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VOL. 127 | NO. 156 | Friday, August 10, 2012

Daily Digest

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Dollar General Buys Elvis Presley Blvd. Store

Retail Property Investments LLC, a subsidiary of Goodlettsville, Tenn.-based Dollar General Corp., has bought a newly built store on Elvis Presley Boulevard from the company that developed it.

RPI paid $1.1 million for the location at 2469 Elvis Presley, a 9,020-square-foot store built this year at the southwest corner of Elvis Presley Boulevard and East Alcy Road.

Coldwater, Miss.-based Ware is the exclusive developer of Dollar General stores in West Tennessee and North Mississippi. The company recently sold three other Memphis stores – 2939 Lamar Ave., 3429 Ramill Road and 2875 N. Houston Levee Road – to Retail Property Investments for a combined $3.2 million.

Dollar General operates more than 10,000 stores in 40 states. The company, which trades as DG on the New York Stock Exchange, announced in May it plans to open 625 stores in 2012. It also plans to remodel or relocate 550 stores and increase average square footage by 7 percent.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Developers Buy Warehouse for Printer’s Alley Lofts

A team of local developers planning a $3.2 million loft-style apartment development Downtown have closed on the property at 347 S. Front St.

Printer’s Alley LLC bought the 33,449-square-foot building for $360,000 from Gary M. Dawson and Norma Dawson. Built in 1920, the Class D warehouse’s 2012 appraisal from the Shelby County Assessor of Property is $441,200.

Vince Smith Jr. is listed as president of Printer’s Alley LLC on the warranty deed. Smith, along with business partner Robert Mallory, are planning a loft-style apartment community called Printer’s Alley Lofts.

That project – for which the Center City Development Corp. approved an $85,000 development loan in March – involves two buildings. The 24,600-square-foot existing structure at Front Street and Talbot Avenue will be revamped to include 20 loft-style apartments.

A three-story building will also be constructed in the parking lot to include nine townhome-style units. The building also will have about 750 square feet of ground-floor retail and 17 secured parking spaces.

Smith told The Daily News in May that he hopes for construction to start 90 days from closing. The scheduled completion date is June 2013.

– Sarah Baker

State Creates Mortgage Hotline to Help Homeowners

The Tennessee attorney general and Tennessee Housing Development Agency have created a mortgage hotline for struggling homeowners.

The development comes after attorneys general across the country reached an agreement with the nation’s top five mortgage services that will provide an estimated $140 million in relief to Tennesseans.

Tennessee Attorney General Bob Cooper said the idea behind the hotline is to make sure the state’s homeowners get the help they deserve.

Homeowners calling the new hotline can learn about housing assistance programs or be directed to foreclosure prevention counselors.

The toll-free number is (855) 876-7283. It is available Monday through Friday, between 8 a.m. and 5 p.m. Central time.

– The Associated Press

30-Year Mortgage Rates Rise to 3.59 Percent

Average U.S. rates on fixed mortgages rose for the second straight week, staying slightly above historic lows.

Mortgage buyer Freddie Mac says the rate on the 30-year loan increased to 3.59 percent, up from 3.55 percent last week. Two weeks ago, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage, a popular refinancing option, rose to 2.84 percent. That’s up from 2.83 percent last week and a record low of 2.80 percent the previous week.

Mortgage rates are low because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.

To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.

The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for 30-year loans was 0.6 point, down from 0.7 point last week. The fee for 15-year loans also was 0.6 point, unchanged from the previous week.

The average rate on one-year adjustable rate mortgages fell to 2.65 percent from 2.70 percent. The fee for one-year adjustable rate loans was unchanged at 0.4 point. The average rate on five-year adjustable rate mortgages rose to 2.77 percent from 2.75 percent last week. The fee remained at 0.6.

– The Associated Press

Women’s Foundation to Re-Grant $400K

The Walmart Foundation will distribute a $400,000 grant to The Women’s Foundation for a Greater Memphis (WFGM), which will then be re-granted over a two-year period to six local nonprofits to help chronically unemployed and underemployed women increase their earning ability, income and assets.

These nonprofits will provide women with basic job skills training and job placement, education and financial literacy, with the hope that they will ultimately lift themselves and their children out of poverty.

WFGM is one of six women’s foundations from across the country to help launch A Partnership for Women’s Prosperity – a platform to share best practices and find replicable solutions to systemic problems facing economically vulnerable women and children in communities nationwide.

To support this work, the Walmart Foundation has awarded grants totaling nearly $3.4 million to the members of the Partnership: The Washington Area Women’s Foundation; The New York Women’s Foundation; Women’s Fund of Mississippi; Women’s Foundation of Minnesota; Women’s Foundation for a Greater Memphis; and the Women’s Funding Network.

Each will receive grants to support local programs and organizations that provide job training, employment, access to education and leadership development.

In Memphis alone, the donation will help the Women’s Foundation for a Greater Memphis reach an additional 430 women, serving more than 16,000 women and children annually.

– Aisling Maki

Junior League Accepting Apps for Teaching Grants

The Junior League of Memphis is now accepting applications for The Innovative Teaching Grants program.

The teaching grants are a Junior League project designed to improve the quality of life for local children by encouraging and supporting excellence in teaching. The grants will enable Memphis City School teachers to implement original and creative learning experiences beyond the basic curriculum.

The Junior League of Memphis has $15,000 to be awarded in grants of up to $500 for individual teachers and up to $1,000 for a team of two to four teachers. Grants will be awarded for projects that create an arts-based learning experience for students, and the project must also incorporate either a reading or technology aspect.

The deadline for submitting applications is Sept. 14, and more information is available at www.jlmemphis.org.

– Andy Meek

Work To Begin On Independence Road Bridge

County contractors and work crews begin work in North Shelby County in a week on the Independence Road bridge crossing Hammontree Creek.

The project means the road will be closed from Aug. 20 to Sept. 7 for the work with a two-mile detour at Woodstock-Cuba Road.

The work begins as rehab work on another bridge in the area wraps up.

The Rankin Branch Road bridge across Jakes Creek closed late last month for renovation and was scheduled to reopen this weekend. While the work has been under way, traffic there has been detoured to Shake Rag Road.

– Bill Dries

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