Sep 19, 2021

Axios Charlotte

Hello, and happy Sunday! It's Katie.

☁️ Weather: 86° and mostly cloudy.

🥳 Happy birthday to Axios Charlotte members Katrina Hutchins, Anne Lee and Julie Sossamon.

🎶 Situational awareness: The Charlotte Symphony will require proof of COVID-19 vaccination or a negative test to attend performances, starting with opening night on Oct. 15.

  • All guests 2+ will also be required to wear masks.

Today's newsletter is 665 words, a 3-minute read.

1 big thing: New homes for rent

Photo: David Jennings/Digital First Media/Boulder Daily Camera via Getty Images

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

2. ⚡️ Biz lightning round

Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

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🔒).

Fresh openings from our Job Board

💼 Fresh openings from our Job Board

If you're on the hunt for a new job, here are 28 to get you started.

  • Senior Graphic Designer at Discovery Place. Apply.
  • Ecommerce Operations Specialist at Mountain Khakis. Apply.
  • Product Strategist at Elements Brands. Apply.
  • Sr Paid Media Manager at The Grit Group. Apply.
  • Highly Professional Hair Stylist at Emerson Joseph. Apply.
  • Database Associate at Association Management Company. Apply.
  • Digital Marketing Specialist at Mountain Khakis. Apply.
  • Communications Associate at Association Management Company. Apply.
  • Growth Product Manager, 360 Reviews at U.S. News & World Report. Apply.
  • Warehouse Supervisor at Mountain Khakis. Apply.
  • Public Relations Manager at The Brandon Agency. Apply.
  • Equipment Operator at Town of Matthews. Apply.
  • Executive Director at Carolina Breast Friends. Apply.
  • Seasonal to Permanent Sales Professional at Paper Skyscraper. Apply.
  • Accounting Assistant at Shelton Vineyards. Apply.
  • Associate Vice President for Marketing/Creative Director at Gardner-Webb University. Apply.
  • Creative & Social Media Director at Julies Inc. Apply.
  • Manager of Donor Engagement at Charlotte Symphony Orchestra. Apply.
  • Producer - Innovation at Lowe's. Apply.
  • Team Member at Harper & Skyler's Toys & Sweets. Apply.
  • Sr Software Engineer - Presto/Druid Platforms at Lowe's. Apply.
  • Mid-level Creative Team at BooneOakley. Apply.
  • Marketing Analyst at Diamonds Direct. Apply.
  • Lead Software Engineer - WMS at Lowe's. Apply.
  • Sales Associate at Diamonds Direct. Apply.
  • Software Developer at National Board of Examiners in Optometry. Apply.
  • Senior Marketing Specialist (Virtual) at Vallen. Apply.
  • Manager - Programmatic at Resolution Agency. Apply.

Want more opportunities? Check out all openings on our Job Board.

Hiring? Post a job

3. Pro bono legal services

Photo: Katie Peralta Soloff/Axios

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.

The company behind this brewery's improved indoor air

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.

👍 Thanks for reading!