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Editorial Results (free)

1. A Costly Ride -

Memphis is poised to adopt a transit plan that promises a big economic splash, but first supporters must sell the general public on a $30 million annual price tag before any transformation occurs.

“Everyone in Memphis has an interest in a good, effective transit system,” said Mayor Jim Strickland, already in promotion mode, “even if you never get on a bus.”

2. Memphis Army Depot, CA Building Get New Owners -

2028 Memphis Depot Pkwy.
Memphis, TN 38114

Sale Amount: $50 million

3. First Tennessee to Put $4B In Community Investment -

Memphis-based First Tennessee Bank, along with its newly acquired Capital Bank, are launching a five-year, nearly $4 billion effort to expand the availability of financial resources in low- to moderate-income communities across an eight-state footprint.

4. First Horizon Starts Off 2018 With Strong Q1 Results -

The first full quarter with Capital Bank integrated into the operations of Memphis-based First Horizon National Corp. saw a pickup year-over-year in several key areas like loans, deposits and growth in net income.

5. First Tennessee Bank Launching $4 Billion Community Investment Effort -

Memphis-based First Tennessee Bank, along with its newly acquired Capital Bank, are launching a five-year, nearly $4 billion effort to expand the availability of financial resources in low- to moderate-income communities across an 8-state footprint.

6. Residential Infill Projects Span the City -

Residential infill is the primary theme of the Land Use Control Board’s March 3 agenda, as multiple developers are look to add dozens of new units from South Main to East Memphis.

The largest of the bunch is Philip Woodard’s application for a 30-lot subdivision in the South Main Historic Arts District.

7. First Horizon Foresees Bigger Savings from Capital Bank Deal -

The parent company of First Tennessee Bank thinks it will save even more money than originally thought after its acquisition of North Carolina-based Capital Bank Financial Corp.

8. Fed Official: Memphis Area Banks ‘Performed Well’ in Third Quarter -

News is more positive that not these days for Memphis-based banks, according to a newly released report from the Federal Reserve Bank of St. Louis.

9. City's Tentative Fairgrounds Plan Confirms Separating Coliseum from Youth Sports -

Memphis Mayor Jim Strickland’s tentative plan for the redevelopment of the Mid-South Fairgrounds, presented Monday, Nov. 6, included a renovation of old Melrose High School in neighboring Orange Mound and a confirmation that the city administration doesn’t think the Mid-South Coliseum should be part of a youth sports tournament complex.

10. Iconic E. Memphis Office Building Sells for $19.7M -

Nashville-based Magnolia Capital Investments has purchased the Trustmark Centre located at 5350 Poplar Ave. from Israeli investors, Faropoint Ventures. Faropoint intends to reinvest proceeds from the sale to buy other Memphis properties.

11. Clicking on All Cylinders -

Memphis is a city on the precipice of change as projects that were once deemed impossible – like ServiceMaster’s Downtown headquarters or Crosstown Concourse – have emboldened developers and city officials to shoot for the moon.

12. Malco Pulls Additional Building Permit for Downtown Theater -

Malco Theatres’ Downtown movie theater continues to take shape, with the Memphis-based cinema chain seeking its second multimillion-dollar building permit for the project in recent months.


45 E. G.E. Patterson Ave.
Memphis, TN 38103
Permit Amount: $5 million

13. Malco Pulls Additional Building Permit for Downtown Theater -

45 E. G.E. Patterson Ave.

Memphis, TN 38103

Permit Amount: $5 million

Project Cost: $55 million

Application Date: July 2017

Owner: Henry Turley Co. and Community Capital

14. Malco Pulls 2nd Building Permit for Downtown Theater -

Malco Theatres’ Downtown movie theater continues to take shape, with the Memphis-based cinema chain seeking its second multimillion-dollar building permit for the project in recent months.

Malco has filed a $5 million building permit application with the Office of Construction Code Enforcement for the seven-screen theater being built at at 45 E. G.E. Patterson Ave., at the southeast corner of G.E. Patterson and Front Street. The application lists Linkous Construction Co. as the contractor, SRC Consultants as the engineer and TK Architects as the architect.

15. 2 Businesses Seek Inner City Loans From EDGE to Grow -

Two local businesses that are looking to grow their footprint in traditionally underserved areas of Memphis are seeking forgivable loans for building improvements from the Economic Development Growth Engine for Memphis and Shelby County.

