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VOL. TMN-6 | NO. 30 | Saturday, July 20, 2013
Weekly Issue

Change of Scenery

Commercial real estate mainstays prepare for transformation

After spending years or decades in their current form, longtime staples of the local real estate scene are about to disappear or undergo major changes that will forever alter the city’s built landscape.

Editorial: Job Creation Means Recovery for City

Saying the word “recovery” is easier than finding consistent indicators that are crucial to a recovery actually occurring.

THE MEMPHIS NEWS ALMANAC

This week in Memphis history: July 19-25

2012: Loeb Properties Inc. of Memphis closed on its $7 million acquisition of eight acres of the Overton Square entertainment district from Denver-based Overton Square Investors LLC.

Petties Returns To Memphis

Memphis drug kingpin Craig Petties has returned to the city after a brief stay in a federal prison transfer center in Oklahoma City earlier this week.

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EVENTS

WEVL 89.9 FM will host the 25th annual Blues on the Bluff concert and silent auction Saturday, July 20, from 6:30 p.m. to 11 p.m. on the grounds of the Metal Museum, 374 Metal Museum Drive. Performers include The Eric Deaton Trio, The Bo-Keys and Elmo & The Shades. Tickets are $25 for adults and $12 for children 11 and younger. Visit wevl.org.

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RedRover Relocating to Falls Building

RedRover Sales & Marketing’s business has grown considerably in recent years, so the firm has now set its sights on a new “doghouse.”

Memphis Airport to Introduce Free Wi-Fi

Soon, passengers at Memphis International Airport will be able to surf the Web for free as they wait for flights.

Election Aftermath

Municipalities weigh next moves for school districts

At least one suburban leader wants to explore the idea of a shared superintendent for several of the municipal school districts to come.

Second-Quarter Bankruptcies Up 2.3 Percent

The second quarter of 2013 showed a slight boost in West Tennessee bankruptcy filings as consumers who couldn’t pay off debt accumulated in late 2012 filed for bankruptcy.

Cordova Building Sees Solid Leasing Activity

The commercial building at 584 N. Germantown Parkway in Cordova has recently seen strong leasing activity. Advanced Prosthetics and Orthotics LLC, which opened in 2004 and provides prosthetic limbs and orthotics to support or supplement weakened or abnormal joints or limbs, inked a lease to occupy the 4,000 square feet of space that once housed a Baptist Memorial Health Care minor medical center. Last year, the center signed a 5,050-square-foot lease at the former Blockbuster space in Trinity Commons, 670 N. Germantown.

Petties Again Switches Federal Prisons

Memphis drug kingpin Craig Petties is on the move again in the federal prison system as more sealed documents involving Petties have been filed in the largest drug case ever brought in the U.S. District Court for the Western District of Tennessee.

Shelby County Foreclosures Drop 10.6 Percent in Second Quarter

Through various mitigation efforts, the lending giant Wells Fargo has helped some 5,200 Memphis homeowners avoid foreclosure since 2009.

All Aboard

MATA reviewing proposals for Central Station’s next phase

Central Station is poised to ride Downtown’s development momentum into its next phase of life.

School Board Races Next for Suburbs

Look for suburban school board races probably in November now that voters in the six suburban towns and cities in Shelby County have approved forming municipal school districts.

Bass Pro Shops’ Signage Has ‘Classier’ Look

Bass Pro Shops has changed signage plans for The Pyramid and is including a “sky ride” to the top of the building along with two new balconies outside the two-level observation deck, all part of an effort to embrace the structure’s iconic place in the city’s skyline.

County Tax Rate Doesn’t Get Past Budget Committee

Shelby County Commissioners could not find enough votes in committee sessions Wednesday, July 17, for a county property tax rate that had any chance of passing before the full commission next week.

Council Grapples With Attrition Plan Reality

Every version of a city budget the Memphis City Council and Mayor A C Wharton Jr. considered in June included a plan to lose 300 city employees through attrition for long-term savings toward meeting rising future debt obligations.

‘Transition Period’

Shelby County homebuilding stagnates in second quarter

The number of permits pulled by homebuilders in the second quarter was flat with the same period last year. Shelby County homebuilders filed 269 permits during the second quarter of 2013, the exact same number they filed in the second quarter last year, according to real estate information company Chandler Reports, www.chandlerreports.com.

Advisory Board to Examine Community Health Needs

Dr. David Stern, executive dean of the University of Tennessee Health Science Center College of Medicine, has launched a unique effort to address community health needs in Memphis.

Shelby County Mortgages Show Nearly 4 Percent Gain

The mortgage market is starting to get interesting, in a manner of speaking. Earlier this month, interest rates for mortgages rose in what was described as the largest one-day jump in at least 10 years, according to Mortgage News Daily. That in large part stemmed from the Federal Reserve, which has been snatching up $85 billion worth of mortgage-backed securities a month.

June Mortgages Up 8 Percent

June was a healthy month for the mortgage market in Shelby County. Last month saw 810 purchase mortgages made, an 8 percent improvement from 750 mortgages in June 2012, according to real estate information company Chandler Reports, www.chandlerreports.com.

Methodist University Hospital Begins Emergency Department Expansion

Methodist University Hospital has begun construction on a $33.5 million expansion and renovation of its emergency department.

Secret Ingredient

Cafe Eclectic repeats successful formula for third location

Cafe Eclectic has found itself in an enviable spot since the cafe’s first location opened five years ago in Midtown.

