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Wilmington developer plans $250M mixed-use project

Swain & Associates has unveiled plans for a $250 million, 1-million-square-foot mixed-use development on Eastwood Road in Wilmington. The project, dubbed CenterPoint, would include a seven-story hotel, some 300 apartments, shops, office space and structured parking on 23 acres adjacent to the Cambridge Village retirement community. Construction is slated to begin in 2019, pending site approvals.

Vidant, East Carolina University merge physician practices

East Carolina University and Vidant Health have signed an agreement to merge their medical practices. Under the deal, university physicians at East Carolina’s Brody School of Medicine will work as part of Vidant Medical Group, a physician practice created by the hospital system last year. Greenville-based Vidant Health will initially pay $35 million payment to ECU, and give $14.25 million annually to Brody School of Medicine for the next 30 years. The new organization is expected to begin operations in 2018.

Charlottean Dennis Rash dies at 77

Dennis Rash, a banker and university leader who helped reshape uptown Charlotte, has died of Parkison’s disease at the age of 77. Rash, a former dean of students at UNC Charlotte and an executive at Bank of America Corp. for 23 years, was a driving force in the development of center city who also served on the state Board of Transportation and as chairman of the Charlotte Mecklenburg Library.

N.C. renegotiates retiree health plan

North Carolina has renegotiated its contract with insurance giant United Health Care, a move that means 150,000 government retirees insured with Medicare Advantage will see their premiums remain flat. Retirees with dependent care options will see their costs drop slightly, according to State Treasurer Dale Folwell. In addition, the monthly premiums paid by the state will be reduced to $120 per Medicare-eligible retiree.

 

First Bancorp sees 46% increase in 2Q earnings

First Bancorp of Southern Pines, which acquired Carolina Bank Holdings Inc. of Greensboro this year, reports a 46% increase in second-quarter earnings to $11.1 million, or 45 cents per diluted share. Loan revenue rose 19% to $73.5 million, while fee income grew 98.6% to $21.6 million. First Bancorp is pursuing regulatory approval to acquire ASB Bancorp Inc. of Asheville in a $175 million deal slated to close in the fourth quarter.

Tax credits sought for Winston-Salem tower project

A $10 million renovation project of the former GMAC Insurance building in Winston-Salem could include tax credits to offset the cost of cleaning up contaminants left by the property’s previous use as an auto service site. Winston-Salem business leader Don Flow and Grubb Properties of Charlotte plan on redeveloping the 18-story building and an adjacent site into a business center with a retail and residential component.

Speedway Motorsports 2Q earnings up 10.5%

Speedway Motorsports Inc. reports second-quarter net income of $27.3 million, or 67 cents per diluted share, up from $24.7 million, or 60 cents per diluted share, a year ago. Total revenue increased 2% to $179.3 million. Concord-based Speedway, which owns the Charlotte Motor Speedway and seven other tracks around the country, is seeking to boost attendance at its events with new family-centered strategies and entertainment.

A Wireless to invest $5.6M in Raleigh HQ, hire 250

Verizon retailer A Wireless will move its headquarters to Raleigh, investing $5.6 million in its new operations and creating 250 jobs with an average annual wage of $93,000. The Greenville-based company, founded in Wilson in 1996, has more than 5,500 employees in some 1,000 wireless retail locations across the United States. The project is eligible for a state incentive package worth up to $3.3 million.

Snyder’s-Lance to lay off more workers

Charlotte snack manufacturer Snyder’s-Lance Inc. is cutting 250 jobs in an effort to boost its financial performance. The company says the layoffs will occur across its operations over the next several days. The news comes a week after Snyder’s-Lance, which has about 6,100 employees, eliminated 24 Charlotte-based accounting positions after consolidating the work into its operations in Pennsylvania.

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