20 years later, a big bet on tech pays off (free version)
20 years later, a big bet on tech pays off (free version)
Plus: The hunt for food at Charlotte's airport; Draft of city's new development ordinance released; BofA hikes pay; Beasley leads in fundraising; Mick Jagger does ordinary things in Pittsburgh
Good morning! Today is Friday, October 8, 2021. You’re reading The Charlotte Ledger, an e-newsletter with local business-y news and insights for Charlotte, N.C. You might enjoy listening to our audio version on Spotify 🎧.
Editor’s note: This is a shorter, free version of The Charlotte Ledger sent to people on our free sign-up list. The complete version for our members went out 15 minutes ago. It included:
A fascinating story you won’t read anywhere else about how a group of high-profile Charlotte business leaders are about to cash in in a big way because of a 2002 investment they made in start-up AvidXchange, which is expected to go public next week.
A look at why finding a meal on a tight turnaround at Charlotte-Douglas International Airport is so hard these days.
A peek and links to the new 608-page document that development wonks likely spent all of last night reading under the covers — Charlotte’s proposed Unified Development Ordinance.🔥
In addition, last night, our members attended an exclusive online forum with college guidance counselors and a university admissions officer, who shared strategies and resources on preparing your kid to apply to college … without producing anxiety.
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Nearly 100 business leaders put money into Charlotte start-up AvidXchange in 2002; a patient wait for a rare tech ‘home run’
AvidXchange’s headquarters north of uptown Charlotte. The company plans to list its shares publicly for the first time on Wednesday, nearly 20 years after collecting an early investment from local business leaders. (Photo courtesy of AvidXchange)
by Tony Mecia
At the end of the dot-com boom, a group of several dozen successful Charlotte business figures started meeting monthly in a room inside Queens University’s McColl School of Business.
It was composed of nearly 100 leaders from sectors such as banking and finance, accounting and law, real estate and healthcare — each of whom had put $50,000 into a fund aimed at finding big returns by investing in young companies.
Members of the fund, known as Charlotte Angel Partners, knew that each investment was a gamble. No matter how much research they did into a company, the reality of pumping money into small companies just getting off the ground is that most investments don’t pan out. Like putting chips on a roulette table, the idea is you invest in a number of companies, hoping for one “home run” that more than covers any losses from the other investments.
Now, nearly 20 years later, those investors are on the verge of realizing that single, staggering return they all hoped for.
Meals are hard to find after-hours at the airport
Travelers who find themselves hungry in the evening or early morning hours at Charlotte-Douglas International Airport are in a bit of a stomach-growling bind these days.
The notorious labor shortage that’s plaguing all sorts of businesses is also dogging the airport, where it’s practically impossible to get a hot meal or even a hot cup of coffee on a tight turnaround at certain times of the day.
Hangry travelers haven’t been shy on social media about failing to score food between flights.
On a recent Saturday and Sunday evening, The Ledger found
City unleashes first draft of new development ordinance 🔥🔥
We were ready to give you the monthly look at Charlotte rezonings in this space right here, until the city’s planning department late in the day Thursday dropped a land-use bomb and released the first draft of the proposed Unified Development Ordinance (UDO).
It’s the actual ordinance that will put the teeth into the city’s 2040 Comprehensive Plan, which the City Council passed in June on a 6-5 vote. It revises and consolidates the city’s development rules — which is a big deal in a city growing as quickly as ours.
Accompanying the draft is a two-and-a-half minute hype video, which starts with city deputy planning director Alyson Craig giving voice to what we’ve all been thinking: “At long last, the first draft of the Unified Development Ordinance is here.”
As for September’s rezoning action, you’ll have to wait until next week.
