VOL. 124 | NO. 87 | Tuesday, May 5, 2009
Real Estate Recap
Work to Begin Soon On U of M’s ‘Penny’ Hall of Fame
570 Normal St.
Memphis, TN 38152
Permit Amount: $2.9 Million
Project Cost: $2.9 million
Permit Date: Applied April 2009
Completion: Summer 2010
Owner: University of Memphis Foundation
Tenant: University of Memphis
Contractor: Patton & Taylor Enterprises LLC
Architect: Evans Taylor Foster Childress Architects
Details: The University of Memphis Foundation filed a $2.9 million permit application with the city-county Office of Construction Code Enforcement to build a two-story, 19,000-square-foot addition to the Athletic Office Building.
Anchored by the Anfernee “Penny” Hardaway Hall of Fame, the new building will sit on the south side of the main campus, joining the existing athletic building. It will house the U of M’s athletic Hall of Fame plus an assembly room, a theater, Tiger Scholarship Fund board room, a ticket office suite and other offices.
The building’s design and construction was sparked by a $1 million donation last year by Hardaway, a former U of M basketball standout. To date, his gift is the largest single donation by a former U of M student-athlete.
The formal address of the building will be 570 Normal St., the same address as the Athletic Office Building, which sits on the south side of Southern Avenue.
Construction is slated to begin within the next 30 days and should take about a year, said Cameron Taylor, principal at the project’s general contractor, Patton & Taylor Enterprises LLC.
“It’s a needed expansion that’s further evidence of the continued growth and importance of the university athletic program, particularly the basketball program,” Taylor said.
1330 Stern Lane
Memphis, TN 38016
514 S. Perkins Road
Memphis, TN 38117
Permit Amounts: $15 Million and $4.8 Million
Project Cost: $19.8 million combined
Permit Dates: Applied April 2009
Owner: Memphis City Schools
Tenant: Memphis City Schools
Details: Memphis City Schools has filed building permits for two school properties – a $15 million permit for a new school at 1330 Stern Lane and a $4.8 million permit for improvements to White Station High School at 514 S. Perkins Road.
Both projects are part of a $74 million capital improvement project the school board approved in 2008. The Stern Lane permit is for a new K-8 school being built for the recently annexed Berryhill and Countrywood areas of Cordova. School board president Tomeka Hart said the new school is being constructed in response to rapid growth and demand for classrooms in that part of the county. “The new buildings and permits for the eastern part of the district is a result of the movement of people in Shelby County,” Hart said. “As people leave the inner core of the city and move further out into the suburban parts of the city, that creates room for new buildings and new spaces.” The improvements to White Station call for a “two-story, 20-classroom addition,” according to the permit. Hart said this project has been a long time coming.
“White Station is one of our most populated, overcrowded schools,” she said. “It’s a school of choice (optional school), so we have great need for space over there. They do wonderful things at that school.”
1710 E. Brooks Road
Memphis, TN 38116
Permit Amount: $3.9 Million
Project Cost: $5 million
Permit Date: Applied April 2009
Completion: Early 2010
Owner: Diamond Cos.
Tenant: Diamond International Trucks Inc.
Contractor: Grinder, Taber & Grinder Inc.
Architect: Renaissance Group
Details: Two months after buying the former Chuck Hutton Toyota dealership at 1710 E. Brooks Road, Diamond Cos. has filed a $3.9 million building permit to renovate the property. Diamond, the holding company for Diamond International Trucks Inc., will overhaul the 34,058-square-foot dealership that sits on 4.56 acres at the northeast corner of East Brooks and Millbranch roads. Diamond Cos. paid $1.8 million for the dealership in late February, following Chuck Hutton Toyota’s move to 4601 Hutton Way, near Interstate 55 and East Shelby Drive. Diamond’s new acquisition is next door to one of the company’s 15 truck dealerships. The expansion will double the company’s current space, giving Diamond International, which sells International and Isuzu trucks, about 10 acres of land and 60,000 square feet in multiple buildings. Renovations also will be made to Diamond’s current dealership at 1750 E. Brooks Road. Diamond CEO Richard “Dick” Sweebe said the total project investment, including the $1.8 million property acquisition, would be “north of $5 million,” although the final figures are still pending.
Two lots in Wolf River Ranch
Collierville, TN 38017
Sale Amount: $186,265
Sale Date: April 22, 2009
Buyer: Longtown Co. LLC
Seller: BCCTT LLC
Loan Amounts: Two loans at $348,000 each
Loan Dates: April 22, 2009
Maturity Dates: N/A
Details: Longtown Co. LLC has bought two lots in Phase VII of Wolf River Ranch in Collierville and filed a pair of construction loans valued at nearly $700,000 through BankTennessee to build homes there. Longtown acquired lots 350 and 377 of Riverwalk – a gated, 19-acre, 50-lot phase of Wolf River Ranch – from the subdivision’s developer, BCCTT LLC. The real properties will be known as 1642 Tartan Lane and 1666 De Haig Lane in Collierville’s 38017 ZIP code.
Longtown’s members are Samuel Stover and David Wilder; the company’s LLC papers filed with the Shelby County Register of Deeds show a Roseville, Tenn., address. This is Longtown’s first local real estate activity. Charles Schadt Jr. signed the warranty deed as chief manager of BCCTT, a partnership comprised of Billy Perry, Schadt, Charlie McCrory, Terry Dan and Terry Pagliari. Perry acknowledged the difficulty of today’s real estate market, but he said Wolf River Ranch has been a bright spot for the developers. “We’re in the same quandary that everybody is in, in that the speed at which we’re selling is slow,” Perry said. “But there is a steady stream of buyers.”