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VOL. 127 | NO. 67 | Thursday, April 05, 2012

Daily Digest

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Memphis Medical Finances Park Tower

Memphis Medical Redevelopment Group LLC has financed Park Tower Apartments at 57 N. Somerville St. with a $3 million, 10-year trust deed through American Equity Investment Life Insurance Co.

Park Tower is a 128-unit, 95,727-square-foot apartment building constructed in 1957. The Class D building is on 1.7 acres fronting the west side of North Somerville in the Memphis Medical District. The north and south sides front Jefferson and Court avenues, respectively.

The Shelby County Assessor of Property’s 2011 appraisal was $1.6 million. Memphis Medical Redevelopment Group bought the property in September 2009 for $1.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

GTx Sends FDA Info on Prostate Drug

GTx Inc. said Wednesday, April 4, that it is starting discussions with the U.S. Food and Drug Administration about resuming trials of its experimental prostate cancer drug Capesaris.

Memphis-based GTx said it wants to test lower doses of Capesaris as a secondary hormonal treatment for advanced prostate cancer. Previously it was testing the drug as a primary treatment for advanced prostate cancer that does not respond to hormone deprivation therapy, and as a secondary hormonal treatment for the condition.

The FDA ordered GTx to stop clinical trials of Capesaris in February after GTx told the agency that patients who took the drug had an increased risk of blood clots. After the FDA’s order, GTx stopped treating patients in those studies and stopped enrolling patients. It will not be able to resume the trials until the FDA is satisfied with its response.

If the agency finds GTx’s new submission addresses its concerns, it will respond to GTx within 30 days.

– The Associated Press

Council Approves Fast Track Application For Kruger

The Memphis City Council approved Tuesday, April 3, the city’s application for $2 million in state Fast Track Infrastructure Development Grant funds for the North Memphis plant renovation and expansion by K.T.G. USA Inc., the parent company of Kruger.

No matching funding by the city is required to get the state money.

The council also approved the master plan for the India Culture Center & Temple Inc. at Tenn. 385 and U.S. 64.

And the council approved an option agreement in which Illinois Central Railroad would buy 800 acres in Frank C. Pidgeon Industrial Park for a price of $12,000 an acre to develop a Memphis Logistics Park. The 10-year option is with the Memphis and Shelby County Port Commission. It was approved in February by the Shelby County Commission. Under the terms, more than 80 percent of the infrastructure cost would be paid by Canadian National Railway Co., the parent company of Illinois Central.

– Bill Dries

Retail Consultant To Host Downtown Workshop

Leading urban retail consultant Robert Gibbs is hosting a workshop for Downtown businesses Friday, April 13, at 8 a.m. at 456 Tennessee St. It’s designed to give retailers and restaurants practical information they can use to increase shopper traffic and sales.

After the workshop, Gibbs will also host in-store 30-minute consulting sessions with six Downtown retailers that will be chosen by lottery. For those meetings, Gibbs will talk with the store owner and make recommendations for enhancing the store layout and visual merchandising including branding, displays, fixtures, lighting, signage, shopper flow and window displays.

All Downtown small retailers and restaurants are welcome to attend the workshop on April 13 at no cost.

To attend, RSVP to Lisa Brumleve at 575-0552, or brumleve@downtownmemphis.com.

The opportunity was made possible in part by Memphis Mayor A C Wharton Jr.’s Bloomberg Innovation Team.

– Andy Meek

State Rep. Todd Has Incurable Cancer

Republican state Rep. Curry Todd of Collierville has had an incurable form of cancer for at least four years.

Todd made the startling disclosure Tuesday, April 3, in the State House Commerce Committee as it debated a measure that would provide for health insurance coverage of “prescribed orally administered anticancer medication” or chemotherapy.

Todd favors the bill, which is opposed by health insurance companies, several business groups and Gov. Bill Haslam.

They contend it is a health care insurance mandate on employers that would require the extension of pharmacy coverage to cancer patients who otherwise have none.

Todd and other proponents point to 16 states that have passed a similar law and contend it does not significantly increase expenses over conventional chemotherapy treatments.

As the discussion in committee grew more intense, Todd made his revelation.

“How many of you have walked in the doctor’s office and he’s told you you’ve got cancer? I have cancer,” he said. “Four years ago I was diagnosed. I’ve kept this personal except for some folks up here. I have incurable cancer. There is no cure for what I have.”

An amendment to delay the bill for more study and a report back to the Commerce Committee next year was defeated on a 13-13 tie vote that crossed party lines. The committee will take up the bill again next week.

– Bill Dries

Jackson Commends UTHSC African-American Students

The Rev. Jesse Jackson this week visited the University of Tennessee Health Science Center’s campus in Memphis to meet with students and faculty.

Jackson was in town to commemorate the 44th anniversary of the death of Dr. Martin Luther King Jr. and to replace the wreath on the balcony outside the room at the Lorraine Motel where King was shot.

African-American students representing each of UTHSC’s six colleges had the opportunity to converse with Jackson, who told them they were the “role models and frames of reference that our community needs you to be. You have fulfilled the dream.”

Faculty members who met with Jackson included Theotis Robinson, UT System vice president for the Office of Equity and Diversity and one of the first African-Americans ever admitted to UT; Dr. Ken Brown, executive vice chancellor, who in 2005 became the first African-American to serve as chief of staff at any UT System campus; and Noma Bennett Anderson, who became the first African-American dean of any college in the history of UTHSC, leading the College of Allied Health Sciences.

Also present was Marie Chisholm-Burns, dean of UTHSC College of Pharmacy and the first African-American to ever lead the college, which enrolls more African-American students than any other pharmacy college in the nation, outside of historically black colleges and universities.

– Aisling Maki

Marx-Bensdorf's Cherny Honored at Conference

Eileen Cherny of Marx-Bensdorf Realtors is the recipient of the Leading Real Estate Companies of the World Chairman’s Award, among the network’s highest honors for individual performance.

The award was presented recently at the 2012 Conference of Leading Real Estate Companies of the World in Orlando, Fla., attracting 1,000 real estate brokers, managers, relocation professionals, sponsors and guests from across the U.S. and more than a dozen countries worldwide.

The Chairman’s Award is part of the service recognition program, which acknowledges contributions such as committee involvement, presentations at network conferences, and service on various advisory councils and boards.

Cherny has been the senior vice president of relocation and client services for Marx-Bensdorf since 2000 after serving as referral coordinator for three years.

Cherny has her broker’s license in addition to being a Certified Relocation Professional and Global Mobility Specialist.

Cherny is also a member of the Leading Real Estate Companies of the World Advisory Council and a mentor for LeadingRE as well as holding several LeadingRE designations.

– Sarah Baker

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 327 11,765
MORTGAGES 76 371 15,350
FORECLOSURE NOTICES 41 112 3,023
BUILDING PERMITS 382 972 28,226
BANKRUPTCIES 65 345 11,307
BUSINESS LICENSES 19 117 4,155
UTILITY CONNECTIONS 184 700 17,184
MARRIAGE LICENSES 20 100 3,564

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