Oakhaven Driver Service Center

3200 E. Shelby Drive
Memphis, TN 38118
Permit Amount: $2.6 Million

Project Cost: $2.6 million
Permit Date: Applied April 2010
Completion: End of 2010
Owner: State of Tennessee
Tenant: State of Tennessee Department of Safety
Contractor: Mayer Construction Co. Inc.
Architect: Looney Ricks Kiss Architects Inc.

Details: The Tennessee Department of Safety has filed a $2.6 million permit with the city-county Office of Construction Code Enforcement to build a driver service center at 3200 E. Shelby Drive in Oakhaven.

The 12,914-square-foot facility will replace an old center at the site that was “too small to serve the area,” Lola Potter, public information officer for the state’s Department of Finance and Administration, wrote in an e-mail.

The center will sit on 7.1 acres along the north side of Shelby Drive between Swinnea and Tchulahoma roads.

The land is owned by the city of Memphis.

Potter said demolition of the existing facility will begin in the spring.

The project’s demolition and construction will cost $2.56 million, and it should be completed by the end of 2010.

3200 E. Shelby Drive
Memphis, TN 38118
Permit Amount: $2.6 Million

Project Cost: $2.6 million
Permit Date: Applied April 2010
Completion: End of 2010
Owner: State of Tennessee
Tenant: State of Tennessee Department of Safety
Contractor: Mayer Construction Co. Inc.
Architect: Looney Ricks Kiss Architects Inc.

Details: The Tennessee Department of Safety has filed a $2.6 million permit with the city-county Office of Construction Code Enforcement to build a driver service center at 3200 E. Shelby Drive in Oakhaven.

The 12,914-square-foot facility will replace an old center at the site that was “too small to serve the area,” Lola Potter, public information officer for the state’s Department of Finance and Administration, wrote in an e-mail.

The center will sit on 7.1 acres along the north side of Shelby Drive between Swinnea and Tchulahoma roads.

The land is owned by the city of Memphis.

Potter said demolition of the existing facility will begin in the spring.

The project’s demolition and construction will cost $2.56 million, and it should be completed by the end of 2010.

2859 N. Germantown Parkway
Memphis, TN 38133
Sale Amount: $1.9 Million

Sale Date: April 14, 2010
Buyer: King Chow and Jasmine Lin
Seller: Chili’s Inc.
Loan Amount: $1.4 million
Loan Date: April 14, 2010
Maturity Date: April 5, 2015
Lender: First Capital Bank

Details: The Romano’s Macaroni Grill at 2859 N. Germantown Parkway in the Wolfchase area sold in an April 14 special warranty deed for $1.9 million to King Chow and Jasmine Lin of Cordova.

Dallas-based Chili’s Inc. sold the 6,564-square-foot restaurant to Chow and Lin, who financed the purchase with a $1.4 million trust deed through First Capital Bank.

Jeffery Hoban signed the warranty deed as vice president of Chili’s.

Built in 1998, the restaurant sits on 1.69 acres at the southwest corner of North Germantown Parkway and Stage Road across from Wolfchase Galleria.

The Shelby County Assessor of Property’s 2009 appraisal was $2.3 million.

The transaction also included an assignment of rents and leases from Chow and Lin to First Capital.

The restaurant is one of two Macaroni Grill locations in Memphis; the other is at 6705 Poplar Ave. in Germantown’s Carrefour at Kirby Woods.

Chili’s bought the parcel for $1.1 million in October 1998 – a year after Wolfchase Galleria opened – from L&G Development LLC and then developed and built the restaurant.

6 Condo Units in
RiverTown on the Island
Memphis, TN 38103

Sale Amount: $1.6 Million (combined)
Sale Dates: March 31, 2010
Buyers: Shea Partners LLC ($814,850); JTN Properties LLC ($749,850)
Seller: RiverTown LLC
Loan Amount: March 31, 2010
Loan Date: $814,850
Maturity Date: N/A
Lender: RiverTown LLC
Borrower: Shea Partners

Details: RiverTown LLC, the company that developed and built RiverTown on the Island condominiums, has sold six units in the complex’s building No. 3 to a pair of investors for a combined $1.6 million.

RiverTown is a limited liability company related to Memphis builder Grant & Co. It sold three condos in the Mud Island development to Shea Partners LLC for $814,850 and three to JTN Properties LLC for $749,850.

Shea Partners bought units 102, 103 and 105, while JTN Properties bought units 304, 307 and 308. Both sales closed March 31, and Shea Partners financed its purchase through the seller.

RiverTown’s first 39 units were completed in 2008. Grant & Co. built the condo development on Mud Island, just south of Harbor Town, delivering almost half the scheduled 86 units during the recession.

Grant & Co. president Keith Grant said the company has sold 10 units this year alone, leaving just seven of the 39 units unsold.

“I’m pretty happy about it,” Grant said. “It’s been a good year.”

The company also is developing a $19 million, 204-unit apartment complex called Grand Island in place of future condo phases.

Grant said construction should start in June and take two years, and residents will be able to move in beginning later this year as the complex’s first units come online.