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VOL. 127 | NO. 8 | Thursday, January 12, 2012

Daily Digest

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Oakshire Apartments Sells for $2.3 Million

Laredo, Texas-based Memphis Bell LLC has bought the 299-unit Oakshire Apartments just north of the Tennessee-Mississippi state line from LILO LLC for $2.3 million, financing it with two trust deeds – $1.4 million through The Rama Fund LLC and $690,000 through the seller. The purchase includes an adjacent single-family residence.

Oakshire Apartments, which uses the address 1715 Crimson Road, comprises three parcels totaling 17.4 acres east of Millbranch Road and bounded on the east by U.S. 55. The Class D apartments range from studios to townhouses, with 136 units built in 1969 and 163 built in 1972.

The Shelby County Assessor of Property lists the complex at 1717 Crimson, and the combined 2011 appraisal for the three-parcel site is $1.8 million.

Memphis Bell’s purchase also covers an 1,160-square-foot house built in 1956 at 5324 Millbranch, at the southeast corner of Millbranch and Crimson. Its 2011 appraisal is $69,800.

Memphis Bell incorporated as a limited liability company in October.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Wharton, Luttrell to Meet with Electrolux Execs

Memphis Mayor A C Wharton Jr. and Shelby County Mayor Mark Luttrell meet Thursday, Jan. 12, with executives from Electrolux North America Cooking Products.

The closed meeting is to discuss the use of local and minority- and women-owned contractors in the construction of the new Electrolux manufacturing center in the Frank C. Pidgeon Industrial Park in southwest Memphis.

Electrolux executives agreed last year to some goals for local and minority business participation in exchange for local government funding of infrastructure needs, but the agreement did not include a percentage requirement.

The company has hired a general contractor for the project and begun awarding contracts. When the first $5 million in contracts included no local firms – minority-owned or otherwise – Memphis City Council members began questioning the deal. Some have talked of slowing the appropriation of public money to the project until or unless they see some contracts for local companies.

– Bill Dries

Gwin Scott Leaving EmergeMemphis

There’s no digital clock on the wall at local business incubator EmergeMemphis for its president like there is for the companies housed there, where all the clocks on a ground level wall show a countdown until the time when the companies will be assumed to be established enough to branch out on their own.

But if there were a clock for president Gwin Scott, it would show he’s reached his time to move on. Scott is shifting his role from president to adviser so he can pursue new business opportunities. It ends his seven-year run leading the organization whose mission is to shepherd startups into sustainable existences via everything from the benefits of shared office space to the proximity with fellow early stage company owners in the EmergeMemphis building, 516 Tennessee St.

Scott said he’s thought about the decision for the last several months and has a range of opportunities he’s currently exploring.

EmergeMemphis board chair Amy Howell, CEO of Howell Marketing Strategies, said Scott’s accomplishments at EmergeMemphis have been many, from entrepreneurial recruitment to strategic alignments with FedEx Corp. and Startup Tennessee.

The EmergeMemphis board is in the process of figuring out what the next management step should be.

– Andy Meek

MSO Associate Conductor Heading to Seattle Symphony

Stilian Kirov, associate conductor for the Memphis Symphony Orchestra and music director of the Memphis Youth Symphony Program, has been appointed assistant conductor for the Seattle Symphony.

Kirov will begin his new assignment in September under Seattle Symphony music director Ludovic Morlot. He will finish out obligations with the MSO in the meantime.

Last year Kirov won a prestigious conducting fellowship with the Seattle Symphony with duties for the current season. His next assignment as a fellow will be to conduct University of Washington student compositions Jan. 31 at Benaroya Hall, the Seattle Symphony’s concert hall.

The MSO has begun a search for a new assistant conductor to begin in September.

– Taylor Shoptaw

Music Festival Returns for Second Year

The Fareveller Music Festival is returning to Memphis after its kickoff in 2011 that brought more than 1,200 people to the three-day event.

For three nights – March 22 to 24 – Young Avenue Deli, Newby’s and Otherlands will showcase local and national music talent. The initial lineup will be released Monday, Jan. 16, at www.fareveller.com.

Sponsors for this year’s festival include Stolichnaya, Sailor Jerry Spiced Rum, South of Beale, the Memphis Flyer and the Memphis Chapter of the National Academy of Recording Arts and Sciences.

– Andy Meek

Land Use Board Considers Multifamily Space

The Memphis-Shelby County Land Use Control Board will meet Thursday, Jan. 12, to discuss a special permit allowing 50 multifamily residential homes for the elderly on 4 acres on the east side of North Seventh Street south of Wells Street in Downtown Memphis.

The applicant is listed as CAAP Inc.

The current Moderate Density Residential District zoning of the property allows a group-living facility, but needs approval by staff for any new construction within Uptown Memphis Area boundary, the staff report cites.

“The site plan illustrates four, two-story buildings with at least 12 dwelling units each oriented on a lot with more depth than width, which by design required the placement of new buildings in a linear direction,” the report reads.

One building parallel to the street will meet the Uptown Ordinance requirements, and the remaining three buildings can be oriented to internal private drives with three lawns.

Also on the LUCB agenda is an application from the city of Memphis to change the name of Linden Avenue to Dr. Martin Luther King Jr. Avenue.

The existing Linden Avenue beginning on the east side of Wagner and extending to the west side of Danny Thomas Boulevard is the route King used to lead several marches in the 1960s.

The meeting starts at 10 a.m. Thursday at City Hall, 125 N. Main St.

– Sarah Baker

Obama Aims to Reward Businesses That Invest in US

President Barack Obama said Wednesday, Jan. 11, he wants to reward companies that invest in America and eliminate tax breaks for companies that don’t, and he’s planning new tax proposals to do it.

A day after his Republican foes competed in the New Hampshire primary, Obama sought to grab back the spotlight and underscore his focus on the economy by convening a White House forum on how to increase employment and bring back jobs that have fled overseas.

– The Associated Press

Launch Medical Planning $4.8M Expansion in Bartlett

Medical device development company Launch Medical is planning to expand its Bartlett operations by investing $4.8 million in the company’s existing building on Wolf Lake Road. Over a five-year period, the expansion will create 40 jobs centered on manufacturing medical device prototypes.

Tennessee Gov. Bill Haslam, Economic and Community Development Commissioner Bill Hagerty and officials from Shelby County made the announcement in Nashville Wednesday, Jan. 11.

Launch Medical focuses on helping surgeon-inventors develop ideas into marketable products. The company began in 2007 as a medical device incubator, offering surgeon-inventors medical device development opportunities. In 2010, the company shifted from to the manufacturing market, partnering with Elite Medical in a strategic alliance to manufacture and distribute medical implants and instrumentation.

Clay Banks, director of economic development for the Bartlett Area Chamber of Commerce, said Northeast Shelby County over the past decade has emerged as the state’s life sciences corridor and a leading center for innovation in medical device technology.

– Aisling Maki

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 31 327 17,870
MORTGAGES 49 409 20,835
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 129 800 36,616
BANKRUPTCIES 51 243 11,925
BUSINESS LICENSES 21 117 5,677
UTILITY CONNECTIONS 41 215 12,248
MARRIAGE LICENSES 29 121 4,478

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