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Articles by Mike Stonestreet
nCino raises IPO value to nearly $3 billion; plans to start trading Tuesday
Wilmington is about to birth to a public company worth close to $3 billion. Banking software company nCino, a tech venture spun out of Live Oak Bank nine years ago, announced Monday evening its initial public offering has been priced at $31 per share, another step up from its previous price estimate. nCino will raise nearly $250 million through the IPO by selling more than 8 million shares. The offering’s underwriters can purchase an additional 1.2 million shares within 30 days.
NHRMC proposals released, including $2 billion offer
Officials on Tuesday released the proposals from six health systems that submitted pitches about either buying New Hanover Regional Medical Center or partnering with the county-owned hospital. From a $2 billion offer from Novant Health to acquire NHRMC to a range of long-term leasing, joint venture, the proposals reflected strong interest in the health system despite financial pressures brought on by the coronavirus pandemic.
NHRMC proposals released, including $2 billion offer
Officials on Tuesday released the proposals from six health systems that submitted pitches about either buying New Hanover Regional Medical Center or partnering with the county-owned hospital. From a $2 billion offer from Novant Health to acquire NHRMC to a range of long-term leasing, joint venture, the proposals reflected strong interest in the health system despite financial pressures brought on by the coronavirus pandemic.
Opinion: Help wanted, especially now
Natalie English I have been told many times that I can always find the silver lining in a situation. In fact, I often call myself the Chief Community Cheerleader. My colleagues around the country consider themselves in the same role. During times like this, it can be challenging for even the cheerleaders among us to find the positives in the situation. But there are things we can be grateful for today.
Health Care Heroes: Community Achievement | WilmingtonBiz
The Community Achievement category honors an individual or team who successfully implemented a program addressing a problem in health care administration or delivery. KAREN ISAACS TITLE: MD, MPH ORGANIZATION: NHRMC-Coastal Family Medicine WHAT THE NOMINATOR SAID: “Karen, with her combination MD/MPH, does so much to attempt to improve healthcare and the lives of patients in our community. She is one of three in the American Academy of Family Medicine’s Health Equity fellowship.
OpEd: A Little Bit Adds Up
Adam Jones How would you like to earn an extra $100,000 a year? The key is incremental improvements over the course of a career, just as the key to building a vibrant and resilient Southeastern North Carolina is tackling both the small and large projects.
Forecast: Hurricane Dorian expected to arrive 2 a.m. Friday
Hurricane Dorian’s slower track means it is now predicted to make its closest brush past Southeastern North Carolina around 2 a.m. Friday, according to the National Weather Service’s Wilmington office. “That was four to six hours slower than we were previously working with,” Steve Pfaff, warning coordination meteorologist with the office, said during a 9:30 a.m. briefing Wednesday. Effects from Dorian, however, will be noticeable before then.
Campaign sets sail to promote area's craft beer
The Cape Fear Craft Beer Alliance (CFCBA) has launched a campaign to promote the area’s growing brewing scene beyond the Cape Fear region. Craft on the Coast is an initiative that will promote the dozens of beer-based businesses that call Southeastern North Carolina home. “We want to let people beyond our city limits know exactly the type of beer culture we’re building here in the greater Wilmington region,” said Jeremy Tomlinson, president of CFCBA.
No second season for Wilmington-filmed Swamp Thing
Crew members have been told that DC Universe’s Swamp Thing, which was shot in Wilmington and at EUE/Screen Gems Studio, will not be picked up for another season, officials said Thursday. Wilmington Regional Film Commission Director Johnny Griffin said that while he has not gotten word directly from officials about the news, he has heard from two cast members, whom he could not name, that the show will not see a second season. Crew members received emails Wednesday about the decision.
Pacon Manufacturing to bring nearly 300 jobs to Brunswick County
A manufacturer plans to start operations in Brunswick County, bringing nearly 300 jobs to a long-shuttered facility in Navassa, officials announced Friday. New Jersey-based Pacon Manufacturing Corp. intends to invest $37.6 million at the former U.S. Marine building on Quality Drive, which has been vacant since 2008.