16. Online Platform Tracks Economic Development Goals -

The Tennessee Department of Economic and Community Development has launched a new online platform that provides the public with information measuring the department’s strategic objectives.

The platform features 40 interactive dashboards that track key performance measures related to TNECD’s long-term strategic plan. The department has set all of these goals for 2025:

17. Germantown Village Square Sells for $27.3 Million -

7694 Poplar Ave.
Germantown, TN 38138

Sale Amount: $27.3 million

Sale Date: April 24, 2017 

Buyer: PEBB Enterprises

18. Malco Moving Forward With Downtown Theater -

45 E. G.E. Patterson Ave.
Memphis, TN 38103 

Permit Amount: $5 million

Project Cost: $55 million

Application Date: March 2017

19. Malco Moving Forward With Downtown Theater -

Malco Theatre’s multimillion-dollar Downtown movie theater has taken another step toward completion.

A $5 million building permit application for the foundation of a new seven-screen movie theater was filed with the city-county Office of Construction Code Enforcement.

20. Malco Moving Forward With Downtown Theater -

Malco Theatre’s multimillion-dollar Downtown movie theater has taken another step toward completion.

A $5 million building permit application for the foundation of a new seven-screen movie theater was filed with the city-county Office of Construction Code Enforcement.

21. Last Word: Veep Visit, Women and Baseball and Civil Rights Cold Cases -

Game time at FedExForum for the NCAA South semifinals and Vice President Mike Pence is expected to be here to cheer on the Butler Bulldogs. The Butler mascot – a live bulldog – was already in town Thursday making the rounds. I think March Madness requires that all involved up their mascot game if they get this far. So UCLA, we expect to see a live bear roaming Beale Street. You might be able to work a deal with the zoo on this. But if there’s a cost split make sure you nail down those percentages.

22. View From the Hill: Outsourcing, Rates Worry Park Fans -

Dunlap resident Kathy Gilbert opposes privatization of Fall Creek Falls on a number of fronts.

If a vendor comes in to run the state park, as planned by Gov. Bill Haslam’s administration, she’s worried about the possible loss of jobs or pay and benefits by state employees, the funneling of revenue to private investors and the raising of rates at the state park’s lodge when it’s rebuilt, potentially making it less affordable for families to visit.

23. Real Estate Awakening -

The year’s biggest office deal didn’t affect Memphis’ office absorption at all, but everyone in real estate has felt its reverberations.

When ServiceMaster Global Holdings announced its move to the shuttered Peabody Place Mall from Ridge Lake office park, it promised new life for a 328,000-square-foot black hole in Downtown’s retail market.

24. Largest Multifamily Sale Takes Place for $39.1M -

8285 Irene Blvd.
Memphis 38125

Sale Amount: $39.1 million

Sale Date: Aug. 5, 2016

Buyer: WDC Greens Investment LLC and MEM Greens at Irene LLC

25. Greens at Irene Apartments Sold for $39 Million -

The Greens at Irene apartment community in southeast Memphis has sold for $39.1 million.

WDC Greens Investment LLC and MEM Greens at Irene LLC purchased the property from The Greens at Irene L.P. and the Greens at Irene Phase II L.P. in a Aug. 5 warranty deed.

26. Last Word: SEC and GMF, Wiseacre's Growth and Apartment Action -

The Securities and Exchange Commission has been investigating Global Ministries Foundation since mid-July. The revelation turned up Wednesday in a Memphis Federal Court filing by the receiver appointed to oversee and sell the Tulane and Warren apartments.

27. Greens at Irene Apartments Sells for $39 Million -

The Greens at Irene apartment community in southeast Memphis has sold for $39.1 million.

WDC Greens Investment LLC and MEM Greens at Irene LLC purchased the property from The Greens at Irene L.P. and the Greens at Irene Phase II L.P. in a Aug. 5 warranty deed.

28. Nashville Joins Cities Seeking Major League Soccer Team -

NASHVILLE, Tenn. (AP) — Some Nashville investors and supporters are making a push for Music City to be among the communities awarded expansion franchises by Major League Soccer.

Bill Hagerty, a former state commissioner of economic and community development, and Will Alexander, the son of U.S. Sen. Lamar Alexander, are spearheading the effort called the Nashville MLS Organizing Committee. It includes a bipartisan group of former politicians and leaders of Nashville-area companies.

29. Last Word: Return of the Balloon Note, SCS and Migrant Teens & Greensward Doubts -

One of the prime culprits in the housing bubble burst that played a role in the worst economic downturn since the Great Depression is back – the adjustable rate mortgage.

