Regional Report Charlotte December 2012
DNC track turns into a short line
Leading up to the 2012 Democratic National Convention in Charlotte, the host committee kept saying fundraising was “right on track.” But somewhere along the line it ran off the rails. Hampered by a promise not to accept corporate donations, the committee raised about $12 million less than its original goal and fell well short of what the 2008 DNC host committee in Denver raised. The gap required it to tap a line of credit provided by Charlotte-based Duke Energy Corp. It must repay the loans, most of which came from Charlotte-based Bank of America Corp., by the end of February. Time will tell if the 2012 convention’s direct economic impact will match 2008’s, which generated $133.5 million for the Denver metro.
CHARLOTTE — Orlando-based Parkway Properties will acquire NASCAR Plaza, a 390,000-square-foot downtown office tower, from Charlotte-based Trinity Capital Advisors and Philadelphia-based Rubenstein Partners for about $100 million. The building was 88% leased in late October. Chiquita Brands International recently moved its headquarters there.
DENVER — Denver Global Products will open a manufacturing plant and distribution center here, investing $30.2 million and hiring 450 workers within four years. China-based Chongqing RATO Power acquired the 27-employee company in January. It makes engines for all-terrain vehicles, motorcycles and generators.
GASTONIA — Nussbaum Lifts, which is a subsidiary of Germany-based Otto Nussbaum, will open a plant here, investing $7.6 million and hiring 83 workers within three years. The plant will make automotive-service lifts. Sales and service employees will also work there. Average annual salary will be $51,875, higher than Gaston County’s average of $34,112.
CHARLOTTE — Charlotte School of Law will move downtown by August so that its students will be closer to the court system and local business leaders. The city’s only law school will relocate from its current location on the west side of the city to a 243,000-square-foot space on 10 floors of the Charlotte Plaza building. It has been at its current location for four years.
SALISBURY — Freshouse II will add 90 employees to its local workforce of more than 115 within three years as part of a $6.3 million expansion of its plant here. The Salisbury-based company packages and distributes fresh produce.
KINGS MOUNTAIN — Steag Energy Services will expand its plant here, investing $6 million and increasing its local workforce of more than 50 by 29 within three years. The subsidiary of Germany-based STEAG provides environmental consulting and makes products for power plants.