Taste the Olive & Vine reinvented in historic downtown building
Taste the Olive & Vine retail shop and wine bar is now open on the lower level of the historic Wallace Building at 25 N. Third St. Owners Randy and Deedee Hall and Dave Andersen have been remodeling the building since early 2018. Randy Hall, who did much of the interior design and construction himself, including a custom wine wall and the installation of a bar that was original to the first Taste The Olive at The Forum, said the project has been a labor of love.
Custom homes along the river planned at RiverLights
A new neighborhood planned at RiverLights, the 1,400-acre community on the rise off River Road in Wilmington, is expected to feature homes overlooking the Cape Fear River. For the first selection of homes in what will be called Hamp's Landing (pictured in an illustration below), according to a news release from RiverLights, the developers have chosen builder team member PBC Design + Build, a homebuilder based in Wilmington.
Minority And Women Business Enterprise Program Aims To Increase Economic Diversity
Earlier this year, New Hanover County began working on an update to our Minority and Women Business Enterprise (MWBE) Program to help ensure a higher rate of MWBE participation in all aspects of the county's contracting and procurement programs, including construction projects, supplies, and material purchases, and professional and personal service contracts. The updated program went into effect in November and is now a much larger part of our everyday purchasing procedures.
OpEd: Making retail multitask
Adam Jones If you meet colleagues for dinner and spend 30 minutes discussing work projects and 30 minutes arguing about college football, is that work? The lines between work and play are blurring just as the tenets of development and regulations are changing. The clearly defined lines between work and play are breaking down in calendar and hourly space; the physical space between work and living may also break down over the next generation.
Residential real estate: Trends to watch | WilmingtonBiz
As the Wilmington area continues to be a popular place to live, more residential real estate trends are emerging, including a rise in home prices that is expected to continue. Meanwhile, some of the latest industry buzz includes different types of housing and energy, as well as changing preferences among homeowners.
Friends School of Wilmington to break ground on building project
Friends School of Wilmington plans to break ground next week on phase one of the school's unified campus Building Friends project, at 5814 Camellia Lane in Wilmington. Phase one will provide improvements to Camellia Lane, a new entrance to the school’s unified campus and re-engineering of stormwater drainage and utilities, according to a news release. The groundbreaking event takes place at 11 a.m. Wednesday.
Dram Yard restaurant to open at new boutique hotel
ARRIVE Wilmington, a boutique hotel under construction at 101 S. 2nd St., will soon be home to a new downtown eatery, Dram Yard. The restaurant’s name was inspired by the Dram Tree House, one of the buildings that made up The Wilmingtonian hotel complex that occupied the property since the late 1980’s. Hotel managing director Jamie Schaible said she is hopeful that the restaurant will open by mid-April, with the hotel opening shortly thereafter.
Demand for apartments spreads
Leland is growing so fast, it needs more housing ASAP. In fact, some incentives were granted recently to a developer planning to build more than 700 apartments on newly annexed property in the Brunswick County town over the next several years. While Brunswick is often associated with planned developments that hold hundreds of single-family homes, no community in the U.S. can ignore the fact that demand is also high for apartments and other dwellings.
In the business of Brunswick
William Early’s office windows look out over a new mixed-use development taking form in The Villages at Brunswick Forest. Beyond the new site, he can see U.S. 17, a major artery through Brunswick County. The view is appropriate. Early, executive director of Brunswick Business & Industry Development, is charged with advancing economic growth within the county. Highway connections and an expanding retail and services sector are amenities he touts when wooing companies considering sites.
Catalyst Clinical Research acquires Wilmington-based Triangle Biostatistics
Catalyst Clinical Research acquired Triangle Biostatistics, a statistical consulting and data management company for pharmaceuticals based in Wilmington and Raleigh, according to an announcement this week. The acquisition will allow the companies to combine their services and provide a more comprehensive offering for clients, said Nick Dyer, CEO of Catalyst. Officials did not disclose the financial terms of the acquisition.
