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VOL. 123 | NO. 39 | Tuesday, February 26, 2008

'Against the Wall'

Study shows there's more to local bankruptcies than meets the eye

A ground-breaking study by a local nonprofit group that counsels low-income people has reached some frightening and surprising conclusions about the demographics of and the reasons why people file bankruptcy in Memphis.

Former Midtown Grocer Building Gets New Owner, Look

A Midtown building once home to a well-known grocery store and then an antique shop is on the verge of yet another incarnation as its new owners prepare to give it a fresh look.

Hyatt Place One Step Closer to Construction

10.8 acres, On Winchester Road, Loan Amount: $12.8 million and $1.9 million -
CSHG HP Germantown LLC and SHG Germantown LLC, two entities of Boca Raton, Fla.- based Silver Cos., have filed construction loans to build a 127-room Hyatt Place and an unnamed hotel in Germantown. The 10.8-acre parcel is at the southeast corner of Winchester and Forest Hill-Irene roads, and site work will be finished within 45 days, said Silver Cos. chief operating officer Marvin Bolinger. The project has been delayed by heavy rains that have drenched the property. Also, the drainage work that's been ongoing since the company bought the land last summer took longer than expected. The Hyatt Place is slated to be on the southeast portion of the parcel, with four outparcels on the north side. Plans call for a 20,000-square-foot building on the front of the property to house a restaurant or two and maybe a shop, Bolinger said, plus two other outparcels that aren't yet designated. The final parcel is set for an extended-stay hotel, but "we do not have the franchise tied up, so I don't want to mention it until then," Bolinger said. The Hyatt Place hotel is expected to be completed by spring or summer of 2009, and the company will use Memphis-based Montgomery Martin Contractors LLC as general contractor.

Hulley, MPA Sue City Over Union Leadership

The Memphis Police Association and Lt. Gene Hulley this week filed suit in federal court against the city of Memphis seeking an injunction that allows Hulley to participate in contract talks between the city and the union that began this month.

Lender Analysis: Data Show Prolonged Local Real Estate Slump

Both commercial and residential mortgage lending fell in January from the same month last year, signaling a prolonged real estate slump for Shelby County to start off 2008.

Local Weather
Today
Memphis, TN
77°F
Cloudy
Wind: 6 mph
Humidity: 62%

EVENTS

The Alliance for Nonprofit Excellence will host "Fundraising Strategies: Ideas for the Changing Environment" today from 9 a.m. to 4 p.m. at The Assisi Foundation of Memphis Inc., 515 Erin Drive. The cost to attend is $99 for Alliance members, $89 for participants in the Program for Nonprofit Excellence and $150 for nonmembers. For more information or to register, contact April DeBerry at 684-6605 or adeberry@npexcellence.org.

more events »

Mayor to Unveil Minority Developers' Initiative

Memphis Mayor Willie Herenton wants more women and other minority businesspeople to learn the fundamentals about one of the most competitive corners of the city's economy: real estate development.

Council Debates Worker Residency

The Memphis City Council that took office in January had its first major debate this month and emerged with the appearance that nothing was taken personally.

Congress to Consider Bankruptcy Relief, Foreclosure Assistance

WASHINGTON (AP) - Congress is set to examine another round of possible repairs for consumers and investors threatened by widening cracks in the housing market.

House Democratic Leaders Push Energy-Efficient Schools Bill

NASHVILLE (AP) - House Democratic leaders are hoping to win the support of Senate Republicans for legislation that would make Tennessee schools more energy efficient.

Sales of Existing Homes and Prices Both Fall in January

WASHINGTON (AP) - Sales of existing homes fell for the sixth straight month in January, dropping to the slowest sales pace on record. Median home prices were also down and many analysts predicted further price declines in the months ahead given high levels of unsold homes.

County Commission Back Morgue Site, Prepares To Talk Spending Cuts

Shelby County commissioners gave their blessing Monday to a site for the new Regional Forensics Center. The resolution approved at Monday’s session refers generally to county-owned land between Poplar Avenue and Washington Street that is now parking for Juvenile Court.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 114 332 10,554
MORTGAGES 119 412 13,739
FORECLOSURE NOTICES 12 80 2,724
BUILDING PERMITS 522 915 25,222
BANKRUPTCIES 80 264 10,156
BUSINESS LICENSES 16 78 3,814
UTILITY CONNECTIONS 92 430 14,987
MARRIAGE LICENSES 15 83 3,250

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