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310,000 SF Regional Retail Shopping Center Indian Land / Lancaster County, SC
• 310,000 SF regional retail center, minutes from Ballantyne• Anchored by 14-screen Stone Theatres cineplex• Phase I opened 1st Q. 2018• Corner of Hwy 521 and Hwy 160 in rapidly growing Indian Land area• Adjacent to Red Ventures campus• Anchor, junior anchor, shop space, and outparcel opportunities available
Demographics 1 mile 3 mile 5 mile2017 Population 2,610 39,661 113,502
2010 - 2017 Growth Rate 3.63% 3.94% 3.46%
2017 Avg. HH Income $82,947 $118,717 $118,834
Traffic Counts ADTHighway 521 37,700
Highway 160 16,400
485
77
521
21
North Carolina
South Carolina
160
Overview
37,700 ADT16,400 ADT
310,000 SF Retail Center
RedStone, which opened 1st Q. 2018, is a unique 310,000 square foot regional retail shopping center that serves the rapidly growing residential and commercial markets of northern Lancaster County. RedStone appeals to a broad range of retail tenants because of the project’s strategic location — at the intersection of Highway 160 and Highway 521. The center draws customers from Ballantyne, Fort Mill, Sun City and deep into Lancaster County due to its tenant mix of restaurants, shops, anchor and junior anchor tenants – the most notable of which is the 14 screen Stone Theatre Cineplex.
12
About RedStoneProject Overview
WEDDINGTON
WAXHAWSUN CITYCAROLINA LAKES
BALLANTYNE
PINEVILLE
MATTHEWS
INDIAN LAND
FORT MILL
ROCK HILL
North Carolina
South Carolina
North Carolina
South Carolina
49
51
51
16
16
16
84
75
75
160
521
521
521
74
21
21
485
485
77
77
77
BAXTER VILLAGEKINGSLEY PARK
Capital Club Apartments
312 units (Coming 2020)
Six Mile Creek Apartments300 units (FUTURE)
SoBa Apartments260 units
(Coming 2020)
Flats at Edgewater Apartments289 units (FUTURE)
32
AerialsMarket Aerial
521
521
160
URS Corporation
Honeywell International
Movement Mortgage
CompuCom
Cardinal Health
Sharonview Federal Credit Union
Red Ventures
Keer America Corporation
Proposed Office Recreation
Proposed Hwy 160 Extension
Phase 1
Phase 2
Marvin Rd
Fort Mill Hwy
Char
lotte
Hw
y
Edgewater Pkwy
Flats at Edgewater Apartments289 units (FUTURE)
The Enclave at Bailes Ridge
246 Apartments
Capital Club Apartments
312 units (Coming 2020)
SoBa Apartments260 units
(Coming 2020)
54
Source: Metrostudy 2017 Aerial: ©Nearmap 2017
521
521
160
Proposed Subdivision Approx. Lots
Ansley Park 309
Ardrey Kell Development 99
Avondale SF 365
Avondale TH 165
Barber Rock: Overlook 124
Barber Rock: Preserve 52
Broadmoor 62
Covington 322
Marvin Road Development 9
Parkside 36
Regions of Bretagne 215
Reid Pointe 230
Retreat at Ballantyne 56
Roseglen 49
Total Housing Units upon Build-Out*:
13,733 (Current 3-mile Population: 39,661)
Residential Developments Business Parks & Work Force
Ardrey Kell Rd
Marvin Rd
Elon Park Elementary
Aerial: ©Nearmap 2015
521
521
160
Company Number of Employees
# Employees on Expansion
Bailes Ridge & McMillan Parks
CompuCom - 1,200
Movement Mortgage 400 1,100
Cardinal Healthcare 850 850
Keer America 100 500
Continental Tire 486 486
Honeywell 220 300
Kennametal 100 100
521 Corporate Center
Red Ventures 2,000 3,000
Sharon View FCU 125 125
Republic Services of FL 45 45
Power Engineers 50 50
Continental Tire 90 90
Integrated Health Care 40 60
Dimension Data 75 75
Mesa 25 35
Edgewater
URS 225 225
Maverick Funding 100 100