Transportation panel talks growth, change, orange cones
Improving transportation in Southeastern North Carolina requires long-range planning, competition for scarce funding, collaboration among agencies and determined advocacy from the public.
More national chains closing stores in Wilmington
More national retail chain stores have recently announced closures. Charlotte Russe, which has a retail store at Independence Mall, will close its remaining 416 stores and conduct going-out-of-business sales, according to a Thursday news release by SB360, a liquidation company that purchased Charlotte Russe’s inventory and other assets after the store filed for bankruptcy. The women’s clothing store had about 8,700 employees as of February with most of them working part-time.
Waste Industries purchases Pink-Trash
Pink-Trash, a locally owned trash and recycling pickup service, has been purchased by Waste Industries, Pink-Trash officials said Monday. The deal took effect March 1. “It’s a highly transitional period. It all just happened,” Kelly Buffalino, owner and president of Pink-Trash, said Monday, adding that additional details about the company changeover could be released in the coming days. Waste Industries has started informing customers about the purchase.
N2 ranks on Entrepreneurs' fastest-growing franchises list
Wilmington-based N2 Publishing was recently named as one the fastest-growing franchises nationally by Entrepreneur magazine. The company, a publisher of customized neighborhood magazines, ranked No. 5 among 150 companies on Entrepreneur's Fastest-Growing Franchises Ranking for 2019, according to a news release. The fastest-growing list came out in the publication's March issue, which is already out on stands and posted online.
Untappd partners with Carolina Panthers to host beer festival in Charlotte
Wilmington-based Untappd has partnered with the Carolina Panthers to host its first beer festival at the Bank of America stadium in Charlotte, officials announced Tuesday. “One of the things that we've always wanted to do is bring the Untappd users together and create an experience where they're able to meet the people that they've talked with or shared beers with on Untappd,” said Kurt Taylor, founder and CEO of Untappd.
County releases more Project Grace details
The mixed-use development would include space for the main branch of the New Hanover County Public Library and Cape Fear Museum with shared space, multifamily residential units and retail and commercial office space, according to the preliminary development proposal.
Wilmington nuclear fuel operation enters joint venture extension
Wilmington-based Global Nuclear Fuel has entered into an extended agreement in its joint venture company GNF ENUSA Nuclear Fuel S.A., company officials announced Tuesday. GNF signed the agreement with ENUSA Industrias Avanzadas S.A. S.M.E (ENUSA) to extend the operation of the jointly-owned company for another six years. Additional information about the terms of the extended agreement were not disclosed. GENUSA is majority owned by GNF, a GE-led joint venture with Hitachi Ltd.
City, county partner on land development tool online
New Hanover County and the city of Wilmington have partnered to launch a new land development tool. Customer Online Application & Services Tool (COAST) allows customers to submit applications and obtain permits from the county.
Wilmington CrossFit relocates; new cryotherapy spa opens
One new business is opening, and one is relocating in Wilmington, both with the goal of providing more options for workouts and recovery in the area. CrossFit Wilmington, which opened in 2008, relocated to 3112 Kitty Hawk Road from 2020 Capital Drive to downsize and make better use of the space available, owner Lauren Linett said Wednesday. “There was a lot of unused space in the original building and we wanted to keep the community feel.
Company eyes Brunswick Co. site to bring 238 manufacturing jobs
A New Jersey-based company is interested in relocating its manufacturing business to the Navassa area and creating at least 238 jobs, according to a resolution up for consideration by the Brunswick County Board of Commissioners.
State eyes $31M for Cape Fear Crossing in new draft plan
The Cape Fear Crossing project, currently unfunded for right-of-way acquisition and construction, could potentially receive funds for portions of the project, now that it's included in the state's latest draft transportation plan.
