We are not going to solve
traffic congestion,” Tober says. “But we will reduce the amount of driving
people do, reduce air pollution and give people another choice besides their
car.”
Currently, Charlotte’s
rapid transit bus system carries 50,000 passenger trips a day. Within 20 years,
Tober says his office expects to quadruple that number with as many as 215,000
passenger trips a day on rail, buses and streetcars.
Work on the first light rail
line from Uptown south to Pineville is expected to begin next year and be
operating by 2006. Its anticipated development has already spurred construction
of millions of dollars of condos, offices and retail along the line.
— Laura Williams-Tracy
Greensboro
Nation's Top Transportation Cop Weighs Value against
Vulnerability
Admiral James M. Loy told about 1,000 transportation professionals assembled
here that America’s seaports, highways and airports are safer than ever but
that more could be done.
“We’re working toward a
security system for tomorrow that’s better than today,” said Loy, the head
of the Transportation Security Administration (TSA) and one of the keynote
speakers at the National Defense Transportation Association Forum held at the
Koury Convention Center. The TSA was created by Congress after the Sept. 11
terrorist attacks to improve security in all forms of transportation. General
John W. Handy, commander in chief of the U.S. Transportation Command, and Fred
Smith, chairman and CEO of Federal Express, were the other headline speakers at
the meeting held Sept. 28-Oct. 2.
Loy, a former commandant of
the U.S. Coast Guard, said the TSA is very much aware of security concerns in
all modes, including the nation’s airways, highways, waterways, railways,
transits and pipelines. “What we have to do is weigh value against
vulnerability as we find ways to make transportation as safe and secure as
possible,” he said.
He told the crowd that
although air transportation has received the most attention so far, maritime
security needs more scrutiny. Loy said only two percent of all cargo containers
arriving at the nation’s 361 seaports are inspected before forwarding to their
final destinations.
Handy and Smith commented on
the resilience of the U.S. transportation industry and the need for
industry-wide security mandates. Their message emphasized how security will not
limit the movement of goods and services and how efforts are needed to secure
the economy.
The five-day forum also
included a scholarship-related event each night and nearly 100 booths and
exhibits put on by members and partners of the U.S. and world transportation
industry.
Susan Leigh, a spokeswoman
for NDTA, said the forum, which was attended by nearly 1,000 members, was a big
hit in Greensboro. “The people have been great, and the hospitality has been
wonderful,” said Leigh. The region also reaped the benefits, as tourism
officials estimated the economic impact of the forum at $2.3 million.
— Jim Buice
Hickory
Developers
Invited to Bid on Prime Downtown Parcel
Hickory has fueled interest in its downtown area by opening for development a
two-acre parcel of city property that would extend the borders of the downtown
retail district and could easily become the largest development project since
the city’s 1970 revitalization efforts.
The city council is asking
developers throughout the Southeast to submit proposals for use of the property,
which is now a city-owned parking lot located across the street from city hall.
Developers could either lease or purchase the property, according to city
officials.
The past several months have
seen a rush of development in the downtown business district with renovation and
construction projects totaling $12 million underway.
“In the past couple years,
we have talked to two or three individual developers who were interested in
developing part of that property, but we did not want to develop it
piecemeal,” says Tom Carr, Hickory’s executive assistant for development.
“We want a master plan for the whole site. They do not have to develop it all
at one time, but there needs to be a plan so that we can see how everything will
fit together.”
The city will require
developers to replace 200 of the parking spaces now in the lot in some form that
could include a parking deck. Proposals must include a minimum of 20,000 square
feet of high quality retail-oriented development at ground level on Main Avenue
NW, which borders the property, and a 20,000-square-foot second story of
office/retail or residential space.
In the 1970s, the city
completely redid downtown, tearing out streets and building the Union Square
mall. “There may be enough space to duplicate nearly the amount of footage on
Union Square and extend Union Square back toward Highway 127 and the city
hall,” explains Carr.