Total No. of Employees Upon Expansion:
8,341 (4,931 to date)
3-Mile
s
Regions of Bretagne
Covington
Retreat at Ballantyne
Avondale TH
Roseglen
Barber Rock The Overlook
Barber Rock The Preserve
Ardrey Kell Development
Parkside
Avondale SF
Marvin Road Development
Reid Pointe
Ansley Park
Broadmoor
KEY: Active Development Built OutHomes built prior to 2000 not shown. Apartment homes not included.*
76
OA-2
OB-1 2,463 SF
OC-1 2,516 SF
A-1 2,868 SF
B-1 1,324 SF
C-4 1,347 SF
D 3,935 SF
G 16,000 SF
H 10,600 SF
K 6,000 SF
J 9,600 SF
F 5,479 SF
Anchor B 40,753SF
Anchor A
37,400 SFL
5,400 SF
M
4,400 SF
E 5,721 SF
OB-2 3,221 SF
OC-2 1,689 SF
A-2 1,790 SF
B-2 1,234 SF
C-2 3,082 SF
OB-4 1,602 SF
OC-3 1,522 SF
A-3 1,340 SF
B-3 1,788 SF
C-1 3,509 SF
OB-5 2,178 SF
OC-4 2,200 SF
A-4 1,392 SF
B-4 3,205 SF
OC-5 3,493 SF
OA-1
OD-1
3,200 SFOUTPARCEL E
OD-2
3,400 SF
OD-3
1,200 SF
OD-4
3,000 SF
Public Green Space
Phase 2 Phase 1
98
Site PlanPhase I & II
10 11
PhotosTheater & Shop Spaces
12 13
PhotosShop Spaces & Monument Sign
OCTOBER 30, 2015 3
The entire contents of this newspaper are copyrighted by American City Business Journals Inc. 2015 with all rights reserved. Reproduction or use, without permission, of editorial or graphic content in any manner is prohibited. The Charlotte Business Journal, ISSN # 0887-5588, is published weekly, by American City Business Journals Inc., at 550 S. Caldwell Street., Charlotte, NC 28202. Subscription rate for one year is $99, two years is $188 and three years is $198. Subscriptions mailed outside of the continental United States are $449 for a one year subscription. Periodical postage paid at Charlotte NC under USPS Mailing Permit #001-564. The Charlotte Business Journal is a publication of American City Business Journals Inc.
The Charlotte Business Journal is an equal opportunity employer. Postmaster please send address changes to: Charlotte Business Journal, 550 S. Caldwell St., Suite 910, Charlotte, NC 28202.Publisher: Kevin Pitts Phone: (704) 973-1100 or (800) 948-5323 Fax: (704) 973-1102 Internet: charlottebusinessjournal.com Email: [email protected]
UP FRONT
DIGITAL MARKETER DOUBLING HQ
Red Ventures to grow Indian Land campusBY KEN ELKINS
S.C. Gov. Nikki Haley is scheduled to attend an event next week at which Red Ven-tures will announce it is doubling the size of its Indian Land headquarters to almost 600,000 square feet.
On Wednesday, the Internet marketing company, which already has 2,200 employ-ees on the Lancaster County campus, will map out plans for three additional build-ings on the 521 Corporate Center property.
The new Red Ventures buildings, which the company is calling RV4, will contain a six-story tower, the company says. The new buildings will also house Red Ven-tures’ learning and development center and a sales center.
“We are incredibly excited about expand-ing our footprint in South Carolina and look forward to sharing more about the future vision for the Red Ventures campus during our groundbreaking event next week,” spokeswoman Katie Zach says.
Red Ventures has grown from a 300-employee enterprise that moved its offices into an existing building in 521 Cor-porate Center in Indian Land from Charlotte in 2009.
Today, Red Ventures dominates the busi-ness park with its red-accented buildings on the Indian Land campus. It has another 500 employees in leased space in University City in Charlotte.