Numbers from Chandler Reports, the real estate information company that is part of The Daily News Publishing Co. Inc, show the number of such loans has spiked in the first half of this year and are the highest they’ve been since 2008, the year after the bubble burst nationally.

30. Last Word: The Fragile Compromise, Late by Train and NY Times on Chips Moman -

It looks like there is a deal to fully fund the Shelby County Schools system’s budget. But don’t look at the deal too long because it is very fragile.

It unraveled a bit within an hour after this got thrashed out in marathon Wednesday committee sessions by the Shelby County Commission.

31. EDGE OKs Fast Track PILOT Program -

The board of the Memphis-Shelby County Economic Development Growth Engine has approved a new tax incentive package designed to give Memphis a more competitive edge against North Mississippi.

The EDGE board green-lighted the Fast Track PILOT program at its Wednesday, May 18, meeting, making it EDGE’s fifth payment-in-lieu-of-taxes program.

32. Southland Mall Sells In Foreclosure -

1215 E. Shelby Drive
Memphis, TN 38116
Sale Amount: $4.3 million

Sale Date: March 31, 2016
Buyer: 1215 East Shelby Drive Holdings LLC
Seller: Southland Mall Shopping Center LLC
Details: Southland Mall, Memphis’ first enclosed mall when it opened 50 years ago, has sold for $4.3 million in foreclosure.

33. Malco Pulls $6.5M Permit For Downtown Theater -

Downtown’s new movie theater is moving forward. Malco Theatres recently filed a $6.5 million building permit application for a seven-screen movie theater as part of the greater Central Station development spearheaded by Henry Turley Co. and Community Capital.

34. Malco Pulls $6.5M Permit For Downtown Theater -

Downtown’s new movie theater is moving forward. Malco Theaters recently filed a $6.5 million building permit application for a seven-screen movie theater as part of the greater Central Station development spearheaded by Henry Turley Co. and Community Capital. The permit also lists a rooftop seating area and a new box office and bar in the existing Power House building as part of the project.

35. $6.5 Million Permit Filed for Malco Theater Downtown -

Central Station’s planned seven-screen movie theater is moving forward.

Malco Theaters recently filed a $6.5 million building permit application for the cinema as part of the greater Central Station development spearheaded by Henry Turley Co. and Community Capital.

36. The Week Ahead: March 21-27 -

How was your weekend, Memphis? Here’s our weekly roundup of local happenings you need to know about, from the first Great River Indoor Food Truck Festival to a celebration of late Memphis wrestler Sputnik Monroe.

37. Politics of Deannexation Proposal Grows More Complex -

Memphis Mayor Jim Strickland is heading to Nashville Wednesday, March 16, to talk with legislators about what he considers City Hall’s highest priority in the 2016 session of the Tennessee Legislature – defeating a deannexation proposal.

38. Orleans at Walnut Grove Sells for $29.2 Million -

317 Royal Chartres Square E.
Cordova, TN 38018

Sale Amount: $29.2 million

Sale Date: Feb. 4, 2016

Buyer: PC Orleans LLC

39. Central Station Design Plans Come Into Clearer Focus -

A six-screen movie theater and nine multistoried apartment buildings with a total of about 200 units are among the updates in the recently submitted plan for the redevelopment of Central Station.

In its application to the Design Review Board, an affiliate board of the Downtown Memphis Commission, developers submitted their $55 million proposal to turn the Downtown train station into a vibrant mixed-use campus.

40. Collierville Sites Being Groomed to Attract Industrial Development -

Cartwright Farms in the Collierville Commerce Center is a 165-acre lot well positioned for new industrial activity.

It has the infrastructure and utilities capability. It is served by U.S. 72, which just underwent a $20 million five-lane expansion. It’s shovel-ready. It’s one of the largest pieces of Collierville’s 500 acres zoned industrial. All it needs is a little statewide attention.

41. City Divisions To Relocate As Memphis Trims Its Footprint -

The city of Memphis is trimming its footprint with plans to consolidate municipal departments in three buildings across the city.

The Donnelley J. Hill State Office Building in Civic Center Plaza soon will be home to several municipal organizations, including the Memphis Police Department, the division of Housing and Community Development and some human resources and law offices.

42. New Deputy Memphis AD Mark Alnutt Has Power Five Aspirations -

Looking back, Mark Alnutt always was an inside guy.

