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VOL. 128 | NO. 38 | Monday, February 25, 2013

Daily Digest

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U of M Files Permit for New Residence

The University of Memphis has filed a $43.5 million permit with the city-county Office of Construction Code Enforcement for a 285,300-square-foot residence hall on campus.

The permit lists the Tennessee Board of Regents – the system that operates the U of M and other colleges throughout the state – as the owner of the property at 3615 Central Ave.

No contractor or architect is included on the permit application, but the State Building Commission last year awarded the construction and construction management contract to Knoxville-based Rentenbach Constructors.

The project calls for a $53 million, 754-bed, five-story residence hall that will replace the 40-year-old Richardson Towers when it opens in 2015.

The 10-story Richardson Towers includes two dormitory buildings – one for men and one for women – that house more than 1,000 students. The hall will be built on the site of an existing parking lot south of Richardson, which will be razed.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Courtney to Speak at HopeWorks Event

Memphis-based HopeWorks Inc. is hosting its fifth annual Morning of Hope breakfast and fundraising event next month at Woodland Hills Event Center in Cordova.

The event will be held March 2 from 8:30 a.m. to 10:30 a.m. at the center, at 10000 Woodland Hills Drive. Bill Courtney, former volunteer head football coach of the Manassas High School football team and the subject of the Academy Award-winning documentary “Undefeated” will speak at the event.

Courtney, a Memphian and chief executive officer of Classic American Hardwoods, led the Manassas High School football team to their first winning season to date in 2009.

The event will feature a gourmet breakfast provided by Sysco and musical entertainment, including a performance by HopeWorks graduate Stephanie Needham. Tickets are $50 each or $500 per table of 10 and may be purchased online by visiting www.WhyHopeWorks.org or by calling 272-3700, ext. 107. The deadline for all ticket purchases is Feb. 25.

– Andy Meek

Fogelman Properties Moves Headquarters to Triad II

Memphis-based Fogelman Properties LLC has signed a lease for 12,000 square feet on the second floor of Triad Centre II, an 110,305-square-foot, Class A office building at 6060 Poplar Ave.

Fogelman Properties is relocating to Triad Centre II from its previous location at 5400 Poplar Ave., where the company has been headquartered since 1985. Founded in 1963, Fogelman Properties owns and/or manages more than 19,000 apartment communities in 14 states and is led by principals Rick Fogelman and Mark Fogelman.

Rick Fogelman said in a release that with 2013 being the 50th anniversary of Fogelman Properties, “the time was right to make this move,” which will provide additional space and further growth capacity going forward.

Fogelman was represented by Kelly Truitt and Wendy Bell of the CB Richard Ellis Memphis tenant advisory group. The landlord, Highwoods Properties Inc., was represented by John Mercer.

Triad II was recently renovated, including a new entrance and lobby.

– Sarah Baker

Healthy Drive-Thru to Open on Walnut Grove

Love Shack, a new healthy drive-thru restaurant at 2886 Walnut Grove Road near Tillman Street in Binghampton, will have a grand opening Thursday, March 7.

Owned by Chris Conner, Love Shack’s motto is, “Love your body, love your mind, love your spirit.” The menu is geared toward vegetarians and vegans and includes fresh wheatgrass juice, smoothies, soups, herbal detox teas, coffee and complimenting snacks.

Love Shack is now open Monday through Saturday from 6 a.m. to 7 p.m.

– Sarah Baker

Tennessee Homeowners Get Loan Relief

Thousands of Tennessee homeowners have received more than $161 million in loan relief as part of a landmark multistate settlement with five U.S. banks over foreclosure abuses.

Tennessee Attorney General Bob Cooper’s office said on Friday that the relief went to about 4,000 homeowners in the state between March 1 and Dec. 31. The announcement came after a report was released last week by an office monitoring the settlement.

Tennessee is among 49 states involved in the $25 billion National Mortgage Settlement. Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial entered the agreement last year with the states and the federal government.

Tennesseans who are eligible could ultimately receive more than $200 million in mortgage relief, the majority of it going to help avoid foreclosure.

– The Associated Press

Obama Administration: Cuts to Cause Flight Delays

The Obama administration is warning that automatic spending cuts scheduled to take effect March 1 will result in travel delays at major airports and require traffic-disrupting shutdowns of air traffic control towers at smaller facilities.

Transportation Secretary Ray LaHood says the across the board reductions will require trimming $600 million this year form the Federal Aviation Administration. LaHood says that will mean furloughing air traffic controllers, which in turn will reduce the ability to guide planes in and out of airports.

He says travelers could experience 90-minute delays or more in major cities.

The transportation reductions are part of broader cuts that will hit across government agencies that will begin to kick in at the end of next week.

LaHood’s appearance in the White House briefing room was part of a continuing campaign by Cabinet members and other administration officials aimed at buttressing President Barack Obama’s appeal to Congress to replace the cuts with tax increases and targeted reductions. Congressional Republicans oppose any additional tax increases.

Asked whether it appeared inevitable that the cuts would materialize, press secretary Jay Carney said: “We obviously are discouraged by the line that Republican leaders have taken, which is the book is closed on revenue. ... We remain hopeful and we will continue to engage with Congress.”

LaHood, a former Republican congressman from Illinois, denied that he was simply describing a worst-case scenario that would scare the public and put pressure on Republican lawmakers. He said the effect of the cuts will begin to be felt around the beginning of April.

“What I’m trying to do is wake up members of the Congress with the idea that they need to come to the table so we don’t have to have this kind of calamity in air services in America,” he said.

LaHood said the main reason the White House had asked him to appear before White House-based reporters was because he is a Republican making the case for Obama with Republican lawmakers.

– The Associated Press

Oil Levels Off After Two Days of Steep Losses

The price of oil was little changed Friday after a 5 percent fall over the last two days. The drop in crude showed signs of slowing the upward spiral of gas pump prices as well, at least temporarily.

Benchmark crude for April delivery was down 12 cents to $92.72 a barrel on the New York Mercantile Exchange. Brent crude, used to price oil that many U.S. refineries use to make gasoline, rose 42 cents at $113.95 a barrel on the ICE Futures exchange in London.

At the pump the national average for a gallon of regular gas was $3.78, about where it was on Thursday, but 14 cents higher than a week ago and almost half a dollar more than a month ago, according to AAA. Drivers in California, Florida, the Northeast and the Midwest are paying the most.

Encouraging news about the global economy helped oil prices stabilize. The European Commission said Friday that it expects the recession afflicting the economy of the 17 countries sharing the euro to bottom out during the first half of the year, with growth reaching an annual rate of 0.7 percent in the fourth quarter. The EC expects growth in the eurozone to accelerate to 1.4 percent next year.

A stronger global economy is likely to mean more demand for oil and gas, which points to higher prices for fuel.

– The Associated Press

PROPERTY SALES 116 288 17,672
MORTGAGES 143 337 20,372
BUILDING PERMITS 139 488 36,434
BANKRUPTCIES 43 158 11,322