Red Ventures uses a collection of Inter-
net-based tools to bring customers to cli-ents. It creates websites for clients that are designed to appear among the first pages in Google and other search engines. Telephone numbers and links lead directly to Red Ven-tures employees who pitch client products. Red Ventures’ data and demographic anal-ysis allows its employees to tailor pitches to potential customers.
A January $250 million investment in Red Ventures by Silver Lake Partners set the value of the entire company at $1 billion.
Since Silver Lake took the minority stake in the company, Red Ventures itself has invested in other companies including $310 million to buy Imagitas, a Pitney Bowes Inc. unit that has an important contract with the U.S. Postal Service.
Adjacent to 521 Corporate Center, MPV Properties of Charlotte is beefing up plans for its RedStone retail center that was announced in March. Now that project includes a total of 291,000 square feet of space, including a Stone Theatres 14-screen movie theater, which was announced earlier.
RedStone, which is being developed by MPV Properties of Charlotte, is on U.S. Highway 521 at S.C. Highway 160.
Plans call for S.C. 160 to be extend-ed across U.S. 521 and into the RedStone property.
The site plan for RedStone is pend-ing before the Lancaster County Planning Commission, county officials say. It must be approved before work can begin.
FILE
Red Ventures will add three buildings to its Lancaster County home
JOB IMPACT UNCLEAR
CB&I SELLING PIECE OF CHARLOTTE OPERATION TO WESTINGHOUSEBY JOHN DOWNEY
Chicago Bridge & Iron, an engineering and construction contractor whose power divi-sion is based in Charlotte, is getting out of the business of building nuclear plants.
CB&I has agreed to sell its CB&I Stone and Webster division to Westinghouse Elec-tric Co.
Westinghouse and CB&I are partners in the construction of AP1000 nuclear units at V.C. Summer Nuclear Station in South Car-olina and Plant Vogtle in Georgia.
That arrangement will end if the sale of CB&I Stone and Webster closes as expected in December. Westinghouse plans to sub-contract with Fluor Corp., which also has some nuclear operations here.
Cost overruns at the two U.S. nuclear projects, some of them traceable to prob-
lems at a CB&I fabricating plant in Loui-siana, have raised concerns about nuclear construction in the United States.
CB&I spokeswoman Gentry Brann says the sale involves just its Stone and Webster operations in Charlotte and Canton, Mass. She says CB&I’s fossil fuel power opera-tions and its nuclear maintenance division in Charlotte will not be affected.
Brann says CB&I does not have a cur-rent count on how many of its 1,000 Char-lotte employees will be affected by the sale. But she says the jobs are expected to stay in Charlotte and Canton after Westinghouse buys the Stone and Webster operation.
The proposed sale has cleared the way for a settlement with the utilities building Vog-tle over a $1 billion-plus claim that Westing-house and Stone and Webster made against them for nonpayment. The utilities had
alleged the costs were the result of delays caused by the contractors.
Georgia Power, the Southern Co. sub-sidiary that owns 45.7% of Vogtle, says the settlement cuts its liability to $350 mil-lion, which would indicate a settlement of roughly $765 million.
Meanwhile, S.C. Electric and Gas, the SCANA Corp. subsidiary that owns 55% of Summer, says it has negotiated a new agree-ment with Westinghouse based on the pro-posed sale. The utility says it gets stronger commitments from the contractors and better protections for the utility and its cus-tomers. It also revises completion dates for the two nuclear units to August 2019 for the first unit and August 2020 for the second. It formalizes about $520 million in addition-al charges that will raise the total projects costs to almost $13 billion.
65652510111
3
CHARLOTTE BUSINESS JOURNAL
October 30, 2015 Vol. 30, No. 30, $2
550 S. Caldwell St. Suite 910 Charlotte, NC 28202
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Breaking news online CharlotteBusinessJournal.com
On smartphones and tablets CharlotteBusinessJournal.com/apps
Daily email updates CharlotteBusinessJournal.com/email
MORE THAN MARKETING
The Charlotte Hornets rebuilt a fan base — and the revenue
that comes with it — on the buzz of a name change. The
NBA franchise will have to start winning, though, to
join the billion-dollar club.
