Crescent Communities, among the best-known developers in the area, and Pretium announced a plan to spend $1 billion building more than 3,000 homes for rent in markets across the Sunbelt, including Charlotte.

Details: The properties, under an umbrella brand called Harmon, will include three- and four-bedroom townhomes (1,500–2,200 square feet), plus detached single-family houses, Crescent said in a statement.

• Each community will have features such as walking trails, pocket parks, fenced-in backyards and private garages.

In Charlotte, Crescent is planning about 300 rental townhomes across four areas: Ballantyne, north Charlotte and two in Gastonia. Construction will begin sometime next year, says Tony Chen, managing director of single-family build-to-rent at Crescent.

• Rents will be comparable to what you'd pay at a typical new apartment building in Charlotte, Chen says.
• Crescent's goal is to "professionalize" the single-family rental experience and eliminate pain points of homeownership, he adds. Tenants can put in a work order online for plumbing issues, for instance, instead of calling a plumber themselves.

Why it matters: The supply of available housing is already tight in fast-growing markets like Charlotte. Real estate firms like Crescent see build-to-rent homes as a way to alleviate the problem — plus give renters an option that's different from a typical apartment community.

In a recent Forbes article, housing market economist Brad Hunter called built-for-rent communities "the hottest thing in residential development."

• The trend is driven by a number of key factors, Hunter wrote, including the fact that millennials are having kids and want more space to raise them. And the soaring price of homes, he adds, makes homeownership out of reach for many young people.

What's more, adds Chen, this is an alternative option for renters who are transient. 

"You don't have the down payment and you don't need to commit to living there forever," Chen says.

Full story: Prominent developer plans about 300 rental townhomes in Charlotte

Sen. Elizabeth Warren is calling for the Federal Reserve to force Wells Fargo to split its core banking activities — including offering checking and savings accounts — from the rest of its financial services.

• Warren's comments came after federal regulators fined Wells Fargo $250 million for its mismanagement of customers' mortgage accounts (New York Times🔒).

Chip Ganassi Racing, based in Concord, is laying off about 55 employees as it prepares to go out of business. Over the summer, team owner Ganassi sold his operation for an undisclosed amount (Observer🔒).

Mattie's Diner is reopening at its new spot at the corner of The Plaza and Shamrock Drive in about eight weeks. The popular eatery operated for five years at its original location at the AvidXChange Music Factory before closing in 2015 (Observer🔒).

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More than two dozen local and national law firms have formed a group called Carolinas Social Impact Initiative, aimed at improving economic mobility in the Carolinas.

• The group's first project will provide volunteer legal services to low-income entrepreneurs and small businesses in the Charlotte area through a program called Charlotte Legal Initiative to Mobilize Businesses (CLIMB).
• CLIMB, spearheaded by firms Moore & Van Allen and Robinson Bradshaw, will focus specifically on businesses owned by people of color, women, LGBTQ+ entrepreneurs, veterans or people with disabilities.
• CLIMB will accept applications through a handful of referral partners, including the Charlotte LGBT Chamber of Commerce and Prospera.

The big picture: "We formed the Carolinas Social Impact Initiative so that we as legal leaders can help drive progress on racial equity and economic mobility," Tom Griffin, managing partner at Parker Poe, said in a statement.

Charlotte-based GPS is changing the indoor air quality game for local businesses.

• "The data and support behind the ionization systems were really good, and, honestly, it was a relatively cost-effective option," says Derek Detenber, Chief Marketing Officer of Artisanal Brewing Ventures (the team behind Brewers at 4001 Yancey).

Get the full scoop on GPS' work in Charlotte and beyond.