Wharton Says Budget Challenges Continue

After taking heavy criticism during the budget season from Memphis City Council members, Memphis Mayor A C Wharton Jr. is starting to take more criticism for the approved cuts that are rolling out first in the Memphis Fire Department.

Spring Creek Ranch Eyes Resort Status

The Spring Creek Ranch golf course is ready to tee off in a major way. The private golf club north of Collierville is aiming to become more of a destination “resort” and is seeking to build a new special events center with a culinary arts school and microbrewery, along with cabins and a day spa, to attract a much wider audience.

‘Good News’ for Housing in Second Quarter

Shelby County’s housing rebound continued in the second quarter, with key indicators showing improvement over the same period last year.

Boot Camp Gives Guidance for Emerging Companies

Memphis-based startups are reaping the benefits of a statewide effort to increase the flow of capital to innovative companies in the early stages of development, says Matt Heiter, an attorney and shareholder with Baker, Donelson, Bearman, Caldwell & Berkowitz PC in Memphis.

Start Co. Adds Women’s, Logistics Accelerators

Two new startup accelerators are joining the Memphis entrepreneurial scene, both targeting different kinds of company founders.

SPORTS

SEC Seeks to Prolong Football Dominance

HOOVER, Ala. – There is no effort at denial. Nor should there be or could there be. Southeastern Conference Commissioner Mike Slive began his annual address at football media days by mentioning his “annual brag bag” and then spilled the entire contents while barely taking a breath:

Johnny Football Frenzy Knows No Bounds

HOOVER, Ala. – This being SEC Media Days and him being Johnny Football, the blitz was inevitable. The reigning Heisman Trophy winner, Texas A&M quarterback Johnny Manziel moved from room to room while grown men and women toting microphones, cameras and tape recorders pursued him like so many bad actors fulfilling the clichéd media moment in a made-for-TV movie.

MEMPHIS STANDOUT

Greg Miller Celebrates 10 Years at Inferno

Greg Miller doesn’t have to talk about how much he loves his job, the kinds of changes he’s seen in his industry, the kind of changes he’s been part of and how he couldn’t imagine working anywhere else but inferno.

MEMPHIS LAW TALK

Glankler Brown Job Too Good to Pass Up for Jobe

Attorney Mark Jobe has recently started working as an associate with Glankler Brown PLLC.

MEMPHIS NEWSMAKERS

Williams to Lead Marketing at Junior Achievement

Priscilla Williams has joined Junior Achievement of Memphis and the Mid-South as director of marketing and special events. In her new role, Williams will work to increase the organization’s visibility, funding and branding.

REAL ESTATE RECAP

Market of Riverdale Bend Sells for $6.2 Million

7114-7186 Winchester Road Memphis, TN 38125 -
Four tenants in common have paid $6.2 million for the Market of Riverdale Bend shopping center on Winchester Road in Southeast Memphis.

LOCAL COLUMNISTS

SILLY Exercise

DISCOVERING MEMPHIS TOGETHER. Last week, I had lunch with tomorrow. Some of the staff and young people involved with the New Memphis Institute’s programs to attract and retain the kinds of minds and hearts that will keep us thinking and keep our beat going wanted to talk to about things unique to Memphis – things funky and things obscure.

Handling Long-Term Care Costs

Ray’s Take The cost of long-term nursing home care is increasing at a dramatic pace. According to the latest Genworth Financial report, the median annual cost is now $83,950 and has risen 4.5 percent annually over the last five years.

We’ll Always Have Paris

ARDEN, N.C. – This suburb of Asheville is home to my newest favorite burger place. Don’t get me started on the Old-Fashioned – mustard, onions, chili, slaw. Check out frenchfryz.net.

No-Nonsense Negotiating Strategies

Editor’s Note: This is the second in a two-part series. If you’re fighting for who’s right in a negotiation, by definition, someone loses. That’s the philosophy behind negotiation strategies that build relationships versus tearing them down. Whether you “win” or not, a customer may not continue to buy from you if they felt beaten down through the negotiation process. The objective is to close a mutually beneficial deal versus winning the negotiation.

Two Acts Remain in Bernanke’s Screenplay

After weeks of volatility, driven by complex Fed speculation after a chorus of mixed messages, Chairman Bernanke re-focused marketplace attention on the Fed’s core purpose. As per Congress, The Federal Reserve Act directs: “the Federal Reserve...shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential…to promote the goals of maximum employment, stable prices and moderate long-term interest rates.”

Building Corporate Partnerships

Does your nonprofit’s special event help sponsors and underwriters meet their business objectives? Do the benefits you offer align with the business needs of your sponsors/ underwriters? Here are some things to consider as you build your corporate partnership program.

Does This Make Sense?

It appears that as humans we have a “makes sense” switch in our brains. Here is the way it works. First we decide what we think about an issue and take a position on it. Then we run our decision through some sort of mental process to gather information in support of our position. Often, when we first stumble across any evidence that causes us to think, “That makes sense,” we abandon any further exploration, store our position in memory for possible future use and move on to the next thing.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 260 13,157
MORTGAGES 103 370 17,128
FORECLOSURE NOTICES 26 62 3,362
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 74 209 12,552
BUSINESS LICENSES 22 65 4,554
UTILITY CONNECTIONS 88 416 19,309
MARRIAGE LICENSES 27 94 4,003

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The Memphis News: Business, politics, and the public interest.