STORY BY ERIK SPANBERG, PAGES 16-17
INDUSTRY HUB
Red Ventures has big growth plansIndian Land campus will more than double in size and mixed-use project will be developed on adjacent land. KEN ELKINS, 3
Could CB&I deal impact office here?Contractor with a major presence in uptown is getting out of the business of building nuclear plants. JOHN DOWNEY, 3
NewDominion has another $20 millionCapital raise will fund branding, service improvement and employee development. HILARY BURNS, 8
DUKE’S BIG DEAL
WHAT $4.9 BILLION ACQUISITION MEANS FOR CLT 10
Lowe’s CEO Robert Niblock wants his alma mater to make sure graduating
students are ready for the work force. And he put his money behind a major initiative to sharpen UNC Charlotte’s Belk College programs.
KEN ELKINS, 44
NEWSMAKER
THE STORY BEHIND A $2.5M GIFT
Electrical contractors 42-43
HEAVY HITTERS
THE PEOPLE AND PROJECTS THAT LED THE WAY 19
Unfinished First Ward Why Daniel Levine has put apartments, parking deck on hold WILL BOYE, 4
Red Ventures plans to hire another 1,500 employees, increasing its workforce to 3,750 at its Indian Land campus after it completes an expansion that will double its size there next year.
Red Ventures CFO Mark Brodsky drew a full house to the Indian Land Action Council meeting Thursday, July 21, where he spoke about the company’s unparalleled growth over the past seven years, and offered an update on current projects and what’s coming next.
Chief among those upcoming projects is a $90 million expansion of the internet marketing firm’s local campus, the fourth since the company moved to Indian Land in 2009 with 325 employees.
The new complex will allow the company to increase its current 2,250-employee workforce in Indian Land by an additional 1,500 and brings its total investment in the Indian Land campus to about $190 million.
According to Brodsky, the expansion was part of a decision company officials made in 2014 to buy seven parcels of land in the area that would also lay the groundwork for a much more visible presence in the community.
“At this point, we had a strategic decision to make,” Brodsky said. “We were thinking about future growth and we decided to go all in in Indian Land.”
Brodsky said the first phase of the project, a new sales center building called RV4, will open in January, followed by a two-story parking garage and a six-story tower called the Learning and Education Center, in fall 2017.
“The size of our campus is about to go from over 300,000 to over 600,000 square feet,” Brodsky said.
He said future plans at the famously amenity-rich campus include ball fields, which will be open to the public, as well as walking and biking trails.
RedStone retail centerOnce almost exclusively an internet marketing firm, since 2009 Red Ventures has expanded its business model to include insurance and real estate, among other ventures, the latter of which form the foundation for the company’s most talked-about local project – RedStone.
A 310,000-square-foot retail center under development at the intersection of U.S. 521 (Charlotte Highway) and S.C. 160 (Fort Mill Highway), the project is being developed in two phases, the first of which includes a 14-screen movie theater complex, Sharonview Federal Credit Union, Lee Nails, Tide Dry Cleaners and nine restaurants.
The restaurants include Red Rocks Café, Portofino Italian restaurant, Penn Station Subs, WAFU Japanese Hibachi/sushi, Viva Chicken, Z’s Amazing Kitchen, Menchies Yogurt, Moe’s and Freddy’s.
Though he declined to identify them, Brodsky said the company and its partner MPV Properties of Charlotte are in negotiations with national restaurant chains, a national coffee chain and box stores, plus at least one major grocery store chain.
Phase 1 of RedStone should be up and running during the second quarter of 2017, he said, while the goal for Phase 2 is late 2017 or early 2018.
Plans for the project call for an expansion of the S.C. 160 intersection, Brodsky said.
In the long term, the company is also considering developing some residential properties at the location.
