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VOL. 121 | NO. 213 | Tuesday, October 31, 2006

Daily Digest

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Cybill Shepherd Sells South Bluffs Home

     Actress Cybill Shepherd's former South Bluffs home at 525 Magnolia Mound Drive has been bought by an out-of-town couple for $1.5 million. Donald and Bonnie Valentine recently purchased the 4,766-square-foot, two-story house from Shepherd, who was listed as trustee of The Cybill Shepherd 1988 Family Trust.
     The home was built in 1992 and has four bedrooms and three-and-a-half bathrooms. A swimming pool also is on the property. The Shelby County Assessor's 2006 appraisal was $870,000.
     The house was listed by Stan Holmes of RE/MAX Uptown, who confirmed the property sold for less than its asking price of nearly $1.8 million. The buyers declined to be identified, but Holmes said they currently do not live in Memphis.
     Shepherd's former house was designed by Francis Mah, according to the home's Web site, www.525magnoliamound.com. Before his death in 1998, Hawaii-born Mah designed a number of other Memphis buildings, according to the American Institute of Architects, Memphis chapter. Mah's other buildings include the Hilton Memphis, 939 Ridge Lake Blvd., and the Commercial Appeal building, 495 Union Ave.

Hyatt Place Hotel Planned for Germantown

     Plans are in the works for a $22 million, 122-room Hyatt Place Hotel on a 10.8-acre site at Winchester and Forest Hill-Irene roads.
     The Silver Cos., which has offices in Washington and Boca Raton, Fla., is developing the hotel.
     "We've optioned the property," said Marvin Bolinger, chief operating officer at Silver Cos., "and we've applied to Hyatt and we have the franchise approved."
     Hyatt Place is the newest brand offered by Chicago-based Hyatt. The first Hyatt Place Hotel was opened in August in Lombard, Ill.
     Earlier this month, Memphis-based Equity Inns Inc. announced plans to re-brand 18 AmeriSuites Hotels as Hyatt Place Hotels. Conversion of those hotels is expected to be completed by the end of 2007.
     The Hyatt Place planned for Germantown will sit on 3 to 3.5 acres of the available 10 acres, Bolinger said.
     "The balance of it will be used for other amenities that support the comprehensive plan of the city and of Mr. (Charles) Wurtzburger."
     Charles Wurtzburger, who founded Cleo Wrap Inc. in the early 1950s, owns the land.
     "We're very excited about the project," Bolinger said. "We're very excited about the reception we've received at City Hall and they've been very generous with their comments."
     Bolinger said it's difficult to nail down a timeline for the project.
     "We will work our way through that process in a very deliberate way," he said.
     The real estate development company is waiting for a feasibility study that is being completed by Chuck Pinkowski of Pinkowski & Co.
     "We will select an architect once we get that and move forward with that process," he said.

Local Assisted Living Costs Among Lowest, Survey Says

     While assisted living costs in the United States continue to rise, monthly costs for Memphis remain below the national average, according to the 2006 MetLife Market Survey of Assisted Living Costs.
     The national monthly average was $2,968, or $35,616 a year, for an individual at an assisted living facility. That's up 2.2 percent from 2005 and 17.6 percent from 2004.
     The cost for services at an assisted living facility in the Memphis area averaged $2,678 per month, or $32,136 a year. The cost for the same services in Nashville averaged $3,264 per month.
     The region with the lowest cost for assisted living facilities was
     South Dakota, where the cost was $1,742 a month.
     The area with the highest cost was Bridgewater, N.J., with $5,197 per month for assisted living expenses.
     The monthly private pay base rates include room and board, and at least two meals per day plus housekeeping and personal care assistance.

Davidson Moving Its Headquarters

     Davidson Hotel Co. will relocate its corporate headquarters to Southwind near Hacks Cross Road and Tournament Drive in East Memphis from its current location at 1755 Lynnfield Road, company officials announced Monday.
     "We have taken a number of significant steps in 2006 to achieve our announced plan to double the size of the company over the next five years," said John Belden, Davidson's president and chief executive officer, in a release.
     The company signed a long-term lease with Highwoods Properties Inc. for about 17,000 square feet in the Shadow Creek II building at 3340 Players Club Parkway.
     The expansion will allow the company to expand its local employment by 25 percent, Belden said in the release.
     The Crump Firm, an architectural, planning and interior design firm, will design the office space for Davidson's 45 Memphis-based associates. The space will feature a lounge with flat screen televisions, soft seating, wireless Internet, café tables and coffee bar.
     Pat Gamble, vice president of CB Richard Ellis' Tenant Advisory Group, represented Davidson in the transaction.
     Calls to Davidson were not returned by press time.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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