VOL. 125 | NO. 71 | Tuesday, April 13, 2010
Lightman Files Loan To Build Toys ‘R’ Us
Michael A. Lightman Sr. has filed a $6 million construction loan through SunTrust Bank to build a 47,000-square-foot Toys ‘R’ Us on the west side of the Centennial Commons retail development at Tenn. 385 and Winchester Road.
Lightman, principal of Michael Lightman Realty LLC, filed the loan late last week.
The building will house a joint Toys ‘R’ Us and Babies ‘R’ Us, both of which are owned and operated by Wayne, N.J.-based Toys ‘R’ Us Inc.
Lightman said crews have broken ground on the store with plans to have it ready to open Oct. 15.
Linkous Construction Co. Inc. is the project’s general contractor.
The standalone building will be constructed near a Dollar Tree with room between the two stores for a future 20,000-square-foot retail space.
The addition of a major retailer to Centennial is another feather in the cap for Lightman’s sprawling development, Centennial Park, which includes the Centennial Commons retail areas and the Centennial Gardens apartment complex.
The company earlier this year began work on a $3 million, 18,000-square-foot retail center called the Shoppes of Centennial, which will sit on the south side of Centennial Commons directly west of the Arby’s outparcel.
Two tenants, Mattress Firm and EyeMasters, have signed leases for about 3,500 square feet in the center. Lightman said he is working with other prospects for the remaining space.
Lightman also is building a 16,000-square-foot Office Depot that will sit between the center’s current anchor tenant, JCPenney, and Jo-Ann Fabric & Craft stores. That store will open in late May.
Last, the company has built a 5,200-square-foot speculative retail space between JCPenney and Office Depot. Lightman said he should announce a tenant for that bay soon.
Source: The Daily News Online & Chandler Reports
Carlisle Seeks Tax Freeze At One Beale Location
Gene Carlisle might redevelop the former sales center for One Beale at 263 Wagner Place into approximately 16,000 square feet of Class A office space.
As The Daily News reported on its Web site Friday, Carlisle’s company, which acquired the site that was intended for the nonstarter One Beale hotel project, is looking for a new Downtown office location.
Carlisle is requesting a seven-year tax freeze from the Center City Revenue Finance Corp., which will hear his request today.
The CCRFC will meet today at 9 a.m. at the Center City Commission office, 114 N. Main St.
A seven-year freeze would result in tax savings of almost $235,000 for the project.
Carlisle Corp. subsidiary Wendelta is a leading Wendy’s restaurant franchise operator, with more than 97 restaurants in four states.
Also today, the CCRFC will hear a tax freeze request from Greenbrier Partners LLC, which is planning a $2.5 million mixed-use development at 436 S. Front St.
The apartment and retail project – with construction starting in August – would have 20 one-bedroom apartments and five two-bedroom units.
A basement level would have 25 secured, underground parking spaces. The building also would include 1,500 square feet of retail space.
Construction would wrap up by June 2011.
– Andy Meek
Regions Responds To SEC Investigation
Regions Financial Corp. has provided to investors a response to recent developments surrounding Morgan Keegan, the Memphis-based investment banking arm of Regions.
The U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and several state agencies filed actions against Morgan Keegan last week accusing the firm of fraud and misleading investors.
“Although it is not possible to predict the ultimate resolution or financial liability with respect to these matters, it is possible that an adverse resolution of these matters may be material to Regions’ consolidated financial position or results of operations,” Regions disclosed in a regulatory filing.
“Regions does not anticipate that these events will cause it to change its overall business strategy.”
– Andy Meek
Southland Park Pledges $250K to Community College
Southland Park Gaming and Racing and its parent company, Delaware North Cos. Inc., have pledged $250,000 to Mid-South Community College to support sports programs.
The pledge comes after Southland and its parent company completed a $1 million pledge to the college.
In recognition of that gift, the West Memphis college named its nursing, natural and computer science building the Southland Greyhound Science Center.
Southland has also provided funding for other programs and scholarships to the college.
The latest $250,000 pledge will be paid over 10 years. In recognition of this gift, the college plans to make the greyhound its mascot.
A $1,000 design contest for the new greyhound logo runs until April 30.
More information about the logo contest is available at www.midsouthcc.edu.
– Tom Wilemon
Palladio Group Participates In Brooks’ Showhouse
The Palladio Group will participate in The Brooks Museum League’s Decorator Showhouse XVI.
This year’s Showhouse will be held at the historic Robert M. Carrier home, known as Carrier Hall, 642 S. Willet St. in the Central Gardens District.
The Palladio Group helped furnish and decorate three areas of the home, including the grand ballroom (along with Virginia Rippee & Associates), an upstairs study and the outdoor patio area.
Carrier Hall is a 17th century English Tudor manor. The house was built in England and disassembled and brought to the U.S. in 1925.
The Decorator Showhouse will be open to the public through April 25 and tours are available Wednesdays through Saturdays from 10 a.m. to 4 p.m. and Sundays from 1 p.m. to 5 p.m. Tickets may be purchased for $10 by calling 385-3241 or at the door for $15.
Proceeds from the Decorator Showhouse benefit the Memphis Brooks Museum of Art.
The Palladio Group is a collection of decorative arts showrooms, galleries and services in the Cooper-Young District, 2169 Central Ave.
Frank Roberts owns the nine businesses that comprise The Palladio Group.
The companies are located insix buildings near the intersection of Central Avenue and South Cooper Street.
See the April 6 issue of The Daily News at www.memphisdailynews.com for more on Roberts and The Palladio Group.
– Taylor Shoptaw
Gem Show Benefits Ronald McDonald House
The Ronald McDonald House Charities of Memphis is the beneficiary of the 31st Annual Memphis Mineral, Fossil & Jewelry Show at the Agricenter International.
More than 30 dealers, exhibitors and speakers from throughout the U.S. will be there.
The show will be from 9 a.m. to 6 p.m. on April 24 and from 10 a.m. to 5 p.m. on April 26. Admission is $5 for adults and $2 for those under 12.
The Memphis Archaeological and Geological Society, which was established in 1958 and has more than 250 members, stages the annual show.
– Tom Wilemon
TVA Has Third Straight Higher Fuel Adjustment
A third straight monthly increase in the Tennessee Valley Authority’s monthly fuel rate means residential bills will go up by an average of $1 starting in May.
The utility’s fuel cost adjustment for billing periods starting May 1 means residential monthly bills will increase between 50 cents and $1.50, depending on usage levels.
The 1 percent increase follows a 5.9 percent increase in April after a 5.3 percent increase for March.
TVA said in a statement on Monday that a fuel cost adjustment credit customers have received since October continues to be used up.
About half of TVA’s electricity comes from coal, oil and natural gas.
TVA has nearly 9 million consumers in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.
– The Associated Press