Indian Land’s first hotelAnother project moving forward, Brodsky said, is Indian Land’s first hotel, a four-story TownPlace Suites by Marriott. A partnership between OHM Motels and Red Ventures, the hotel is going up at the intersection of U.S. 521 and Red Ventures Drive.
“We’re expecting to start putting steel in the ground in about 30 days,” Brodsky said. “There will be four floors, 91 rooms, a swimming pool and several other amenities.”
Few employees from countyBrodsky also spoke at length about Red Ventures’ employees, including how many live in Indian Land.
“Of the 2,250 employees in the Indian Land campus, close to 600 live in South Carolina, and 181 live in Lancaster County,” Brodsky said. “That’s fairly representative of the population of the area.”
In response to another question, Brodsky said the company looks at employee turnover in three ways: “sales center 90 days or less,” “sales center more than 90 days” and “non-sales center.”
Acknowledging that a sales position “is a tough job,” Brodsky said the less than 90-day sales center turnover is “high,” while the second and third categories hover around 1.5 percent and less than 1 percent a month, respectively.
Still, he said, the company’s employees are passionate about community involvement, much like the company where they work.
According to Brodsky, the company helped employees raise $232,991 to help 62 organizations last year.
One community-focused program is Donors Choose, a favorite of CEO Rick Elias, which donated about $61,000 to 70 projects in the Lancaster County School District last year.
“So far this year, Red Ventures has contributed over $150,000, and is on track to contribute $300,000-plus,” Brodsky said. “So we take our commitment seriously.”
ILAC President Jane Tanner said she’s been pursuing Brodsky for some time. She said Red Ventures “doesn’t come out of their nest very often.” She said she was pleased with such a large turnout.
“I think people were curious because they didn’t know what kind of company they are, and what they do,” Tanner said. “Now they’ve spread out and are buying land and bringing in restaurants and the movie theater and stores, and I think people were wanting to know.
“I think it was all very positive,” she said.
Red Ventures branching out in ILLocal projects include campus expansion for 1,500 more workers, RedStone, hotelPosted: July 27, 2016
Red Ventures CFO Mark Brodsky addresses the Indian Land Action Council on Thursday night, sharing plans for a $90 million expansion of Red Ventures’ campus, as well as updates on RedStone and Indian Land’s first hotel.
1514
Red VenturesA Corporate Partnership
Executive Summary114 Tanglewood Dr, Fort Mill, South Carolina, 29707 Prepared by EsriRings: 1, 3, 5 mile radii Latitude: 35.00096
Longitude: -80.85441
1 mile 3 miles 5 milesPopulation
2000 Population 797 8,966 40,2122010 Population 2,016 29,969 88,7252017 Population 2,610 39,661 113,5022022 Population 3,187 46,509 130,4822000-2010 Annual Rate 9.72% 12.83% 8.24%2010-2017 Annual Rate 3.63% 3.94% 3.46%2017-2022 Annual Rate 4.08% 3.24% 2.83%2017 Male Population 48.6% 48.2% 48.3%2017 Female Population 51.4% 51.8% 51.7%2017 Median Age 38.4 36.7 38.2
In the identified area, the current year population is 113,502. In 2010, the Census count in the area was 88,725. The rate of change since 2010 was 3.46% annually. The five-year projection for the population in the area is 130,482 representing a change of 2.83% annually from 2017 to 2022. Currently, the population is 48.3% male and 51.7% female.
Median Age
The median age in this area is 38.4, compared to U.S. median age of 38.2.Race and Ethnicity
2017 White Alone 83.3% 74.2% 77.8%2017 Black Alone 7.3% 9.0% 8.7%2017 American Indian/Alaska Native Alone 0.5% 0.3% 0.4%2017 Asian Alone 3.1% 11.3% 8.5%2017 Pacific Islander Alone 0.0% 0.0% 0.0%2017 Other Race 3.3% 2.4% 2.1%2017 Two or More Races 2.5% 2.6% 2.5%2017 Hispanic Origin (Any Race) 9.4% 8.0% 6.8%
Persons of Hispanic origin represent 6.8% of the population in the identified area compared to 18.1% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 45.9 in the identified area, compared to 64.0 for the U.S. as a whole.
