Charlotte’s biggest business stories of the past week. Here’s what to know
Charlotte’s business landscape saw major shifts this past week, from a low-cost airline’s pending exit at CLT to a $200 million logistics hub bringing hundreds of jobs. Office towers continued changing hands uptown as the city pushes toward mixed-use development.
Here are key takeaways:
• Atrium-WakeMed $2B merger: On Friday, Atrium Health and WakeMed announced they were engaged in a proposed $2 billion merger and investment in Wake County that would create 3,300 new health care jobs, expand services for 1 million people across North Carolina and create the state’s largest nonprofit mental health network.
• COVID fraud settlement: Charlotte steel tubing manufacturer Okaya agreed to pay nearly $1.2 million to resolve allegations it misrepresented its staff size to obtain a Paycheck Protection Program loan of more than $478,000, according to the Charlotte Observer. The whistleblower, Verity Investigations, is expected to receive more than $119,000.
• Spirit Airlines exits CLT: Spirit is ending operations after failing to secure a $500 million bailout from the Trump administration, multiple media outlets said, the Observer reported Friday. The airline made up about 2% of flights at Charlotte Douglas, where American Airlines accounts for roughly 90% of service.
• $200M logistics hub near airport: Averitt Express is building a $200 million regional campus on a 104-acre plot on Shopton Road, adding 211 jobs over four years with an average salary of $81,769, according to the Observer.
• Uptown office buildings for sale: The property at 301 S. Brevard St., which includes the historic former Brooklyn McCrorey YMCA building, hit the market. The pair of buildings last sold in 2017 for $10.5 million.
• Office-to-mixed-use trend continues: The former Two Wells Fargo tower at 301 S. Tryon St. sold for $36.5 million to Chicago-based Singerman Real Estate and Riverside Investment & Development, who plan to add residential and hospitality components.
• New Carowinds president: Bridgette Bywater was named one of 10 park presidents by Six Flags Entertainment Corp., the Observer reported. Six Flags reported a net revenue loss of $1.6 billion last year. We have a Q&A with her.
This report was produced with the assistance of a proprietary tool powered by artificial intelligence and using our own originally reported, written and published content. It was reviewed and edited by our journalists. To learn more about how The Charlotte Observer is using AI in our newsroom, see our policy here.