As a kid, this wasn’t by choice. His asthma was so bad that flare-ups would have him spending several days in hospital oxygen tents.

Not until he was in the sixth grade, when inhalers were readily available, did Alnutt get to play little league football.

43. Cloverleaf Shopping Center Sells in $4.8 Million Deal -

5071, 5079 and 5150 Summer Ave.
761 N. White Station Road
Memphis, TN 38122

44. Sales of Senior Living Facilities Up in 2015 -

Mirroring national trends that show an increase in interest by investors in senior living facilities, the number of nursing home/elderly housing facilities that have changed hands is on the rise in Shelby County.

45. Ikea Buys Cordova Acreage For Planned Memphis Store -

41 Acres for
Future Ikea Store

Sale Amount: $5.7 million

Sale Date: July 10, 2015

Buyer: IKEA Property Inc.

46. MDH Buys Belz’s Memphis Industrial Portfolio -

An Atlanta-based firm has acquired a large industrial portfolio from Belz Enterprises.

Atlanta-based MDH Partners LLC bought 22 industrial buildings in the Memphis area totaling more than 3.1 million square feet.

47. MDH Partners Buys Belz's Memphis Industrial Portfolio -

An Atlanta-based firm has acquired a large industrial portfolio from Belz Enterprises.

Atlanta-based MDH Partners LLC bought 22 industrial buildings in the Memphis area totaling more than 3.1 million square feet.

48. Investors Pumping Hundreds of Millions Into Tennessee Startups -

The assignment sounded simple enough: Find out whether more money is coming into Nashville for startups.

If so, where is it coming from and what does it means to entrepreneurs, investors and the rest of us?

49. Pinnacle Awards Honor Commercial Real Estate Standouts -

The local commercial real estate community gathered at the Memphis Botanic Garden Thursday, April 9, for the 14th annual Pinnacle Awards. Every year, the Memphis Area Association of Realtors Commercial Council honors its members based on their transactional volume, merit and community activity.

50. Central Station Project Relies on Local Institutions -

At $55 million, the proposed redevelopment plan for Central Station that debuted last week isn’t quite the “vertical village” that Crosstown Concourse is. The price tag, all except $3 million of which is private financing, is about a quarter of the $200 million cost of Crosstown.

51. Chicago-Based LivCor Snaps Up Memphis Apartment Community -

9230 Thornbury Boulevard
Memphis, TN 38125
Sale Amount: $51.3 million

Sale Date: Feb. 27, 2015
Buyer: BRE Piper MF Forest Creek TN LLC, an affiliate of Chicago-based LivCor LLC,
Seller: Forest Creek Apartment Associate LLC and Forest Creek Land Associates LLC, affiliates of Carter Hastin Real Estate Services Inc.
Loan Amount: $44.2 million
Loan Date: Feb. 27, 2015
Lender: Wells Fargo Bank
Details: The Preserve at Forest Creek Apartments in Southeast Memphis has been sold for $51.3 million.

52. Battle of the Band(width) -

Joyce Coltrin’s business is wandering in Bradley County’s technological wilderness. And it’s likely to remain there – because of legal threats – until the General Assembly changes state law.

53. Brewery Developers Buy Site for New Apartment Building -

11 Butler Ave.
Memphis, TN 38103
Sale Amount: $1.25 million

Sale Date: Feb. 23, 2015
Buyer: 495 Tennessee LLC
Seller: BCH Investments LLC
Details: The team behind the development of the historic Tennessee Brewery has acquired a key piece of property adjacent to the long-vacant structure as plans for the new Tennessee Brewery: The Revival series of events there move forward.

54. Raleigh Springs Mall Tests Town Center Concept -

The idea that a declining shopping mall can be redeveloped and reinvigorated as a “town center” with local government offices as a catalyst for private developers appears to be on its way to a meeting with reality.

55. Wharton Not Giving Up on Fairgrounds Plan -

Nashville is a more turbulent place than usual these days, especially Capitol Hill. So Memphis Mayor A C Wharton Jr. and his administration probably won’t tempt the turbulence there by taking their plan for a Tourism Development Zone to finance a Mid-South Fairgrounds renovation to the Tennessee Building Commission later this month.

56. The Preserve at Southwind Sells for $28 Million -

7991 Capilano Drive
Memphis, TN 38125
Sale Amount: $28 million

Sale Date: Dec. 22, 2014
Buyer: Southwind Apartments LP
Seller: G&I VII Preserve at Southwind Apartments LP
Loan Amount: $18 million
Loan Date: Dec. 18, 2014
Maturity Date: Oct. 31, 2020
Lender: Jackson National Life Insurance Co.
Details: A team that includes Memphis-based Foegelman Venture Partners has sold The Preserve at Southwind apartment community for $28 million.

