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VOL. 123 | NO. 226 | Tuesday, November 18, 2008

Enterprise Rent-A-Car Building 10,000-Square-Foot Facility

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2424 Appling Road
Memphis, TN 38133
Permit Amount: $2.3 Million

Project Cost: TBA
Permit Date: Applied November 2008
Completion: Summer 2009
Owner: Enterprise Rent-A-Car
Tenant: Enterprise Rent-A-Car
Contractor: Chris Woods Construction Co. Inc.
Architect: Renaissance Group

Details: St. Louis-based Enterprise Rent-A-Car, a national car rental company, has filed a $2.3 million permit application with the city-county Department of Construction Code Enforcement to build a 10,000-square-foot facility on 13.11 acres of land at 2424 Appling Road. The parcel of land is just north of the Interstate 40 and Appling Road interchange and just south of the Reese Road and Appling Road intersection.

Enterprise Rent-A-Car, whose Tennessee operation is based in Franklin, late last month signed a memorandum of lease for the property with Pingree 2000 Real Estate Holdings LLC of Missouri. That entity had bought the parcel Oct. 29 from Earth Ventures for $800,000.

Ned Maniscalco, manager of public relations for Enterprise Rent-A-Car, issued the following statement regarding the project: “Enterprise Rent-A-Car plans to begin construction within 30 days at this site, and we expect to complete the project in about nine months. We chose the Appling Road location primarily because of its ready access to freeways. We consider all other information about this project proprietary and prefer not to disclose at this time.”

250 Lemaster St.
Memphis, TN 38104
Permit Amount: $7.5 Million

Project Cost: $7.5 million
Permit Date: Applied November 2008
Completion: 2010
Owner: Grace-St. Luke’s Episcopal School
Tenant: Grace-St. Luke’s Episcopal School
Contractor: Montgomery Martin Contractors LLC
Architect: Hnedak Bobo Group

Details: Grace-St. Luke’s (GSL) Episcopal School has filed permit application with the city-county Department of Construction Code Enforcement to build a

42,000-square-foot multipurpose facility at 250 Lemaster St., which sits on the southeast corner of Lemaster and Linden Avenue. The PreK-8 school, with an enrollment of 500 students, recently announced plans to construct the building. The school also plans a 2,600-square-foot expansion and renovation of an existing building on campus. The expansion of the preschool, called Miss Lee’s, should be completed by summer. Construction on both buildings is slated to begin in January.

The new building should take about a year and will open in 2010, said a spokesperson for the school. The new facility will include a gymnasium, library, full-service kitchen and dining hall, outdoor dining space, science lab, art and music classrooms and after-school space.

Funding for the expansion was part of a campaign called “Anchoring the Future,” which has raised $4.5 million to date.

1616 Whitten Road
Memphis, TN 38134
Permit Amount: $1.8 Million

Project Cost: $2 million
Permit Date: Applied November 2008
Completion: June 2009
Owner: LG&W Federal Credit Union
Tenant: LG&W Federal Credit Union
Contractor: Grinder, Taber & Grinder Inc.
Architect: Looney Ricks Kiss Architects Inc.

Details: The LG&W Federal Credit Union has filed permit application with the city-county Department of Construction Code Enforcement to build a 7,800-square-foot, single-story headquarters and full-service branch at 1616 Whitten Road, just south of the Interstate 40-Whitten Road interchange. LG&W FCU is a credit union for employees and retirees of Memphis Light, Gas and Water Division (MLGW). It currently has three branches: one on Shelby Drive in Whitehaven, one on Covington Pike in Raleigh and one on Murray Road in East Memphis.

This new branch will replace the Murray Road location and double as the credit union’s headquarters, said Ken Newberry, president and CEO of LG&W. “The facility we have here is not conducive to growth and we don’t have a drive-through,” Newberry said. “None of the (MLGW) centers are close to us. The location on Whitten Road is directly across the street from a major MLGW work center. We just feel like that’s a better location for us to work from.” Newberry said the credit union will likely close and sell the Murray Road location once the new branch is up and running. Construction has begun on the Whitten Road office and is scheduled for completion by May or June. The total project cost will be $2 million, Newberry said, excluding the cost of the land. The credit union bought the 0.87-acre parcel for $620,215 in March 2007 from the Reaves Family Partnership. The new facility will have a drive-through and expanded parking, two things Newberry said were crucial for the credit union’s flagship branch. “Hopefully it will be a lot more convenient for our members,” he said. LG&W FCU opened in 1940 and now has 4,300 members and 18 employees, including 12 at the headquarters and main branch. The full-service credit union offers deposit and loan accounts, debit and credit cards, and online banking.

Windsor Place Phase II
Arlington, TN 38002
Loan Amount: $3.4 Million

Loan Date: Oct. 29, 2008
Maturity: Oct. 29, 2009
Borrower: Forrest Road LLC
Lender: BankPlus

Details: Forrest Road LLC, the developer of Windsor Place subdivision in Arlington, has filed a loan to develop a second phase there. Windsor Place is south of Forrest Street just inside the Shelby-Fayette border, and its Phase I contains 50 lots on 37.3 acres. The development’s builders include P. Baum & Co., Hallmark Builders Inc.,

Reid Homes Inc., Willow Oak Construction LLC and Rivercrest Construction Associates LLC. Forrest Road’s principals are Roy Holmes and Dale Lawrence, who confirmed plans for a second phase. The company also has filed an easement contract with Memphis Light, Gas and Water Division for the development’s second phase.

PROPERTY SALES 61 61 6,453
MORTGAGES 46 46 4,081
BUILDING PERMITS 113 113 15,474
BANKRUPTCIES 19 19 3,289