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Friday, April 18, 2025
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Skanska to build $137M STEM center at N.C. State

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Artist rendering of $136.7 million science building being built on the N.C. State University campus.

N.C. State University picked multinational contractor Skanska to build the $136.7 million Integrative Sciences Building, marking one of the biggest UNC system projects of the year.

The 164,947-square foot building will be used to promote STEM teaching and research as part of the university’s efforts to expand science education. It will include classrooms, teaching and research labs, faculty spaces and a cafe.

Departments using the building will include chemistry, biochemistry and biotechnology research.

The building will “revitalize the marquee Brickyard, one of the nine hallowed places on the north campus,” said Mark Balling, Skanska’s executive vice president for North Carolina and Virginia building operations, in a release. Richmond, Virginia-based Moseley Architects is the building designer.

The project is expected to be completed in September 2026.

Skanska, which is based in Stockholm, Sweden, has previously built several N.C. State structures, including Fitts-Woolard Hall; the Golden LEAF Biomanufacturing Training and Education Center; the James B. Hunt Jr. Library; and Engineering Building III at N.C. State.

N.C. Senate passes GOP budget; House to draft its own version

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The North Carolina Senate approved a $32.6B GOP budget for 2025–26, advancing it to the House, where changes are expected. The plan includes modest raises and hurricane relief funds but draws criticism for limited investment and transparency. Some Democrats expressed interest in contributing to a revised version.

North Carolina to sell $439.8M in bonds to fund highway projects

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North Carolina will issue $439.8M in Grant Anticipation Revenue Vehicle Bonds to finance and refinance federal-aid highway projects, including a Triangle Expressway extension. The bonds, backed by federal transportation funds, mature between 2026 and 2040. S&P and Moody’s assigned AA and Aa3 ratings, respectively.

Insteel profit jumps 47% in Q2, but tariffs pose concern

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Mount Airy-based Insteel Industries posted a 47.4% rise in Q2 net income to $10.2M, driven by stronger sales. Still, the company warned that steel tariffs under the Trump administration could impact future pricing and costs. Diluted EPS rose to 52 cents from 35 cents a year ago.

Banking deserts expand in rural N.C. as branches vanish, sparking debate

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Despite its proximity to Charlotte’s banking hub, Anson County has lost two-thirds of its bank branches over the last decade, leaving Wadesboro with just two banks and one credit union. A proposed state bill would allow credit unions broader access in underserved areas — but banks strongly oppose it.

Raleigh may support toll lanes to speed Capital Blvd. expansion

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To accelerate widening Capital Blvd. (U.S. 1) between Raleigh and Wake Forest, the Raleigh City Council is backing toll lanes. The congested corridor faces delays due to rising costs and competition for state funding. A regional vote on tolls is expected in May.

Cone Health names Burlington pediatrician Dr. Yun Boylston as board chair

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Cone Health’s Board of Trustees has appointed Dr. Yun Boylston as its new chairwoman. A pediatrician at Burlington and Mebane Pediatrics, Boylston becomes the board’s 11th chair. She specializes in integrated behavioral health and also serves on boards for Carolina Complete Health and Impact Alamance.

Savannah Bananas sell out Charlotte’s Bank of America Stadium in hours

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Tickets for the Savannah Bananas’ June 6–7 shows at Charlotte’s Bank of America Stadium sold out in about five hours. The viral baseball team added a second date due to overwhelming demand. Resale prices now top $100, but the team warns against third-party ticket scams.

Arrive Transport challenges Novant’s exclusive ambulance deal in New Hanover

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Arrive Transport is pushing to offer stretcher transport in New Hanover County, where Novant’s VitaLink holds an exclusive franchise through 2028. Founder Simon Dart argues VitaLink can’t meet demand and says patients are being underserved. The county maintains the current agreement is sufficient.

Triangle property managers Lee, Lundy merge

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Lee & Associates office

In 2018, commercial real estate broker Moss Withers left a 10-year career with NAI Carolantic to start a Raleigh office for Los Angeles-based Lee & Associates.

The California operates more than 80 offices nationally through an unusual model that allows local leaders such as Withers to operate with more independence than the national real estate services powers CBRE, Cushman & Wakefield and JLL.

Seven years later, Lee & Associates has built up a 90-person business after this month’s acquisition of Lundy Management Group, a 25-person company started in 1986.

The move adds heft to Lee & Associates’ property management business, which oversees about 7 million square feet of property, including 4.5 million square feet in the Triangle, Withers says.

With a combined team of 50 professionals, the firm becomes the largest locally-owned property and facility management company in the Triangle, managing more than 13 million square feet. It positions itself as a contrast to national, publicly traded competitors.

The merged Cary-based company will use the Lee & Associates brand. Lundy will operate as a division, specializing in medical facilities management.

“We just picked up 25 people, including electricians, plumbers, mechanical people and others,” Withers says. People with those skills are increasingly difficult to find, and relying on subcontractors to handle a lot of work eats into the property manager’s profit margins, he notes.

With a combined team of 50 professionals, the firm becomes the largest locally-owned

“By joining forces, we are combining strengths to create greater opportunities for our clients, our teams, and the communities we serve,” Withers says.

The move reunites Withers with his elementary and middle-school friend, Jamie Baker, who will be president of the combined company. Baker’s father, Jim Baker, started Lundy in 1986, while Withers’ father, Hamilton “Tony” Withers is a cofounder of the Cary-based WithersRavenel civil engineering firm.

“The large-but-local touch is something our market has been missing,” Withers said. “Our growth has been exponential, and this merger adds even more experience to our team as we continue to scale.”

The company provides property management, building engineering, construction management, and facilities services throughout the state.

Withers began his brokerage career in 2006 and has completed more than 1,600 transactions. He spent a decade working for Steve Stroud and NAI Carolantic, which was a Triangle commercial real estate leader for decades. Carolantic is now owned by Durham-based Tri Properties.

Not long after his move to Lee & Associates, Lee says he was joined by about seven former Carolantic brokers. Meanwhile, a number of former Dilweg Properties staff members have joined the Lee property management team.

Withers has a bachelor’s degree from Appalachian State University and an MBA from NC State University.

Nvidia warning, tariffs spark sharp sell-off on Wall Street

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U.S. stocks tumbled Wednesday after Nvidia said new China export restrictions could cut $5.5 billion from its results. The S&P 500 dropped 2.2%. Fed Chair Jerome Powell said Trump’s tariffs may slow growth and fuel inflation. The Nasdaq fell 3.1%, and AMD, ASML and J.B. Hunt also posted major losses.