A to Z Equipment Rentals expands with South Carolina purchase
Wilmington-based A to Z Equipment Rentals of North Carolina has acquired a South Carolina company for an undisclosed amount of money, leaders with the company said this week. The family-owned and -operated company purchased Hughes Party and Equipment Rental in December and is currently working on the finishing touches to the firm's expansion into the South Carolina market, said Austin Wilson, president of A to Z Equipment Rentals.
ILM hopes to land airport hotel
The Wilmington International Airport is looking to identify an entity that would develop a 100-room hotel on airport property. The first steps in the push for an airport hotel development at ILM's Business Park is getting underway this year, said Carol LeTellier, business development director at ILM. “It’s bubbled up on the priority list,” LeTellier said of the initial stages of the search.
Proposed Dollar General spurs reaction
While a recent story about a development firm’s plans to build more Dollar General stores in Wilmington prompted more than 100 comments on Facebook, only about a dozen people attended the developer’s community information meeting on its latest potential project in December. Such meetings are required by New Hanover County, and depending on the subject matter, they can sometimes get heated.
Coming soon to Carolina Beach: Condos, Fork n Cork, Publix
In Carolina Beach, numerous projects are in the works, including a second location of Fork n Cork restaurant along with 12 condominiums and the demolition of an old shopping center that is making way for a Publix grocery store. Publix officials signed a memorandum of lease in November with Carolina Beach Development Company 1 LLC. The development company bought the project site, Federal Point Shopping Center at 1018 N.
Cape Fear Museum gets Smithsonian affiliation
Cape Fear Museum of History and Science has received a coveted designation. The museum, 814 Market St. in Wilmington, is now one of only seven organizations in the state to obtain a Smithsonian affiliation.
Blaze Pizza set to open Wilmington location next week
Officials with Blaze Pizza have announced that the eatery will open its first Wilmington location Dec. 20 at 915 Military Cutoff Road in the Earth Fare grocery store-anchored retail complex called Renaissance Market. The following day, a grand opening for Blaze is scheduled with offers of free pizzas from 11 a.m. to 10 p.m. to anyone who follows Blaze on Facebook, Twitter, Instagram or Snapchat, according to a news release.
Paying for retirement | WilmingtonBiz
Come Feb. 1, her 66th birthday, Karen Edwards will embark upon a new adventure. She won’t report to her lab at New Hanover Regional Medical Center’s Medical Mall. She won’t have a set schedule every day. She will be retired. “I will definitely miss it,” she said of her work, which she describes as the best nursing job she has ever had.
N.C. Ports eyes 30-acre property for expansion in Wilmington
N.C. Port officials have submitted a permit application to the state department of environmental quality for development of nearly 30 acres of port property that officials said will support future growth at the Port of Wilmington. "There is currently no construction timeline. Permitting the property is the first step," Bethany Welch, spokeswoman for N.C. Ports, said about the project in an email Tuesday. The project includes the development of land at 1500 and 1588 S.
Airports, roads expected to be busy with Thanksgiving travelers
Travelers across the region and the U.S. will hit the road or board planes this week for the Thanksgiving holiday, one of the busiest travel seasons of the year. The Wilmington International Airport (ILM) anticipates an increase in travelers this season, given the addition of United Airlines to the commercial carrier lineup in 2018, and several new flights, said Gary Broughton, deputy director of ILM.
Wilmington hotel completes renovations | WilmingtonBiz
A Wilmington hotel has undergone an extensive renovation. The Holiday Inn Express & Suites Wilmington-University Center was redesigned inside and out, over a six-month period. Located at 160 Van Campen Blvd., the 130-room hotel was updated to reflect the InterContinental Hotels Group (IHG)’s current design. Holiday Inn Express hotels are part of the IHG brand. In addition to revamped guestrooms, the building’s lobby, front desk, porte-cochere and main entrance were modernized, officials said.
