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VOL. 121 | NO. 155 | Monday, August 7, 2006

Daily Digest

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Perkins Road Warehouse Sells for $2.2 Million

     Liebermensch Investments LLC has purchased a 106,540-square-foot warehouse at 3770 S. Perkins Road from Perkins Investors LLC for $2.2 million. Built in 1963, the one-story building sits on 5.19 acres and includes 86,532 square feet of warehouse space and 20,008 square feet of warehouse office space. Perkins Partners, which later merged with Perkins Investors LLC, bought the property in 1985 from General Electric Co. for $1.5 million. The Shelby County Assessor's 2006 appraisal was $1.9 million.

$400 Million Indian Creek Development Planned for Tunica

     Tunica Resorts-based Landworks Communities and Dallas-based Highland Capital Real Estate Advisors have purchased a 721-acre tract of land at Old U.S. 61 and Casino Strip Boulevard (Tenn. 304) and plan to build homes on the property. The entire project has an estimated cost of $400 million.
     "The property is to be developed as a master-planned lifestyle community and will be called Indian Creek," said Landworks spokesman Frank Aldridge. "The community will include more than 900 homes, 400 multi-family units and over 35 acres of support retail and commercial development."
     The master plan calls for 18 acres of parkland, professionally planned and maintained landscaping, recreational amenities and waterway and lake systems covering 55 acres.
     Indian Creek will be in the Tunica resort area just east of Casino Strip Resorts, home to Hollywood Casino, Resorts Casino and Sam's Town Casino.
     Construction of phase one will begin in early 2007.
     The project is expected to be complete in five to seven years.

Some Wins, Some Losses In Thursday's Election Game

     Like all elections, the results of the Aug. 3 election ushered some new faces into office and brought back some familiar faces.
     In the race for Shelby County mayor, A C Wharton Jr. overwhelmingly defeated opponent John Willingham, winning more than 75 percent of the vote with 116,077 ballots cast in his favor.
     U.S. Rep. Harold Ford Jr., D-Memphis, won the Democratic nomination for the U.S. Senate, taking 95 percent of the vote with 89,197 votes. He will face Republican nominee and former Chattanooga Mayor Bob Corker in the Nov. 7 general election.
     District Attorney Bill Gibbons will remain in office after receiving 88,557 votes (62 percent).
     Perhaps the more surprising result of Thursday's election was that two incumbent judges lost their positions in what was one of the longest ballots in Shelby County history.
     Judge Mischelle Alexander-Best, General Sessions Criminal Court judge for Division 11, lost to Karen Massey, an assistant public defender running her first political campaign.
     In a narrow victory, Karen Webster, the city's chief prosecutor, beat out Probate Court Judge Donn Southern for his seat.
     Kathryn Bowers, who is awaiting trial on charges related to the Tennessee Waltz scandal, won the Democratic primary for the Tennessee Senate, District 33 seat, taking more than half of the votes from challenger Stephen Webster with 12,987 total votes.
     And back on the table again is the race between Democratic candidate Ophelia Ford and Republican candidate Terry Roland for the Tennessee Senate District 29 seat. Ford received 80 percent of the votes in the primary election with 15,604 votes. That means the two will square off again in the Nov. 7 election.

Bank Forecloses On Former Senior Care Property

     Enterprise National Bank has begun foreclosure proceedings on Senior Care Inc.'s property at 1279 Peabody Ave.
          Senior Care, a 24-bed nursing home facility, was cited for patient care violations in 2005 by the state and had its new admissions suspended.
          In May of last year, Health Commissioner Dr. Kenneth Robinson suspended new admissions of patients to Senior Care and imposed a state civil monetary penalty of $3,500. The Department of Health also imposed a penalty of $3,250 a day until violations were corrected.
          During an inspection of the facility, surveyors found a failure to provide sufficient and qualified staff for resident assessments and failure to ensure quality of care, according to a release issued by the Tennessee Department of Health.
          The property also has three liens against it from the IRS, the Tennessee Department of Labor and Workforce Development and Vital Records Control Inc.
          The property is scheduled to be sold Aug. 31 at noon at the southwest door of the Shelby County Courthouse at 140 Adams Ave.      
     This report compiled by Rosalind Guy with contributions from copy editor Kate Simone.
PROPERTY SALES 81 201 16,108
MORTGAGES 40 104 10,026
BUILDING PERMITS 130 336 38,272
BANKRUPTCIES 28 56 7,528