— Charlene H. Nelson
Chapel
Hill
Kenan-Flagler Business School Moves Up in Coveted
Ranking
The University of North Carolina at Chapel Hill’s Kenan-Flagler Business
School continues to receive accolades, coming in 12th in The Wall Street
Journal’s annual international ranking of MBA programs. Kenan-Flagler, which
placed 17th in the newspaper’s rankings in 2001, is the only school in the
southeastern United States to make the top 15.
In sub-categories, Kenan-Flagler
also ranked second in management consulting in industry rankings, fourth among
public schools, fifth among the “hidden gems” or “business-school
treasures that may have gone undiscovered,” and eighth among large schools
with an enrollment of 500 or more MBA students.
“North Carolina’s
business school lists teamwork and leadership among its core values, and
recruiters cited both in naming it a hidden gem,” wrote the Journal.
Recruiters praised students for being well rounded in their academic skills.
The Journal’s list of the
top 15 MBA programs are from the business schools at Dartmouth, Michigan,
Carnegie Mellon, Northwestern, Pennsylvania, Chicago, Texas, Yale, Harvard,
Columbia, Purdue, UNC Chapel Hill, Michigan State, Indiana and Berkeley.
“This ranking is a credit
to our dedicated Office of Career Services and our talented MBA students,”
says Robert S. Sullivan, the dean of Kenan-Flagler. “Our admissions team
identifies the best and brightest students, and our faculty provide them with
the analytical expertise, global perspective, knowledge and skills that they
need to contribute to hiring organizations.”— Kevin Brafford
Mount
Olive
Historic High School Reborn as Performing Arts Center
The $2 million restoration of a landmark building in Mount Olive’s historic
district has provided a new home for the performing arts. The inaugural
performing art series kicked off this fall at the Mount Olive Historic Assembly
Hall. Musical highlights for the season include the big band sound of Guy
Lombardo’s Royal Canadians, and Grammy winner David Holt. In addition to
comedy, music and theater, a children’s series is planned.
“We knew that the historic auditorium would best serve the
community by continuing as a public gathering space following its
restoration,” says Raleigh developer Murray Gould, whose company, Gould &
Associates, led the preservation effort and now serves as managing owner for a
partnership that includes Preservation North Carolina and Progress Energy.
“Mount Olive is a charming town.”
The Assembly Hall is located
in the former Mount Olive High School building, which was built in 1925. Gould
and Associates transformed the building into 19 apartments under the name Mount
Olive School Apartments, and then created the performing arts center.
Although the venue is
historic, the distribution of tickets will be decidedly high tech. Thanks to a
partnership with online ticket distributor Etix, tickets may be printed directly
from the web site or ordered by phone at 800-514-ETIX. More information is also
available at www.mountolivehall.com. --
Kevin
Brafford
Raleigh
Former Treasurer Boyles Gets Chamber's Top Honor
Former North Carolina State
Treasurer Harlan Boyles recently received the A.E. Finley Distinguished Service
Award at the Greater Raleigh Chamber of Commerce’s 114th Annual Meeting, the
chamber’s most prestigious honor.
The A.E. Finley
Distinguished Service Award has been given annually since 1970 in recognition of
a person who has contributed their time, talents, and services to the benefit of
the community. Last year’s winner, Steve Stroud of Carolantic Realty,
presented the award to Boyles.
“During his tenure,
Harlan’s conservative and responsible management of the state’s public funds
brought recognition to the state and to him personally,” said Stroud as he
presented the award. “Under his leadership, North Carolina distinguished
itself by its innovative programs and, particularly, by its ability to maintain
a Triple-A national credit rating.”
Boyles totaled 49 years of
public service to North Carolina. He served as a tax auditor in the N.C.
Department of Revenue, as a staff advisor to the N.C. Tax Study Commission and
as the state’s deputy treasurer for 16 years. In 1977, he became state
treasurer, a position he held until his retirement in 2000. -- Kevin
Brafford
Greensboro
Friendly
Center Finds Itself With Two Wachovia Branches
With the creation of the new
Wachovia, banking customers at Greensboro’s Friendly Center soon will be
seeing double. Last year’s merger of Wachovia and First Union resulted in two
branches being right next door to each other in a red-hot banking area that
includes 10 different banking offices and more than $500 million in deposits. In
most such cases, the two branches in a merged bank would join forces with one
closing down.
