Jul 24
Banker’s notes
Posted by AG under: Downtown; Economic development; Jobs .
Lunch with the legendary Hugh McColl is not to be missed. After all, he turned NCNB into Bank of America. McColl spoke to those on Action Greensboro’s field trip to Charlotte Tuesday, and it’s a safe bet that there’s no bigger proponent — anywhere — of making downtowns vibrant.
Some of his observations:
• The center city is what brings together citizens of all socio-economic groups. Have something for everyone, he urges. An opera house on one corner and a Hooters across the street. It’s all good.
• A 24-hour city attracts talent. “If we want to attract the brightest and the best,” McColl says, “we have to have a vital center city.” Virtually no one lived in downtown Charlotte 35 years ago. Now tens of thousands of citizens reside in uptown Charlotte.
• Concentrate assets downtown. The NASCAR Hall of Fame, now under construction, is downtown for a reason. So are three performing arts centers. So is the new Mint Museum of Craft + Design. So is Johnson & Wales University, the culinary school Charlotte lured away from Charleston. Success breeds success.
• Be proud to pay high wages. McColl mentioned one of his current ventures, which occupies the 54th floor of Bank of America Corporate Center. McColl Partners employs dozens of young professionals, and he says he’s glad to pay six-figure salaries. “They make a lot of money for me,” he says. Virtually all live in uptown Charlotte.
• Always look at least 50 years down the road. Twenty-five years = shortsighted vision. Plan and execute. Don’t back up.
Greensboro can’t be, doesn’t want to be, Charlotte. But we can learn a lot from our sister city to the south.
Greensboro City Councilwoman Goldie Wells chats with Hugh McColl.
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