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VOL. 127 | NO. 248 | Thursday, December 20, 2012

Daily Digest

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Memphis Company Buys Somerset Apartments

An entity called JMC Memphis LLC has paid $1.7 million for the 496-unit Somerset Park Apartment Homes in Oakhaven.

It bought the apartment complex in a Dec. 6 special warranty deed from Hollywood, Fla.-based Investments Australia LLC.

The apartment complex’s four parcels are 3443 Winchester Road, 3474 Winchester Road, 3649 Lake Park Drive and 6431 Arrowbrook, according to the Shelby County Assessor of Property.

Built in 1972, the Class D complex contains more than 500,000 square feet and sits on 24.45 acres on the south side of Winchester Road, just east of its intersection with Tchulahoma Road. It has a combined 2012 appraised value of $2.2 million, according to the assessor.

The complex’s largest parcel is 6431 Arrowbrook, which contains 196 units and 200,400 square feet in multiple buildings that sit on 10.92 acres, and has an appraised value of $924,000. Next is the 3649 Lake Park Drive parcel, which sits on 7.17 acres, has 160 units and 179,980 square feet with an appraised value of $651,000.

The 3443 Winchester Road parcel sits on 3.9 acres, has 72 units and 70,200 square feet with an appraised value of $347,100. And the 3474 Winchester Road property sits on 2.46 acres, has 44 units and 40,396 square feet with an appraised value of $252,000.

Investments Australia acquired the property near Memphis International Airport last year for $1.1 million from CMPTC Series 2005-C6 Somerset Park LLC.

James G.M. Lenschau, a director with the Memphis office of Martin Tate Morrow & Marston PC, signed the articles of organization for JMC Memphis.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Council Accepts Funding for Main to Main

The Memphis City Council has accepted $311,704 in funding from the Center City Revenue Development Corp. for the Main Street to Main Street Multimodal Connector project that links Main Street Memphis to Broadway Street in West Memphis. It includes a Harahan Bridge boardwalk for bicyclists and pedestrians.

The $30 million project has secured $15 million in federal government funding.

In a related resolution, the council accepted $650,000 in funding from Charles McVean, the commodities trading firm founder who has been the major force behind the boardwalk, and the Hyde Family Foundations for the design of the trails connecting to the bridge boardwalk.

In other action, the council approved a planned development on the northwest corner of Union Avenue and Lauderdale Street for an expansion of the Enterprise Rent-A-Car business.

The council delayed to Jan. 8 a final vote on a “wage theft” ordinance that was also delayed Monday by the Shelby County Commission.

The council also put off a vote on a resolution that would either reopen or permanently close Whitehaven golf course during the winter until after the new year as the council seeks an independent audit of golf course operations and finances.

The city golf course and three others – Riverside, Pine Hill and Davy Crockett – will remain closed with a decision to come on their long-term future in March.

– Bill Dries

School Board Green-Lights Merger Recommendations

The countywide school board gave preliminary approval Tuesday, Dec. 18, to seven merger recommendations in the areas of career and technical education, fine arts programs and schools security.

Of those seven, the fine arts one would mean hiring 61 teachers at a cost of $3.8 million more to the district.

Board approval at this stage is not final. It means that the board will later weigh the items they have approved as they put together a budget for the first year of the schools merger, which begins in August.

The board also approved the closing of Humes Middle School at the end of the current school year. The closing is a first step toward reopening Humes as an optional school in the first year of the merger as a musical arts school open to all seventh and eighth graders in the school system regardless of where they live.

The board also delayed until February action on the charter school renewal application of MASE, Memphis Academy of Science and Engineering, the state’s first charter school, which was founded in 2003. The board approved the charter school application of Vision Preparatory charter school.

– Bill Dries

College of Optometry Earns Reaccreditation

Southern College of Optometry recently earned reaccreditation from the Southern Association of Colleges and Schools-Commissions on Colleges. The accreditation will last for 10 years, through 2022.

The reaccreditation follows a reaccreditation earlier in the year from the Accreditation Council on Optometric Education, the accreditation organization that oversees optometric education.

The accreditation process ensures that Southern College of Optometry maintains a clearly defined mission, succeeds in educating its students to prepare them for work as optometrists and meets all established criteria during external reviews. The designation ensures that Southern College of Optometry students will have access to federal financial aid dollars and to various internship and externship programs reserved for students of accredited institutions.

Southern College of Optometry is one of only 21 optometry colleges in the nation. Founded in 1932 in Memphis, the college awards the post-graduate, four-year optometry degree to approximately 130 optometric physicians each year. The college is currently constructing a $9.4 million classroom and academic project at its Midtown Memphis campus.

– Sarah Baker

EmergeMemphis Names New Board Officers

EmergeMemphis has announced its new board of directors officers for 2013.

The officers include chairman Scott Fountain, senior vice president and chief development officer for Baptist Memorial Health Care Corp.; immediate past chairman Amy Howell, CEO of Howell Marketing Strategies LLC; secretary Joey Dudek Jr., attorney with Butler, Snow, O’Mara, Stevens and Cannada PLLC; and treasurer Joe Lyons, chief financial officer with True Temper Sports.

Two new EmergeMemphis board members include Fadi Kiameh, business development manager of building efficiency with Johnson Controls Inc., and Andy Barger, chief intellectual property counsel with Thomas & Betts Corp.

– Andy Meek

Adams Keegan Employees Give Back for Holidays

Employees of Memphis-based human resources management and outsourcing firm Adams Keegan are using a fun holiday competition to help the less fortunate.

Five charities are benefiting from a company fundraising contest. Randomly assigned teams brainstormed to select their charity of choice. The ones chosen were the American Red Cross, St. John’s United Methodist Church Soup Kitchen & Food Pantry, Wounded Warrior Project, Bold Initiative and S.A.V.E. (School Advocates for Vision & Education).

Adams Keegan will donate matching funds to the winning team’s charity.

The American Red Cross team raised funds by selling pizza by the slice to fellow employees. The team received support from Brendan Dulin, general manager of Papa John’s on Poplar Avenue in East Memphis, who donated pizzas to the effort. Other teams raised money for selected charities with creative ideas including selling jewelry, home-cooked food and baked goods.

– Andy Meek

Cooper Hotels Promotes Harrop to General Manager

Hotel development and management company Cooper Hotels has promoted Kurt Harrop to general manager of the DoubleTree by Hilton Memphis.

Harrop brings more than 23 years of industry experience, most recently six years as food and beverage director of the 266-room hotel. In his former position he was responsible for all food and beverage services including catering and the hotel’s Lynchburg Legends Bar & Grill. Prior to that he served in management positions with Radisson Hotels and Choice Hotels.

Replacing Harrop in the food and beverage position is Mario Grisanti, who has served as assistant food and beverage director for more than three years.

Grisanti’s background includes growing up working at his father’s restaurant Dino’s Grill and at Harrah’s Casino. Grisanti attended the University of Memphis/Kemmons Wilson School of Hospitality and Resort Management.

– Andy Meek

PROPERTY SALES 56 56 9,658
MORTGAGES 49 49 10,665
BUILDING PERMITS 212 212 21,170
BANKRUPTCIES 49 49 6,157