FaxonGillis Buys Whisper Ridge Lots

     FaxonGillis Homes Inc. has bought 10 lots in Gerland Creek Planned Development phase seven, also known as Whisper Ridge, from Whisper Ridge GP for $396,900. The builders also filed a $2.1 million construction mortgage through Renasant Bank at the time of the purchase. North of Shelby Drive west of Long Creek Drive, Gerland Creek phase seven was approved in June 2005 for 61 lots on 19.19 acres.

Heisley Selling Out On Grizzlies Franchise

     The potential new owners of the Memphis Grizzlies basketball team plan to invest more than $500 million to $1 billion in Memphis if the deal to buy the team from Chicago-based billionaire Michael Heisley goes through.
     A group of investors led by former Duke University basketball player Brian Davis has signed an agreement with Heisley to buy the franchise. Heisley is selling all his interest in Hoops LP, the team's parent company, for about $350 million, he said in a press conference Monday morning at the FedExForum.
     Heisley was adamant that his decision to sell his interest in the team had nothing to do with a drop in attendance or the fact that he's losing money.
     "Nobody knows what I lost," Heisley said. Instead, he said he made the decision to sell because he feels the team needs local ownership.
     Davis said that's exactly what he brings to the table. Upon finalization of the deal, he said he plans to move his family to the city.
     Davis also said he has a vision for Memphis that includes building a mixed-use development near the FedExForum that will include residential housing and upscale commercial space.
     While Heisley said he's confident the deal will go through - making Davis one of only two black owners in the NBA - the local owners must respond to the offer. Those with limited ownership of the team include J.R. 'Pitt' Hyde III and his wife Barbara, Fred Jones, Staley and Andy Cates and Elliot Perry. The local group has 60 days to decide to match the offer to buy controlling interest of the team.
     After that, the deal must be approved by league officials.
     As for what the changes will mean for players and coaching staff, Davis said he plans to keep the core players.
     "The existing nucleus is not going to change," Davis said. "I'm going to keep the core guys together."
     Also, Davis said he has spoken with Grizzlies president Jerry West about signing a lifetime contract.
     "I don't know what Jerry wants," he said. "But I know what I want to offer him."
     Davis did say he had talked to some local people - two institutional and one individual investor - about joining the ownership team.

 Mid-America Buys Apartments for $83 Million

     Mid-America Apartment Communities Inc. has bought three apartment properties in Arizona and Texas for $83 million, company officials announced Monday.
     The Memphis-based company bought 480 apartments at two newly constructed properties in the Phoenix, Ariz., area. The properties are in the Sonoran Foothills community in north Phoenix, and 50 percent currently are leased.
     Mid-America also bought 328 apartments in northwest Houston, averaging 964 square feet.
     Eric Bolton, Mid-America chairman and CEO, said in the statement that the company has been researching the Phoenix market for a year, calling it a "high job-growth area."
     "These acquisitions are a continuation of our plan for steady and disciplined growth of the Mid-America portfolio by adding quality properties in high growth markets throughout the Sunbelt Region," Bolton said.
     No one at Mid-America was available for comment.
     The company already owns 135 properties in 12 states, mostly in the South and Southwest. Nine of them are in the Memphis area.
     Mid-America recently was named an American Hero Company by Johnson City-based American Values Investments Inc. for reflecting American values and producing high-quality services. More information can be found in the July 3, 2006 edition of the Memphis Daily News at www.memphisdailynews.com.

Fall Vesta Winners Announced

     The Fall Vesta Home Show has announced several awards, including best of show to Eads-based Polston Construction and Landscaping Inc. for its Chateau de Montclair home in the Cloisters of Hickory Withe subdivision in Fayette County.
     Other winners include Reputation Builders Inc. of Cordova, which received best entertainment room/audio visual, best landscaping, best special feature and best sales presentation; The Salvaggio Group LLC of Germantown, which received best exterior elevation and best home design; Somerville-based Icon/Cook Construction Co. Inc. for best foyer; M.H. Morris Construction Co. Inc. of Somerville for best interior design; and Polston for best kitchen and best master suite.
     The home show runs through Oct. 15.