Households2000 Households 324 3,181 14,5622010 Households 812 10,738 32,8362017 Total Households 1,037 14,055 41,6772022 Total Households 1,265 16,450 47,7012000-2010 Annual Rate 9.62% 12.94% 8.47%2010-2017 Annual Rate 3.43% 3.78% 3.34%2017-2022 Annual Rate 4.05% 3.20% 2.74%2017 Average Household Size 2.52 2.82 2.72
The household count in this area has changed from 32,836 in 2010 to 41,677 in the current year, a change of 3.34% annually. The five-year projection of households is 47,701, a change of 2.74% annually from the current year total. Average household size is currently 2.72, compared to 2.70 in the year 2010. The number of families in the current year is 30,246 in the specified area.
Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022. Esri converted Census 2000 data into 2010 geography.
August 01, 2017
©2017 Esri Page 1 of 2
Executive Summary114 Tanglewood Dr, Fort Mill, South Carolina, 29707 Prepared by EsriRings: 1, 3, 5 mile radii Latitude: 35.00096
Longitude: -80.85441
1 mile 3 miles 5 milesMedian Household Income
2017 Median Household Income $60,283 $89,927 $89,5422022 Median Household Income $69,121 $99,761 $97,9622017-2022 Annual Rate 2.77% 2.10% 1.81%
Average Household Income
2017 Average Household Income $82,947 $118,717 $118,8342022 Average Household Income $97,355 $133,916 $133,1232017-2022 Annual Rate 3.26% 2.44% 2.30%
Per Capita Income2017 Per Capita Income $31,793 $43,051 $43,9232022 Per Capita Income $37,250 $48,451 $49,0022017-2022 Annual Rate 3.22% 2.39% 2.21%
Households by IncomeCurrent median household income is $89,542 in the area, compared to $56,124 for all U.S. households. Median household income is projected to be $97,962 in five years, compared to $62,316 for all U.S. households
Current average household income is $118,834 in this area, compared to $80,675 for all U.S. households. Average household income is projected to be $133,123 in five years, compared to $91,585 for all U.S. households
Current per capita income is $43,923 in the area, compared to the U.S. per capita income of $30,820. The per capita income is projected to be $49,002 in five years, compared to $34,828 for all U.S. households Housing
2000 Total Housing Units 337 3,379 15,6472000 Owner Occupied Housing Units 269 2,679 11,8282000 Renter Occupied Housing Units 55 502 2,7342000 Vacant Housing Units 13 198 1,085
2010 Total Housing Units 864 11,387 34,7752010 Owner Occupied Housing Units 699 8,814 25,9572010 Renter Occupied Housing Units 113 1,924 6,8792010 Vacant Housing Units 52 649 1,939
2017 Total Housing Units 1,098 14,633 43,6082017 Owner Occupied Housing Units 869 11,161 32,4022017 Renter Occupied Housing Units 168 2,894 9,2742017 Vacant Housing Units 61 578 1,931
2022 Total Housing Units 1,337 17,052 49,6292022 Owner Occupied Housing Units 1,042 13,047 37,2312022 Renter Occupied Housing Units 223 3,403 10,4692022 Vacant Housing Units 72 602 1,928
Currently, 74.3% of the 43,608 housing units in the area are owner occupied; 21.3%, renter occupied; and 4.4% are vacant. Currently, in the U.S., 55.6% of the housing units in the area are owner occupied; 33.1% are renter occupied; and 11.3% are vacant. In 2010, there were 34,775 housing units in the area - 74.6% owner occupied, 19.8% renter occupied, and 5.6% vacant. The annual rate of change in housing units since 2010 is 10.58%. Median home value in the area is $283,120, compared to a median home value of $207,344 for the U.S. In five years, median value is projected to change by 2.86% annually to $325,913.
Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022. Esri converted Census 2000 data into 2010 geography.
August 01, 2017
©2017 Esri Page 2 of 2
1716
DemographicsExecutive Summary
