VOL. 125 | NO. 46 | Tuesday, March 9, 2010
Memphis Real Estate Recap
Real Estate Recap
Six Permits Issued to Airport For Ground Transportation Center
By Eric Smith
2491 Winchester Road
Memphis, TN 38116
Permit Amounts: $89.5 Million
Project Cost: $121 million
Permit Date: Issued March 2010
Completion: Spring 2012
Owner: Memphis-Shelby County Airport Authority
Tenant: Memphis-Shelby County Airport Authority
Contractor: The Flintco Cos. Inc.
Architect: Walker Parking Consultants
Details: Six building permits have been granted to the Memphis-Shelby County Airport Authority to begin work on the airport’s $121 million ground transportation center. The city-county Office of Construction Code Enforcement issued the permits last week.
Memphis International Airport is building a seven-story facility that will house rental car services on the lower two levels and 4,500 parking spaces for passengers on the top five levels.
The center, to be built over the parking lot in front of the airport, will be connected to the main terminal with an 840-foot series of covered moving sidewalks.
Airport vice president of operations John Greaud said construction crews have mobilized on the property and were ready to begin. The project should be completed by spring 2012, if not sooner, Greaud said.
The Flintco Cos. Inc. in December was awarded an $89.5 million contract to complete the bulk of the center’s construction.
The facility also will incur about $30 million in costs outside the construction contract, such as the completion of a temporary parking lot, roadway improvements and construction management.
The architectural designer of record for the ground transportation center is Walker Parking Consultants, while Looney Ricks Kiss Architects completed conceptual drawings and Self Tucker Architects Inc. is responsible for construction drawings.
5121 N. Shelby Oaks Drive
Memphis, TN 38134
Loan Amount: $3.9 Million
Loan Date: March 1, 2010
Maturity Date: March 25, 2017
Borrower: Onyx Medical Corp.
Lender: Trustmark National Bank
Details: Onyx Medical Corp. on Monday filed a $3.9 million construction loan through Trustmark National Bank to build a facility at 5121 N. Shelby Oaks Drive.
The loan was in conjunction with Onyx’s seven-year payment-in-lieu-of-taxes (PILOT) agreement, approved last fall by the city-county Industrial Development Board, which is listed on the loan as a joinder.
Onyx will move its operation from its current headquarters at 152 Collins St. in Midtown.
The PILOT will save the company a little less than $850,000 in taxes.
Onyx is planning to make a $6.5 million capital investment as part of developing a new manufacturing facility and corporate headquarters and will create at least 17 new jobs.
Laraine Gilmore, president of Onyx, signed the trust deed. Jill Iglehart signed the loan joinder on behalf of the IDB.
Onyx company officials were not available last week to discuss the project.
A call to Linkous Construction Co. Inc., the company originally selected to serve as the general contractor for the facility, was not returned.
The family-owned Onyx makes a “complete line of wires, guide pins, half pins, drills and screws utilizing the latest in process technology and medical-grade specialty materials,” according to its Web site.
7989 U.S. 64
Memphis, TN 38133
Permit Amounts: $800,000
Project Cost: N/A
Permit Date: Applied March 2010
Owner: Target Corp.
Tenant: Target Corp.
Contractor: MCDR Construction LLC
Details: Target Corp. has applied for an $800,000 permit with the city-county Office of Construction Code Enforcement for a remodeling project at its store at 7989 U.S. 64 (Stage Road) near Wolfchase Galleria.
The permit was applied for this month. MCDR Construction LLC, a Memphis-based company, is listed as the contractor of record. A call to an MCDR representative was not returned by press time.
The property is a 10.11-acre lot on the south side of U.S. 64 west of Germantown Parkway. Real estate information company Chandler Reports lists the address as 7989 Wolf Creek Parkway.
The Shelby County Assessor of Property’s 2009 appraisal was $7.6 million.
A message left with the project manager at Target Corp. to discuss the details of the project, such as a timeline and renovation plans, was not returned by press time.
4 Acres on Trinity Road and 17 Acres on Wynne Road
Memphis, TN 38016
Loan Amounts: $1.6 Million and $700,000
Loan Dates: Feb. 25, 2010
Maturity Dates: Feb. 25, 2011
Borrower: RBM Partners LP and RBM Trinity LP
Lender: Trustmark National Bank
Details: RBM Partners LP and RBM Trinity LP, two related entities connected to RBM Venture Co., have filed $1.6 million and $700,000 loans, respectively, on two lots near Trinity and Dexter roads in Cordova.
RBM Partners filed a $1.6 million loan through Trustmark National Bank for a 17-acre parcel on the east side of Wynne Road just north of its intersection with Dexter Road. The Shelby County Assessor of Property’s 2009 appraisal of the vacant lot was $272,500. It is zoned for commercial use.
RBM Trinity LP filed a $700,000 loan for a 4.14-acre lot on the north side of Trinity Road. Its 2009 appraisal was $324,600. This property is zoned for single-family residential use, according to public records.
RBM Venture Co. is an operator of “nonresidential buildings in Memphis and Shelby County,” according to a business profile on the Internet. R. Brad Martin signed both trust deeds as a general partner of RBM.
A number for the company, whose address is listed as 5810 Shelby Oaks Drive, was disconnected.