57. Big Deals Highlight 2014 Real Estate -

In Inked, we like to highlight local real estate transactions and the often-interesting companies leasing or buying commercial real estate space in the Memphis market. We also like to keep you informed about major deals before they happen and track companies that are critical to the local economy. Here are some important items that appeared in Inked in 2014.

58. Mississippi Company Waited Years to Acquire The Horizon -

Walker Thrash, principal of Dawn Properties Inc., first heard about The Horizon shortly after work on the ambitious condominium tower overlooking the Mississippi River ground to a halt in 2009.

59. Recruiter’s Career Twist -

Ask Janet Miller about her remarkable career at the Nashville Area Chamber of Commerce and she’ll likely attribute it to good timing or pass credit onto others.

60. New York Firm Buys Retirement Community -

996 Cherry Road
Memphis, TN 38117
Sale Amount: $12.9 million

Sale Date: July 30, 2014
Buyer: GFTV Audubon Owner LLC
Seller: TV Memphis LP
Loan Amount: $23.5 million
Loan Date: July 30, 2014
Maturity Date: N/A
Lender: Grandbridge Real Estate Capital LLC
Details: An affiliate of New York-based Garrison Investment Group has paid $12.9 million for the 176-unit Town Village Audubon Park retirement community at 950 Cherry Road in East Memphis.

61. New York Firm Buys Retirement Community -

An affiliate of New York-based Garrison Investment Group has paid $12.9 million for the 176-unit Town Village Audubon Park retirement community at 950 Cherry Road in East Memphis.

62. School Board to Vote on $52.6 Million Capital Funding -

Shelby County Schools board members take up a $52.6 million capital funding request Tuesday, March 25, that superintendent Dorsey Hopson would take to the Shelby County Commission for funding.

And the board votes as well Tuesday on setting attendance zones for the school year that begins in August – the first school year of the demerger into six suburban school systems as well as a Shelby County Schools system that becomes the city of Memphis and the unincorporated areas of Shelby County.

63. Hopson Talks New School Construction -

Shelby County Schools superintendent Dorsey Hopson said he will seek funding before the new fiscal year that begins July 1 for a new Westhaven Elementary School and possibly two other new schools in southeast and northwest Shelby County.

64. New Life -

When Rob Clark and his wife moved into their home in the historic Evergreen neighborhood in 1993, catalog and distribution operations were still active at the Sears Crosstown building.

That soon changed, and for roughly two decades the hulking property stood as a towering, painful reminder of the area’s faded glory.

65. New Life -

When Rob Clark and his wife moved into their home in the historic Evergreen neighborhood in 1993, catalog and distribution operations were still active at the Sears Crosstown building.

That soon changed, and for roughly two decades the hulking property stood as a towering, painful reminder of the area’s faded glory.

66. Lauries’ Gift Critical to University Campaign -

The new Loewenberg School of Nursing on the University of Memphis’ Park Avenue campus is already taking shape as 2013 comes to an end.

And more changes for a campus that has remained largely the same for a long time are certain to gain momentum with this week’s announcement of a $10 million gift by Bill and Nancy Laurie to University of Memphis athletics.

67. Memphis Economic Indicator Seeks Participants -

The end of the third quarter is approaching, which means it’s time once again to hear what members of the local business community have to say about the direction of the economy.

The Daily News rolled out a new feature, the Memphis Economic Indicator, in the second quarter. It’s a six-question survey measuring general business sentiment, and the newspaper’s partner for the feature is Dixon Hughes Goodman LLP.

68. Change of Scenery -

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.

69. Local Startup Chosen for Launch TN Conference -

Memphis’ startup community will have a presence next month at Southland, Launch Tennessee’s new conference highlighting Southern culture and technology to be held in Nashville.

Kufikia, a subsidiary of Memphis-based startup venture Work for Pie, is one of 50 companies that will participate in the June 12-13 event. And the benefits are many, some of which carry the prospect of big rewards.

70. School Board Examines Budget Fine Print -

The funding gap for the still tentative schools merger stands at an even $35 million in new funding.

The new total came Tuesday, May 14, after interim schools superintendent Dorsey Hopson told countywide school board members he and his staff had eliminated a “district initiative department” that would have cost $737,366.

