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VOL. 124 | NO. 132 | Wednesday, July 08, 2009

Daily Digest

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Michigan Co. Buys Land for Development

Edward Rose Development Co. LLC has bought 50 acres at the southeast corner of Forest Hill-Irene Road and Tenn. 385 for $4 million from Turley LP.

The company, part of Farmington Hills, Mich.-based Edward Rose & Sons, plans to bring a $36 million mixed-used development called Irene Woods to the land, said Paul Mott, director of site acquisitions.

Irene Woods will have an independent senior housing facility containing 140 units and a market-rate apartment complex containing 175 one-bedroom units, 237 two-bedroom units and 20 three-bedroom units. The multifamily component also will have a community center, including a swimming pool and exercise facility.

Mott said the company is finalizing the architectural and engineering drawings for the project and hopes to break ground in late fall or early spring. This will be Edward Rose & Sons’ first development in Memphis, a market that was attractive to the company for a variety of reasons.

“Memphis seemed like a nice area to us,” Mott said. “We think it’s got a good future and the demographics are what we look for.”

He also said while the struggling economy could play a role in how and when things are completed, the climate here bodes well for getting the project done, especially compared to the company’s home state.

“The economy in Tennessee is much stronger than it is in Michigan,” Mott said.

The land is part of the 97.7-acre PT Forest Creek Outline Plan, across the street from the Mike Rose Soccer Complex. The transaction also included easements for signs and street landscaping, north-south road right-of-way construction and east-west road right-of-way construction.

Source: The Daily News Online & Chandler Reports

Capital One Buys The Horizon for $17.5M

Capital One NA reclaimed the 16-story The Horizon at 717 Riverside Drive in a foreclosure sale Tuesday afternoon on the steps of the Shelby County Courthouse.

The New Orleans-based bank foreclosed on the property last month after the building’s developer, The Bryan Co. of Ridgeland, Miss., defaulted on a $58.6 million loan dated Aug. 7, 2007. The Bryan Co. operated in that transaction as Riverside Bluffs LLC.

A Capital One representative declined to comment.

Originally slated for condominiums when the developer broke ground in 2007, The Horizon was converted to apartments in light of the economic climate. The building sits on about six acres on the west side of Riverside Drive, near Channel 3 Drive. The Horizon’s general contractor is Naylor Construction Services Group.

The property earlier this year was approved for but never received a 10-year payment-in-lieu-of-taxes (PILOT) freeze by the Center City Revenue Finance Corp.

James G. M. Lenschau of the law firm Martin, Tate, Morrow & Marston PC was appointed substitute trustee in the matter.

GTx Inc. Starts Trial for New Drug

GTx Inc. has initiated a phase 1 multiple ascending dose clinical trial evaluating a new drug for first-line treatment of advanced prostate cancer. A phase 1 single ascending dose clinical trial in 96 subjects was completed in June.

The new trial will evaluate the safety, tolerability and other effects of the new drug. In addition, testosterone and other hormones will be measured.

The Memphis-based biopharmaceutical company has other new drugs further along in clinical trials and is expecting approval of one of them by the U.S. Food and Drug Administration later this year. That drug is to prevent bone loss in men undergoing drug treatments for prostate cancer.

Lawsuit to Stop Guns in Bars Delayed in Nashville Court

A hearing has been delayed on a lawsuit to stop a law that allows handguns to be carried in Tennessee bars and restaurants that serve alcohol.

The hearing was scheduled for Tuesday. But plaintiffs’ attorney David Smith said it was delayed until Monday to give the state attorney general’s office more time to review the case.

The lawsuit seeks a temporary or permanent injunction to prevent the law from taking effect Tuesday.

One reason the lawsuit gives for stopping the law is that it’s an “unlawful public nuisance that unreasonably threatens the life, health and safety of the public.”

Democratic Gov. Phil Bredesen vetoed the measure in May, but the Tennessee General Assembly voted last month to override the veto.

Education Realty Trust CEO Bower to Retire

Memphis-based Education Realty Trust Inc., which owns and operates housing for college students, has reported that Paul O. Bower plans to retire as president and CEO when a successor is named.

Bower, 66, has led the company since it went public in 2005, and had been with predecessor company Allen & O’Hara Inc. since 1969. He will continue to serve as chairman of the board following his retirement.

The company said it has retained executive search firm SpencerStuart to assist in evaluating potential internal and external candidates. The board expects to complete the search process and appoint Bower’s successor by the end of the 2010 first quarter.

ABC Grants Made Available To Memphis Area Arts Orgs.

Organizations seeking funding for artistic and cultural projects that benefit the community can apply for an Arts Build Communities grant.

ABC grants offer financial support for arts projects in all disciplines as recognized by the Tennessee Arts Commission. Grants are available for state-recognized nonprofit organizations or government entities in Shelby, Fayette, Lauderdale and Tipton counties.

A free grant workshop for potential applicants will be at ArtsMemphis’ East office, 575 S. Mendenhall Road, July 29 from 10 a.m. to 11:30 a.m. Applicants are not required to attend the workshop.

Grant guidelines and an application are available at www.artsmemphis.org/abcgrants or at the TAC Web site at www.arts.state.tn.us.

Completed applications are due Aug. 28.

Microsoft Warns Of Computer Security Hole

Microsoft Corp. has taken the rare step of warning about a serious computer security vulnerability it hasn’t fixed yet.

The vulnerability disclosed Monday affects Internet Explorer users whose computers run the Windows XP or Windows Server 2003 operating software.

It can allow hackers to remotely take control of victims’ machines. The victims don’t need to do anything to get infected except visit a Web site that’s been hacked.

Security experts say criminals have been attacking the vulnerability for nearly a week. Thousands of sites have been hacked to serve up malicious software that exploits the vulnerability. People are drawn to these sites by clicking a link in spam e-mail.

The so-called “zero day” vulnerability disclosed by Microsoft affects a part of its software used to play video. The problem arises from the way the software interacts with Internet Explorer, which opens a hole for hackers to tunnel into.

Microsoft urged vulnerable users to disable the problematic part of its software, which can be done from Microsoft’s Web site, while the company works on a “patch” – or software fix – for the problem.

Microsoft rarely departs from its practice of issuing security updates the second Tuesday of each month. When the Redmond, Wash.-based company does issue security reminders at other times, it’s because the vulnerabilities are very serious.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 260 13,157
MORTGAGES 103 370 17,128
FORECLOSURE NOTICES 0 36 3,336
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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