In brief
Beasley leads in 3Q donations: Democratic Senate candidate Cheri Beasley raised much more than her competitors in the third quarter, taking in $1.5M. That’s more than Jeff Jackson ($900,000) and Erica Smith ($128,000). (Observer)
Higher pay at BofA: Bank of America raised its base pay to $21 an hour. The bank raised its minimum hourly wage to $15 in 2017, to $17 in 2019 and to $20 in 2020. (WBTV)
Music Factory townhomes: Lennar Carolinas filed plans with the city to build 96 townhomes on five acres between N.C. Music Factory Boulevard and 9th Street on land that now contains warehousing. The plans require a rezoning.
Grants for childcare centers: North Carolina childcare providers can begin applying next week for $805M in grants funded with the state’s Covid relief money. Grants will range between $3,000 and $60,000, and all private, licensed early care and learning programs, including those inside homes and at churches, can apply online. (WFAE/AP)
Brewery bonanza: A black-owned brewery, Weathered Souls Brewing Co., plans to open on Clanton Road in April 2022, Axios Charlotte reports. And Asheville brewery Hi-Wire Brewing will open a spot in South End next spring, CharlotteFive says.
Charlotte pro soccer reality show: Reality TV producer Mark Burnett, known for hits including “Survivor” and “Shark Tank,” is teaming up with Charlotte’s new pro soccer team, Charlotte FC, on a reality show that will “chronicle the competition for a spot” on the team’s roster. (Biz Journal)
New name: Charlotte Mecklenburg Schools renamed Barringer Academic Center “Charles H. Parker Academic Center” this week. (Observer)
In memoriam: Former Broyhill Furniture CEO Paul Broyhill passed away this week at age 97. He was “known as an innovator in management, production, distribution, and marketing” and was “the first to market his product in national home magazines like Life and Look, and on television game shows such as The Price is Right and Let’s Make a Deal,” industry publication Furniture Today said.
In memoriam: Robert L. Albright, Johnson C. Smith University’s president from 1983 to 1994, died on Sept. 18, the university announced. (Observer)
Selfie bar: University City is getting a “selfie bar” called Paparazzi CLT, which will have “interactive art and murals to take pictures alongside,” as well as “a restaurant, lounge and outdoor patio,” Axios Charlotte reports.
Update: Where is Mick Jagger hanging out now?
Can’t get enough of one of the world’s biggest rockers doing ordinary things? We’ve got you covered:
➡️ ‘Quiet dinner’ at ‘upscale’ seafood restaurant
From the Pittsburg Post-Gazette, Monday, “Mick Jagger spent Sunday evening at a Mount Washington restaurant”:
Mick Jagger … tweeted pictures of himself at the arch in St. Louis on Sept. 24 and having a beer at dive bar The Thirsty Beaver Saloon in Charlotte, N.C., on Sept. 30.
In Pittsburgh, he went a bit more upscale, dining Sunday night with a view of the city at Monterey Bay Fish Grotto in Mount Washington.
The Stones singer had dinner there with family and management, according to Torey Gricks, one of the managers. …
His management called in advance and asked if he could dine there and then check the place out.
The party came in around 9 p.m. and got to their table quickly. Jagger said hello to a few fans, according to Gricks, and then was left to have a quiet dinner.
➡️ ‘Tranquil stroll’ at botanical gardens
From the Pittsburgh Tribune-Review, Wednesday, “Rolling Stones singer Mick Jagger visits Phipps after Pittsburgh concert”:
A day after he and the Rolling Stones wowed the crowd during a concert at Heinz Field, Jagger visited Phipps Conservatory and Botanical Gardens in Oakland.
He posted a photo of himself among the flora clad in a flowered shirt on Instagram. Phipps re-posted it.
Joe Reed, director of marketing and communications at Phipps, said the staff didn’t exchange words with Jagger beyond the usual welcome for all guests. Jagger had visited a few years ago.
“So he got to enjoy a tranquil stroll on a quiet Tuesday,” Reed wrote. “I assume he enjoyed.”
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Executive editor: Tony Mecia; Managing editor: Cristina Bolling; Contributing editor: Tim Whitmire, CXN Advisory