71. Hart To Explore Schools Merger Delay -

Countywide school board member Tomeka Hart will offer a resolution at a school board meeting Monday, Feb. 18 that could call for a one year delay in the scheduled July 1 merger of the city and county school systems.

72. Filling the Voids -

Last year was a banner year for adaptive reuse projects in Midtown and Downtown.

Developers announced plans for the Sears Crosstown building, Overton Square, Hotel Chisca, James Lee House and old United Warehouse in the South Main Historic Arts District. Construction began on The Pyramid, turning it into a 220,000-square-foot mega-Bass Pro Shop Outdoor World, and Memphis in May moved into its new headquarters at 56 S. Front St., a 14,600-square-foot building that’s on the National Register of Historic Places.

73. Levenger Leases Up EastPark IV -

A Delray Beach, Fla.-based specialty retail company is relocating its Memphis distribution warehouse within the Southeast submarket.

Levenger has inked 96,400 square feet in EastPark Distribution Center IV, 5265 Hickory Hill Road, bringing the 372,800-square-foot building to full occupancy. Levenger also has an operation at 3530 E. Raines Road.

74. Blooms to Come -

The Yoshino Cherry trees along Cherry Road in Audubon Park still have a fall and winter before they bloom again in April.

When they do, there will be three new cherry trees blooming nearby in the Japanese Garden at the Memphis Botanic Garden. And there will be five new ones in the row of trees on Cherry Road as well as five more on Mud Island.

75. Global Connections -

Although the Memphis in May International Festival is widely known for its Beale Street Music Festival and World Championship Barbecue Cooking Contest, the festival’s focus on developing international economic trade and fostering Memphis companies’ global business relationships remains central to its mission.

76. Flights of Fortune -

The Delta Air Lines Inc. employees were busy with customers near concourse B at Memphis International Airport.

77. Construction Loan Filed To Develop Lamar Crossing -

2881 Lamar Ave.
Memphis, TN 38114

Loan Amount: $5.4 million

Loan Date: March 1, 2012

78. Q3 Bankruptcies See Slight Increase -

The total number of bankruptcies filed in Shelby County rose slightly in the third quarter of 2011 (July 1 through Sept. 30), seeing a slight 1 percent increase compared to the same quarter last year.

79. Seeing Success -

On the surface, they don’t have much in common other than their home turf. They include everything from a venerable law firm, prominent regional investment companies, tech firms and even a business that manufactures food products like hot dogs and sandwich meats.

80. archer>malmo Entity Invests in Digital Startup -

Digital startup company Work for Pie, based in Memphis, has completed a deal with a>m ventures and is soon to benefit from the creative capital it needs to fuel its aggressive growth plan.

a>m ventures is an investment company started by archer>malmo earlier this year that invests in early-stage digital businesses.

81. Former Triumph Chairman Files Chapter 7 Bankruptcy -

Lane Carrick, who resigned last week as a director and chairman of Triumph Bank and Triumph’s parent company, has filed a Chapter 7 bankruptcy petition.

82. Carrick Resigns as Triumph Chairman -

Lane Carrick has resigned as a director and chairman of Triumph Bank and Triumph’s parent company, which has chosen Hilliard Crews as its new chairman.

83. Carrick Resigns From Triumph Board -

Lane Carrick has resigned as a director and chairman of Triumph Bank and Triumph’s parent company, the bank’s new chairman said in a letter to shareholders Thursday, Sept. 1.

84. Dallas Co. Pays $35M for Depot -

The Memphis Depot Business Park has sold for $35.8 million after being on the market for less than six months.

Memphis Depot Associates LLC, an affiliated entity of Dallas-based Mayfield Properties LP, on Friday, Aug. 5, bought 260 acres of property containing 4.2 million square feet in buildings in the industrial park and former Army base just north of Memphis International Airport from Depot Redevelopment Corp. of Memphis and Shelby County.

85. Dallas Co. Pays $35M for Depot -

The Memphis Depot Business Park has sold for $35.8 million after being on the market for less than six months.

Memphis Depot Associates LLC, an affiliated entity of Dallas-based Mayfield Properties LP, on Friday, Aug. 5, bought 260 acres of property containing 4.2 million square feet in buildings in the industrial park and former Army base just north of Memphis International Airport from Depot Redevelopment Corp. of Memphis and Shelby County.

