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VOL. 125 | NO. 31 | Tuesday, February 16, 2010

Daily Digest

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MCA Buys South Main Building for Grad School

The Memphis College of Art has bought the 49,025-square-foot warehouse at 477 S. Main St. in the South Main Arts District, where it will house its graduate school.

MCA paid $400,000 for the 97-year-old building in a special warranty deed from Southeastern LSC Holding Corp., formally known as Lewis Supply Co. Inc., of Murfreesboro, Tenn.

MCA will spend about $3 million on the purchase and renovation of the building, slated to house everything from classrooms to studios to galleries for the college’s graduate faculty and students.

The school last month received $450,000 in public incentives from the Center City Development Corp. for the project.

Founded in 1936, MCA’s main campus is at 1930 Poplar Ave. in Overton Park. The move Downtown should bring about 100 students to the new building, freeing up space on the school’s main campus for its undergraduate programs.

Built in 1913, the warehouse sits on 0.2 acres at the southwest corner of South Main Street and East Butler Avenue, across from the National Civil Rights Museum. The Shelby County Assessor of Property’s 2009 appraisal of the building was slightly less than $400,000.

The transaction also included a 0.1-acre, unimproved parcel behind the South Main Street property facing South Front Street.

Source: The Daily News Online & Chandler Reports

Eric Smith

CCRFC to Consider PILOT Resolution

On the agenda for today’s Center City Revenue Finance Corp. meeting is a resolution seeking to add a new way Downtown development officials can pay for the cost of public infrastructure.

The resolution before the CCRFC board marks an attempt to secure approval allowing the use of PILOT (payment-in-lieu-of-taxes) revenue to pay for basic Downtown public infrastructure projects.

The CCRFC board meets today at 9 a.m. at the CCC office, 114 N. Main St.

Andy Meek

Vanick Renews Quince Centre Lease

Vanick Group has renewed its lease at Quince Centre, 6555 Quince Road, where the company is headquartered.

The technological solutions firm added about 600 square feet of office space, bringing its total occupancy at Quince Centre to 3,100 square feet. Vanick Group worked directly with the property’s owner and management firm, In-Rel Management Inc., on the renewal and expansion.

Vanick Group implemented the expansion in an effort to increase internal productivity to fulfill the needs of its growing relationships with clients. The new space will have room for storage, a larger staff work area and an additional conference room.

“Vanick Group is in the business of helping companies get more accomplished with fewer resources,” according to company literature.

The company used to be headquartered in the former Comcast Building until Comcast relocated. The new owner and operator, In-Rel, rebranded the building and has been working on increasing its occupancy since buying the property in December.

Eric Smith

UT Medical Group Opens Gynecology Center

The UT Medical Group Inc. has opened the Comprehensive Gynecologic Center at 1325 Eastmoreland Ave. in the Memphis Medical District.

The center offers female pelvic medicine and reconstructive surgery, including robotic and minimally invasive laparoscopic and hysteroscopic procedures. The center also offers care for common gynecological conditions.

Clinic physicians include team leader Dr. Edward J. Stanford and Dr. Veronica T. Mallett, Dr. Ahmad Azari and Dr. Christopher J. Pugh.

Stanford noted the practice is one of only 22 gynecologic specialty fellowship programs in the U.S. that focuses on vaginal, traditional and robotic laparoscopy and hysteroscopic procedures.

UT Medical Group is the private group practice affiliated with the University of Tennessee Health Science Center College of Medicine faculty.

Tom Wilemon

SGR Fix Removed From Senate Jobs Bill

Senate Majority Leader Harry Reid has removed form the Senate jobs bill funding to temporarily delay 21-percent cuts in Medicare reimbursements to physicians.

Reid originally had included language in the bill and funding to delay the cuts, which are scheduled to take effect March 1 and are determined by a sustainable growth rate (SGR) formula mandated by the Balanced Budget Act of 1997.

Congress repeatedly has provided temporary funding to keep the SGR cuts from occurring in past years, but the American Medical Association is pushing for a permanent fix to the formula.

Tom Wilemon

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225