Michael Randle, Author at Southern Business & Development

Orlando’s strong renter demand has it among the US’ most sought-after cities

Posted on February 23, 2024October 25, 2024 by Michael Randle

Metro Orlando ended 2023 as one of the hottest rental markets in the country and, through one month of 2024, little has happened to change that.

RentCafe, a subsidiary of Santa Barbara, California-based real estate analytics firm Yardi Systems Inc., analyzed website traffic data for rental listings from the 150 largest U.S. cities to paint a picture of renter preferences to begin the year.

For January, Orlando ranked among the most popular places for renters, coming in at No. 7 in the nation with a rental score of 78.

Orlando Business Journal

Alabama Port Authority selects a city for new intermodal facility

Posted on February 23, 2024October 25, 2024 by Michael Randle

The Alabama Port Authority has selected a location for its third intermodal container transfer facility in Alabama, marking the next step in the Port Authority’s inland rail expansion.

It chose Decatur, and the new facility is in partnership with CSX Transportation. It will complete rail connectivity from the ICTF at the Port of Mobile to customers in the central and northern parts of the state. Redevelopment of a portion of an existing CSX facility will expedite its ability to serve customers in North Alabama.

“The facility’s strategic location improves multi-modal flexibility throughout the state and creates sustainable, dynamic, rail-to-truck transportation solutions for our customers,” said Maryclare Kenney, CSX vice president of intermodal and auto.

Birmingham Business Journal

JPMorgan Chase looks to grow in D/FW as it embarks on branch boom

Posted on February 23, 2024October 25, 2024 by Michael Randle

JPMorgan Chase & Co. plans to follow the growth happening north of Dallas in Collin County as part of its major branch expansion over the next three years.

The New York-based financial giant announced Feb. 6 plans to open 500 new branches nationwide by 2027. While most of that growth will occur in places like Boston, Charlotte, Washington, D.C. and Philadelphia, the Dallas-Fort Worth Metroplex will not be left out.

Liz Molina, head of Chase branches in North Texas and Austin, said the bank will build about 15 branches in Texas as part of the expansion, including five in DFW.

Dallas Business Journal

MLB? Mayor wants women’s professional sports in Nashville

Posted on February 23, 2024October 25, 2024 by Michael Randle

Personally, Mayor Freddie O’Connell may have had his fill of men’s professional sports teams in Nashville.

The mayor, speaking to more than 400 businesspeople at the Feb. 8 Nashville Business Breakfast event, called himself “as interested, if not more interested, in ensuring that women’s athletics actually start to take on an important role in the city.”

O’Connell was asked at the event if the city was going to land a Major League Baseball franchise.

“I don’t know, have you met anybody who’s willing to publicly fund a stadium?” O’Connell replied, prompting some laughter in the audience.

For years, a private group has been pursuing such a team and possible stadium site, though it has yet to publicly name a billionaire committed to finance that vision. League Commissioner Rob Manfred said in 2023 that “Nashville’s on everybody’s list” for potential expansion. Jerry Reinsdorf, owner of the Chicago White Sox, sought and received a meeting with O’Connell in December (renderings of a potential new ballpark development in Chicago became public this week).

Nashville Business Journal

$40 million in SEEDS could soon take root in Alabama, growing the state’s economic development prospects

Posted on February 23, 2024October 25, 2024 by Michael Randle

Alabama’s economic development successes in the years to come may be due in large part to up to $40 million in SEEDS sewn this year.

The State Industrial Development Authority (SIDA) is considering 34 properties throughout the state under the new Site Evaluation and Economic Development Strategy (SEEDS) Act – part of the Game Plan economic development legislation approved last year.

Location Strategies (GLS) out of Greenville, South Carolina, to assist in the evaluation process.

The 34 properties consist of 16 being considered for SEEDS site assessment dollars and 18 for SEEDS site development dollars. A pool of $40 million in grants is available with $42 million in requests from applicants, so not all will be approved.

SIDA’s team has chosen 19 of the sites for its initial evaluation in an attempt to maximize the potential for the initial $40 million in grants. The sites are being evaluated for projects that would be capital- or labor-intensive or a blend of both.

Alabama News Center

Disney to buy $1.5 billion stake in Cary, N.C.-based Epic Games

Posted on February 23, 2024October 25, 2024 by Michael Randle

Walt Disney Co. announced Wednesday that it would buy a $1.5 billion stake in video game maker Epic Games and expand its relationship with the Cary-based company.

The two companies said they will collaborate on new games and entertainment in a multi-year project.