86. 'More Opportunities' -

Despite scarce commercial construction and soaring gas prices, the health care industry is turning to builders and contractors perhaps more so now than ever before.

Two-thirds of hospitals nationwide are undergoing construction projects this year, a 35 percent increase compared with 2009. That’s the findings of a capital survey conducted by Irving, Texas-based VHA Inc., a national network of community-owned health care systems and their physicians.

87. Electrolux Officials Sign Downtown Office Lease -

Before it builds a new manufacturing plant at Frank C. Pidgeon Industrial Park, Electrolux will set up shop in Memphis with a Downtown office.

The Swedish appliance maker has signed a 14,000-square-foot lease at One Commerce Square, 40 S. Main St., where it will occupy the building’s entire 24th floor.

88. ULI: Recovery to Begin in 2011 -

The real estate market is projected to turn around next year, but the industry will have to settle for baby steps in all markets and property sectors.

That was the message more than 250 bankers, investors and real estate professionals heard Wednesday at the Urban Land Institute’s fourth annual Real Estate Outlook for the Mid-South where they learned about the “era of less.”

89. Real Estate Recycling -

If sustainability is defined as reuse of land and/or structures for new purposes, Hickory Hill may be the capital of the concept in Memphis.

Consider New Direction Christian Church, which found a home in a vacant big box store and now plans to transform a vacant and blighted apartment complex into a charter middle and high school with a performing arts center. The bulldozers began demolishing the Marina Cove apartments complex last month.

90. Shoppes at Misty Meadows Sells to Hariom Enterprise -

3810 Hacks Cross Road
Memphis, TN 38125
Sale Amount: $1.9 Million

Sale Date:Sept. 22, 2010
Buyer:Hariom Enterprise Inc.
Seller:The Bank of New York Mellon Trust Co. NA, as trustee for Morgan Stanley Capital I Inc. commercial mortgage pass-through certificates, series 2007-IQ14
Loan Amounts:$950,000; $760,000
Loan Dates:Oct. 8, 2010
Maturity Dates:Oct. 8, 2020; April 8, 2011
Lender:Landmark Community Bank

91. Business License Filings Down 15 Percent in Q3 -

Entrepreneurship in Shelby County dipped in the third quarter from the same period a year ago with the number of business privilege licenses decreasing by 15 percent.

There were 1,173 licenses that were either issued by new startups or renewed by existing businesses, according to The Daily News Online, www.memphisdailynews.com. That compares to 1,386 during the same period a year ago.

92. Charter 411 -

The metro government charter, to be voted on Nov. 2, would combine the Memphis and Shelby County governments into one new local government.

The 49-page charter is the work of the 15-member Metro Charter Commission, which began in November and completed its work just weeks ago.

93. Colvett Named Greenscape President -

Frank Colvett Jr. has been promoted to president of GreenScape Inc.

Colvett previously was executive vice president and corporate treasurer. He has been at GreenScape since 1992 and has served in various capacities including project manager, estimator and vice president of marketing.

94. Freight Central -

When Bruce Lambert was looking for a place to host a regional freight conference, he set his sights on a city about six hours upriver from his hometown of New Orleans.

95. Southeast Community Capital Celebrates 10th Anniversary -

Southeast Community Capital Corp., the leading Community Development Financial Institution in Tennessee providing loans to small businesses, is celebrating its 10th anniversary this month.

96. Tunica's New Cash Crop? -

When Xiaolin “Charles” Wang was introduced at an October press conference announcing plans to build a $1 billion hybrid automotive plant in Tunica County, he was described by the emcee as a man who “dreams big and drives fast.”

97. Golf Performance Center Slated For Timberlake’s Mirimichi -

6129 Woodstock Cuba Road
Millington, TN 38053
Permit Amount: $1.3 Million

Project Cost: $1.3 million
Permit Date: Applied October 2009
Completion: 2010
Owner: Big Creek Golf LLC
Tenant: Callaway Performance Center
Contractor: Eagle Contractors Inc.
Architect: N/A

98. City Closer to Erasing Public Housing -  

On paper they’re called mixed-finance properties. A smaller front in the city’s 10-year effort to change the face of public housing in Memphis, they are the sites of four smaller public housing projects in different parts of the city, ranging from 100 units to nearly 300.

This week, city leaders and others cut the ribbon on the new Austin Park Place development in Southeast Memphis. The development of 71 new rental homes including 68 duplex units is built on the site of the old Horn Lake Heights public housing development.

Housing and Community Development director Robert Lipscomb called it “another step in our journey to get rid of public housing.”

