VOL. 125 | NO. 131 | Thursday, July 08, 2010
New Horizon Apartments Sell for $2.7 Million
The 933-unit New Horizon Park apartments at 3619 Kingsgate Drive in Whitehaven sold June 30 for $2.7 million in a special warranty deed after lengthy financial troubles that included a foreclosure. The sale recorded Wednesday.
An alternate address for the complex, and the one used by the Shelby County Assessor of Property, is 3578 Millbranch Road.
North Star Apartment Communities LLC, a local limited liability company affiliated with a Perry Hall, Md., investor, bought the complex from C-III Asset Management, the special servicer for previous lender Wells Fargo Bank NA.
C-III Asset Management is a wholly owned subsidiary of New York-based C-III Capital Partners LLC. Laura Thorpe of C-III signed the warranty deed.
The apartment complex, which sits on close to 60 acres, had been part of a payment-in-lieu-of-tax (PILOT) agreement through the HEHFB, dated December 2004. Built in 1970-71, the apartment complex underwent extensive renovations a few years ago by then-owner Apollon Group LLC of New York.
But the most recent owner, New Horizon Memphis One LLC, defaulted on its $30.5 million trust deed and security agreement through First Financial Equities Commercial LLC dated Nov. 30, 2006.
Wells Fargo ultimately reclaimed New Horizon in 2008 in a $21.4 million substitute trustee’s sale and had owned it since.
The property includes four parcels, three of which contain apartment buildings.
The first contains 196 units with an appraised value of $2.1 million. The second contains 312 units with an appraised value of $3.6 million. And the third contains 394 units with an appraised value of $2.8 million.
A fourth parcel is a vacant lot with an appraised value of $100.
Source: The Daily News Online & Chandler Reports
– Eric Smith
Pharmacy Development Headlines LUCB Meeting
Preservationists are likely to turn out in force at Thursday’s Memphis-Shelby County Land Use Control Board meeting, when a vote will be taken on a development application that involves a prominent demolition: The razing of Union Avenue United Methodist Church at Union and Cooper to make way for a CVS Pharmacy.
The LUCB is scheduled to take action on Hart-Redd LLC’s application for the property at the southwest corner of Union and Cooper at its meeting.
The National Trust for Historic Preservation wants CVS to hold itself to an 11-year-old agreement it won’t tear down buildings listed on the National Register of Historic Places, which the Union Avenue church is. Thursday’s LUCB meeting starts at 10 a.m. at City Hall, 125 N. Main St.
– Andy Meek
Tuition Reimbursement Program Over Budget
The city has 251 more employees than it has tuition reimbursement money for after the Memphis City Council rejected a plan by the Wharton administration Tuesday to cap tuition reimbursement for city employees at $1,400 per worker.
The council approved as part of the larger city budget last month a cut in the program from $1.4 million last fiscal year to $500,000 in the fiscal year that began July 1.
Several council members said Tuesday they were unaware they had voted to cut the program in recently ended budget sessions. But city chief administrative officer George Little said the item was discussed by the council and approved at its last budget committee session.
The total funding remains cut.
What the council rejected Tuesday was a plan by the administration to set a new cap for the maximum amount any employee can get.
The current cap is $5,000 per fiscal year. The proposed cap would have been $1,400.
City Human Resources Director Quintin Robinson said leaving the cap as it is means only 100 employees will be eligible for the reimbursement.
There are 351 city employees in the program.
Robinson and Little said the administration is examining its options that could include a lottery system to pick the 100 workers who will get the money.
Meanwhile, a plan by council member Jim Strickland to outsource the management of some community centers was voted down in committee Tuesday on a tie vote.
– Bill Dries
Methodist Changes Wound Center Name
Methodist North Hospital has rechristened its wound center after having assumed direct management of the facility, which had been contracted.
The facility is now called the Comprehensive Wound Healing Center. Sandy Deimund, the nurse manager of the wound center at Methodist South, also will serve as clinical director of the one at Methodist North.
The facility, which previously was called the Advanced Wound Care Center, is at 3950 New Covington Pike.
– Tom Wilemon
Wharton Disappointed With Bike Lane Omission
Memphis Mayor A C Wharton Jr. said Tuesday it is “extremely unfortunate” that the city’s Engineering Division didn’t include bicycle lanes in the city’s application for federal stimulus funding.
The stimulus funds will complete street repaving projects, but because of the omission the plan doesn’t include the painting of the necessary lines to mark off the lanes.
“I completely understand the dismay and frustration that our local biking and sustainability communities are feeling right now,” Wharton said in a written statement.
But city funded capital improvement projects to repave Southern Avenue and Cooper Street in Midtown will include bicycle lanes when the projects are completed this year, Wharton added.
Wharton said the “missed opportunity” on stimulus funds for such lanes will be avoided once the city has a new “bicycle pedestrian coordinator” as a full time position.
The position will be partially funded by the regional Metropolitan Planning Organization (MPO) as well as the city. Wharton is using city funds from an unfilled clerk’s position in the city Engineering Division to pay the city’s share.
Wharton is still taking applications for the appointed position.
– Bill Dries
MPACT Memphis Launches Feedback Project
MPACT Memphis will hold a series of community chats for young professionals during July as part of its “feedback project.”
The chats will take place at 506 S. Main St. with social networking beginning at 5:30 p.m. and formal discussion starting at 6:15 p.m.
The schedule includes the greening of Memphis on July 13, community on July 14, professional opportunities on July 19, racial diversity on July 20, technology on July 26, city on July 27 and local government on July 28.
Zoo Concert to Benefit Oil Spill Relief Efforts
The Memphis Zoo will take its “Unplugged” concert series outside Friday to raise funds for the Memphis Zoo and the Audubon Nature Institute’s oil spill relief efforts in the Gulf of Mexico.
The event will be held from 6:30 p.m. to 10 p.m. in the courtyard at the zoo, 2000 Prentiss Place.
Each ticket purchased supports Memphis Zoo operations and donations can be made at the door for the Audubon Nature Institute’s work with marine mammals and sea turtles affected by the Deepwater Horizon oil spill.
The Soul Shockers will perform and food and drinks will be available. The concert series is open to anyone 21 and older. Tickets are $10 for zoo members and $12 for nonmembers.
Tickets can be purchased at the door, by calling 333-6572 or by visiting www.memphiszoo.com.
– Taylor Shoptaw
St. Mary’s Students Collect Beauty Packages
St. Mary’s Episcopal School is collecting empty tubes of beauty products Friday at the Rite Aid on Union Avenue and Saturday at the Rite Aid in Cordova on Germantown Parkway.
The recycling effort will help Saint Mary’s raise funds for its needs and also help The Skin Care Foundation. The event is done in partnership with Aveeno and TerraCycle.
– Tom Wilemon