Disney and Epic have already been collaborating, including in the development of video games such as “Kingdom Hearts 3” and “Star Wars Jedi: Survivor.” They have also worked together in cinematic editing and animation for film and streaming, and in the creation of more than 15 Disney Parks attractions such as “Millennium Falcon: Smugglers Run” at Star Wars: Galaxy’s Edge.

“Disney was one of the first companies to believe in the potential of bringing their worlds together with ours in Fortnite, and they use Unreal Engine across their portfolio,” said Epic Games CEO Tim Sweeney in a statement. “Now we’re collaborating on something entirely new to build a persistent, open and interoperable ecosystem that will bring together the Disney and Fortnite communities.” Business North Carolina

A soft landing is in sight for NC Triad region economy, but keep a parachute handy

Posted on February 23, 2024October 25, 2024 by Michael Randle

The economy is not a sport, and the Triad is not a ballpark, but a sports analogy as North Carolinian as sweet potato pie can sum up the outlook for the region’s economy in 2024: The home runs light up the scoreboard, but winning a pennant depends on racking up base hits and maintaining a strong bench and bullpen.

The view from a panel assembled by the Triad Business Journal to assess the economic outlook in 2024: The region is not out of the recession woods but will probably be OK thanks to impending megasite industrial projects and a strong workforce.

Also boosting the Triad’s outlook: The region is less exposed than many to the de facto recession in office real estate and by housing prices that remain relatively affordable — with the “yes, but” that much of the affordability is increasingly away from employment centers and still out of reach of many young people of modest means.

Triad Business Journal

Mack Trucks to expand in Virginia

Posted on February 23, 2024October 25, 2024 by Michael Randle

RICHMOND, VA – Governor Glenn Youngkin announced that Mack Trucks, part of Swedish-based Volvo Group and one of North America’s leading producers of heavy-duty and medium-duty trucks, will invest $14.5 million to expand its Roanoke County manufacturing operation. The company will expand its current production facility by 72,000-square-feet to increase capacity for its medium-duty truck line and an emerging medium-duty electric truck line. The project will create 51 new jobs.

“Mack Trucks’ expansion further strengthens Virginia’s manufacturing industry ecosystem, which is a core focus of the Commonwealth’s economic development strategy,” said Governor Glenn Youngkin. “We are proud that Mack Trucks’ initial investment in a new Roanoke County operation four years ago has yielded a second major investment. This is truly another vote of confidence in Virginia by a global industry leader.”

VEDP

The story behind the Troy, Alabama, distillery honoring Clyde May’s legacy

Posted on February 23, 2024October 25, 2024 by Michael Randle

An exciting project will be completed soon in Troy, Alabama. The Conecuh Ridge Distillery, which will produce Clyde May’s whiskey, was designed by the architectural team at Luckett & Farley.

“I have been involved in the project from day one,” said Dana Zausch, the project’s distillery design manager. “I was actually hired to work on this project with my experience in distillery work.”

Based in New York, Conecuh Ridge Distillery joined Alabama Gov. Kay Ivey in 2017 to announce its plans to consolidate operations in Troy, near to where its namesake, Clyde May, once produced moonshine whiskey. The company broke ground on the project in 2022.

“We started with a brand that had no home,” Zausch said. “The brand’s roots were in Alabama so its brick-and-mortar roots also needed to be.”

The distillery, which will be located at 111 Braswell St. in Troy, includes an artisan distillery, rack houses, a bottling hub and a tasting center. Reports put the project’s costs at about $13.5 million.

Alabama News Center

New Alabama Commerce secretary recruits heavy hitters for state economic development strategic plan

Posted on February 23, 2024October 25, 2024 by Michael Randle

Alabama Commerce Secretary Ellen McNair has been on the job for barely a month but is already at work on a strategic plan that will shape economic development in the state for years to come.

McNair, formerly the chief economic development officer at the Montgomery Area Chamber of Commerce, took the helm at the Alabama Department of Commerce the first of this year. She replaced Greg Canfield, who stepped down as Commerce secretary at the end of 2023 after 12 years in the role.

“Alabama’s been blessed with a lot of great secretaries of Commerce and (Alabama Development Office) directors, but nobody has been more prepared than you to hit the ground running,” Barker told McNair.

McNair has had to hit the ground running, because in appointing her to the role, Alabama Gov. Kay Ivey gave her a specific task.

“When I sat down with Gov. Ivey to talk to her about this position, the one thing she asked me to do was a new strategic plan,” McNair said.

The new strategic plan will guide economic development in the state for the coming years.

Under Canfield’s leadership, Commerce crafted a strategic plan, Accelerate Alabama, that was a huge success by most any measure.

“What we’re hoping to do is be much more comprehensive in this strategy, so not only identifying those targeted industries, but really looking at all facets of economic development and how they work together,” McNair said.

Alabama News Center