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VOL. 121 | NO. 119 | Friday, June 9, 2006

Daily Digest

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Shelby Park Property Financed for $1 Million

    Compass Pointe Homes LLC has filed a $1 million construction mortgage through First Tennessee Bank for 10 lots in phase one of Shelby Park Subdivision. Compass Pointe bought the homes June 2 from Teransky LLC. North of Mullins Station Road and southwest of Raleigh-LaGrange Road, Shelby Park phase one was approved in June 2005 for 114 lots on 15.7 acres. A 2004 outline plan for all of Shelby Park lists three parcels totaling 32.1 acres with areas zoned for residential, multiple housing and commercial uses.

MBA Moving Into New Digs

    The Memphis Bar Association is moving from its current location at One Commerce Square, Suite 1050, to its new offices in Brinkley Plaza at 80 Monroe Ave., Suite 220. Its offices will be closed June 30 through July 4 as the organization makes its move.
    The MBA's current 3,200-square-foot office Downtown contains one conference room that can fit 40 people. The new 4,300-square-foot space has two conference rooms: one that can hold up to 60 people and another that holds up to 20 people. The larger conference room features a stationary liquid crystal display (LCD) projector and a projection screen.
    The MBA's lease at One Commerce Square expires at the end of June.
    For its new offices, the MBA signed a seven-year lease with Brinkley Plaza Partnership GP. The lease also has an option that will allow MBA to leave after five years.
    The organization kept the option open because it has plans to rent space in the University of Memphis Cecil C. Humphreys School of Law's new Downtown location in the future, MBA president Anne Fritz said.
    The law school plans to move into the 140,000-square-foot U.S. Customs House on Front Street by the fall of 2009.

Guess Who's Moving To Memphis

    Thanks to new legislation supporting film production in the city, a large film company may be opening its regional headquarters in Memphis.
    The Tennessee General Assembly passed the Visual Content Act 2006, approving $10 million for the development of increased film and television activity across the state. And on May 27, Gov. Phil Bredesen gave legislators high praise for passing the legislation, which was included in the $26 billion state budget.
    Because of the act and the efforts of determined groups such as the Memphis Music Foundation and the Memphis & Shelby County Film and Television Commission, Memphis is on the verge of landing a deal that would bring the as-yet-unnamed film company to the area, with a guarantee to spend $250 million on productions over five years.
    No one involved in the effort will name names, so until an official announcement is made, the phantom company remains shrouded in mystery.
    "There is a large film company coming, we just cannot comment on who they are just due to confidentiality of our prospects," said Kim Gill, communications specialist with the Memphis Regional Chamber, who has also been involved in the effort to bring the film company to Memphis.
    As for a timeline for when all these could come to fruition, Gill said that also must remain confidential for now.
    "For their privacy and confidentiality in decision-making, we keep that tight lid on," she said.

Local Execs To Serve On Newly Created Councils

    The Federal Reserve Bank of St. Louis has announced the formation of four District Industry Councils that will represent specific industries within the Federal Reserve's eighth district, and eight Mid-South executives have been named to serve on the councils.
    Richard Jameson, owner of Jameson Farms and John King III, owner of King Farms, will serve on the agribusiness council.
    Serving on the health care council are Bob Gordon, executive vice president and chief administration officer of Baptist Memorial Health Care and Calvin Anderson, vice president of corporate and government affairs for BlueCross BlueShield of Tennessee.
    Memphis Area Association of Realtors president William Mitchell and CRESA Partners Memphis president Mary Singer will serve on the real estate council.
    President and CEO of Pinnacle Airlines Inc. Phil Trenary and T. Michael Glenn, executive vice president of market development and corporate communication/president and CEO of FedEx Services, FedEx Corp., will serve on the transportation council.
    Each council will be based at each of the Reserve Bank's offices: St. Louis (real estate), Little Rock (agribusiness), Louisville (health care) and Memphis (transportation). The councils will meet twice a year.
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751