Tides changing for Hampstead boatbuilder
A Hampstead boat building company that makes semi-custom vessels is growing in the offshore and tournament fishing market. Onslow Bay Boatworks, now located on Sloop Point Loop Road in Hampstead, is gearing up for an expansion of its product line and move to a new facility in Onslow County.
Rosalie’s Trattoria offers traditional Italian cuisine, pizza and subs
Al Cervini and his family are bringing traditional Italian cuisine in a casual dining atmosphere to 5031 Market St. in Wilmington, the former home of Crispino’s Pizza. Cervini said he was contacted John Crispino, who owns the building and was looking for someone to take over the space where he has been in operation since January. Cervini, who has managed several Italian restaurants in the Raleigh area, agreed to lease the space, and named the restaurant Rosalie's Trattoria after his wife, Rosalie.
Cucalorus Connect kicks off with tech talks
Technology is changing the way people work, find work and how companies operate, according to speakers during the annual Cucalorus Connect conference.Cucalorus Connect is underway with a host of events and talks scheduled throughout the two-day technology and entrepreneurship conference, which takes place Thursday and Friday at Cape Fear Community College's Union Station as part of the overall Cucalorus Festival.“For me, it's all about that economic development angle of developing the talent,...
Apartments on St. Andrews Drive sold to Virginia firm
A Virginia-based company that develops, owns and operates apartments, condos and mixed-use projects has purchased St. Andrews Reserve Apartments in Wilmington in a $48.5 million deal.Kettler, headquartered in McLean, Virginia, just outside Washington D.C., bought the 390-unit complex and associated parcels at 814 St. Andrews Drive on Oct.
Vacant gas stations fuel redevelopment | WilmingtonBiz
A vacant convenience store that was also previously a gas station on Wrightsville Avenue could one day have a new life. Wilmington-based Tribute Companies has a ground lease on the former Polar Pack convenience store with an option to buy the property at 7006 Wrightsville Ave., which is in the town limits of Wrightsville Beach. The site previously held a Shell gas station, but the fueling portion of the business shut down because two of the station’s four underground tanks were leaking.
The Hemp Farmacy moving to bigger space in downtown Wilmington
The Hemp Farmacy is moving from Grace Street to bigger space on Front Street in downtown Wilmington. The Hemp Farmacy is the retail component of Wilmington-headquartered Hempleton Investment Group led by CEO Justin Hamilton. The company has seven Hemp Farmacy locations in the state, including another in Wilmington at 1402 S. College Road.
Business Journal's 2019 Book On Business: Call For Artists | WilmingtonBiz
The Greater Wilmington Business Journal's Book on Business is an annual publication showcasing the Wilmington region as a center of business.This year, the Book on Business will feature original paintings and drawings created by local artists that reflect area landmarks, events, communities, native wildlife or landscapes.Artists whose work is selected to appear in the publication will be invited to display up to five pieces of their work at the Book on Business Launch Party, which is planned...
Hendrick Automotive Group buys nearly 14 acres on Market St.
Hendrick Automotive Group bought nearly 14 acres of unused land on Market Street last week from Cameron Company LLC for more than $4.57 million.Part of the land, at 6720 Market St., is currently being used for a temporary emergency services facility for New Hanover Regional Medical Center.Hendrick officials did not have a comment on the transaction or potential plans for the property Tuesday.The purchase comes about four months after Hendrick and Stevenson Honda of Wilmington announced that...
At Mayfaire, pro golfer aims to open indoor golf venue this year
Rounds Golf & Lounge, an indoor golf venue, restaurant and bar, is coming to Mayfaire.Professional golfer Bryce Edmister, a Wilmington resident, said he and partners John Spencer and Denis Ing hope to open Rounds before the end of 2018 at 6801 Parker Farm Drive, between Roko Italian Cuisine and fast food chain Five Guys at Mayfaire Community Center."The way I describe it to most people is it's an upscale, indoor version of Topgolf," Edmister said Tuesday, referring to the golf entertainment...
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