But this isn’t any normal
situation, says Rob Hoak, city executive in Greensboro for Wachovia. “First,
it is a very important market for us. It’s a very similar market to a South
Park in Charlotte or a Cameron Village in Raleigh. Both Friendly locations are
very close to capacity. So that leads to the third and most important reason,
and that is we want to be convenient for our customers to continue doing
business with us.”
Other banks in the area
include Bank of America, BB&T, Carolina Bank, CCB-Green Valley Road, CCB-Harris
Teeter, RBC Centura, First Citizens and SterlingSouth. The Wachovia-First Union
merger was completed last September. All the signs will say “Wachovia” next
year, including the two side-by-side locations at Friendly Center. — Jim Buice
Charlotte
Individuals
Set a Record in Support for the Arts
North Carolina is known for its succulent barbeque and abundant churches, but
you might not know that it’s also becoming known nationally as a leader in
supporting the arts.
Charlotte’s Arts and
Science Council’s annual fund drive in 2001 raised more money for the arts
from the community than any other city in the nation. The 2001 campaign raised
$10.023 million from corporate and individual donors. While New York City spends
the most on arts at $127.4 million, all of it is government funding.
Charlotte’s funding for
arts and educational programming is supported at a surprising grass-roots level.
For 2001, 71 percent of the money raised was from individual donors, not
corporations. A full 21,000 of the 38,000 contributors gave $50 or less. And
Charlotte leads the nation among teachers contributing individually to the arts.
“Yes, corporate giving
matters, but it really is the everyday guy who helps sustain us,” says Harriet
Sanford, ASC president. “You don’t have to be wealthy to participate and
have an impact.”
Over the past five years,
ASC has experienced tremendous growth in arts giving. Contributions began to
grow in an angry response to county commissioners who in 1997 cut county funding
for the arts after they disagreed with presentation of the Pulitzer-prize
winning play “Angels in America,” which dealt with homosexual themes. County
funding has since been reinstated.
Because of recent cutbacks
in county funding and reduced endowment income, Sanford says the increase in
annual giving has allowed the ASC to remain steady in the programs it offers.
One new initiative is Community Cultural Connections, which provides an avenue
for community and neighborhood groups to apply for grants for arts and
educational programs.
The Arts & Science
Council is a nonprofit organization that provides planning and oversight for 55
affiliate arts, science and history-related organizations, 28 of which also
receive funding. Organized in 1958, ASC combines resources from the Annual Fund
Drive, allocations from local, state and federal governments and its endowment
to support cultural organizations, educational programs and individual artists
throughout the region.
— Laura Williams-Tracy
High
Point
$60 Million Retirement Village, City's Third, Prepares
to Open
As the population grows and ages, retirement communities are becoming more and
more in demand. In High Point, U.S. Census figures from 1990 to 2000 indicate
the number of people 65 and older increased a whopping 20 percent during the
decade, to 10,188 residents. That percentage is expected to increase even more
rapidly over the next 30 years as the baby boomers age.
Enter River Landing at Sandy
Ridge, the latest retirement community under construction to handle an aging
population. The $60 million project of the non-profit Presbyterian Homes is
built around a nine-hole golf course with 227 independent living homes, 40
assisted-living apartments and a 16-bed Alzheimer’s clinic.
The main building on the
campus in the north High Point area has three dining areas and classrooms. The
little village also will contain a chapel, a beauty/barber shop, a wellness
center, a gift shop, a library and a bank. Plenty of shopping and restaurants
are nearby in the sizzling N.C. 68 corridor.
The new River Landing
community is the third large retirement complex in High Point. The others —
Maryfield nursing home and Providence Place — are both undergoing renovations
and expansions.
Mike Walsh, executive
director of River Landing, says plans are on target for the complex to open in
January. “Construction is moving along at a very good speed,” Walsh says.
“Sales have been very good. We have had a lot of foot traffic. A lot of people
don’t know we’re in this northwest part of Guilford County. But we’ve also
had a lot of response from all over the Southeast as well as some from the
North.”