“We’re almost there. We only have a few more sites to go before we can eliminate the words ‘public housing’ from our vocabulary,” he told a crowd of 50 people in a tent at the newly built intersection of Latrobe and Leclare drives. “Wouldn’t that be great?”

Eradication effort

Lipscomb recalled the old 80-unit townhouse project that was the site of a 1998 firebombing that killed three children and one adult in a townhouse packed with eleven people. Six others in the unit were injured.

“This place was firebombed. … I was in shock,” Lipscomb recalled. “We’ve gone from firebombing to rebuilding what we call public housing. It’s not public housing. It’s affordable housing.”

Construction on the $12 million project began in August 2008 after everything on the parcel of land on Horn Lake near Third Street was demolished.

The nonprofit Memphis Land Bank Inc. awarded the construction contract to City Housing LLC, a partnership between FaxonGillis Homes and Dean Tutor. The Memphis Housing Authority operates Memphis Land Bank.

Part of the development was financed with low income housing tax credits, which require the rentals to be limited to families with incomes 60 percent or less of the area’s median income. Median income in metro Memphis is $45,725, according to the most recent U.S. Census data.

The tax credit through the Tennessee Housing Development Authority (THDA) was what got SunTrust Community Capital interested, said Ellen Ward, assistant vice president at SunTrust Bank. The bank gets a tax credit against its Tennessee tax liability and the loan comes with a .5 percent interest rate.

“This is our first one. But we are entertaining taking out some permanent pieces on a few of the other properties around here. Hopefully we’ll do new ones if there is more to be done in the future,” Ward told The Daily News. “Naturally, anytime the real estate market goes down, you’ve got a little more risk on your hands. … Having the land bank and the housing authority behind it brings a lot of strength to the table.”

Journey continues

Memphis Land Bank has been one of the entities involved in the demolition of all but two of the city’s public housing projects, not counting four high-rises for senior citizens, begun during former Mayor Willie Herenton’s administration.

Cleaborn Homes and Foote Homes are the only two housing projects still standing and are part of the ambitious, 10-year, $1 billion proposal called Triangle Noir. It would demolish and replace both housing projects with mixed-use, mixed-income housing to help spark commercial and residential development in the broader south Downtown and South Memphis area.

The larger developments of 450 to 900 units were rebuilt with a mix of federal funds under the HOPE VI program administered by the U.S. Department of Housing and Urban Development (HUD) and private financing, said Molly Beard, executive director of the Memphis Land Bank.

Earlier this week, the city received another $8 million in federal funding from HOPE VI for the next phase of Legends Park, the mixed-use, mixed-income development built on the site of the old Dixie Homes housing project near the Downtown Medical Center.

The smaller developments like Austin Park Place are financed with money from a different HUD program and private financing.

‘Not giving up’

The Austin financing was a mix of $6.2 million in HUD money with $5.9 million in private funds.

For all six smaller developments, including Austin, the city has $16.2 million in HUD or public money and $44.5 million in private financing.

Tonnie Carter, a working single mother of six who now lives in the University of Memphis area, was among those who waited in line to apply to live in the new development.

Her goal was “to be someplace where you can pull in your own drive in front of your own door.”

“Five o’clock in the morning I was here with my Barney blanket, my water bottle and my muffin,” Carter said. “I think what used to be public housing is for young girls who are trying to get on their feet. I’m 35 years old. I want to be there. I want to set examples for my children. I know it’s hard but I’m not giving up.”

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99. St. Jude Expands Campus Despite Economy -

Although St. Jude Children’s Research Hospital is slowing the pace of development because of the economic downturn, it continues to expand its Memphis footprint.

The campus for the world-renowned research hospital now has more room to grow east of Danny Thomas Boulevard. American Lebanese Syrian Associated Charities Inc., the nonprofit organization that supports the hospital, recently purchased the property where the old Gator’s Discount Store and Bill’s Twilight Lounge buildings are at 721 and 723 North Parkway for $580,000, according to The Daily News Online, www.memphisdailynews.com.

100. Commercial Real Estate Pocked by Financial Ruins -

Commercial real estate deals used to be hammered out in boardrooms, but with the rise of foreclosures in that sector, many of them are now being negotiated at the courthouse.

The steps of the Shelby County Courthouse proved to be a hot spot for high-dollar, high-profile commercial deals in June, a month that saw the most lucrative transaction and two of the top three sales occur following foreclosures.