River Landing is the fourth
retirement community offered by Presbyterian Homes Inc., including another
location in High Point along with campuses in Cary and Laurinburg.
— Jim Buice
Wilmington
Officials
Ponder Gridlock on a Road Not Yet Built
The Port City may maintain a
small city feel to tourists, but its residents are facing a big-city headache
called gridlock. Alarmed by new figures that show a roadway will already be
clogged when it opens, transportation officials are considering a proposal to
widen Military Cutoff to six lanes.
According to a recent report
by the N.C. Department of Transportation, a four-lane road between Eastwood Road
and Market Street wouldn’t be functional during rush hour by 2007, the
project’s estimated completion date. Traffic speed on southbound Military
Cutoff is anticipated to be five miles per hour.
Lanny Wilson, who represents
Southeastern North Carolina on the state Board of Transportation, understands
that adding two more lanes to the 2.2-mile widening project isn’t going to be
universally endorsed, especially by the businesses and subdivisions that line
the expanding corridor. But he doesn’t endorse a new road that will be
outdated by the time it opens. “If we’re going to fix it,” he told the
Wilmington Star-News, “let’s fix it right the first time rather than try and
come back and change it later. We’re putting a Band-Aid on a gash.”
A six-lane stretch, which
would make the roadway corridor 24 feet wider, would allow speeds to increase to
21 mph during rush hour, according to the report. It would come at an additional
$14 million cost, however, on top of the $10 million that’s earmarked for the
four-lane roadway.
Another option could be to
acquire enough land along Military Cutoff for a six-lane road but only widen it
to four lanes now, as changing the project now could delay it for three years.
Allen Pope, the DOT division engineer for the Wilmington district, told the
newspaper that it would probably take just that long to design the expanded
roadway and acquire the necessary federal and state permits.
Wilmington Mayor Harper
Peterson supports the wider roadway. “It’s obvious that road is going to
fail and fail quickly,” he says. —
Kevin Brafford
Raleigh
BRC Centura Pays $80 Million for Naming Rights to the
ESA
In what was one of the worst-kept multi-million dollar secrets in some time, the
operators of Raleigh’s three-year-old arena and a North Carolina subsidiary of
Canada’s largest bank have finally put pen to paper in a deal worth $80
million.
The Entertainment &
Sports Arena, the generically named facility that’s home to the NHL’s
Carolina Hurricanes and the N.C. State men’s basketball team, is no more. For
the next 20 years, it will be the RBC Center, thanks to the much talked about
naming-rights agreement that finally was reached in mid-September.
Gale Force Holdings, the
parent company of the Hurricanes, will receive $41.4 million of the pie.
Taxpayers, in the form of the public-owned Centennial Authority, will receive
$21.8 million earmarked for arena maintenance and upgrades. The remaining $16.8
million will go to N.C. State, which plans to improve its other sports
facilities.
For its $80 million, RBC
Centura, the Rocky Mount-based subsidiary of the Royal Bank of Canada that
bought Centura 14 months ago, purchased the right to put its name all over the
inside and outside of the former ESA. RBC’s smiling lion logo, named Leo, will
adorn huge illuminated blue-and-gold exterior signs at the north and south ends
of the arena. And fans who need additional cash for concessions or souvenirs
will be able to do so at RBC’s ATMs, situated throughout the arena.
The agreement followed years
of haggling over the division of the naming-rights revenues among the three
arena partners, and nearly another year of negotiations between the three
partners and the bank. “We could have done it easier, we could have done it
faster, but we could not have done it any better,” says Jim Cain, the
president of Gale Force Holdings.
As it had in earlier
disputes, the Centennial Authority helped Gale Force and N.C. State reach a
compromise with an infusion of cash. For the next five years, the authority will
pay Gale Force an extra $225,000 for arena maintenance. That concession thus
made it easier for Gale Force to accept 40 percent of the parking pass money and
25 percent of the remaining parking money for N.C. State. The university
collects the rest. -- Kevin Brafford
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