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VOL. 128 | NO. 217 | Wednesday, November 6, 2013

Daily Digest

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Harbor Island Buys Land, Files Loan for Apartments

Harbor Island Partners LLC has acquired 10.5 acres on Mud Island and filed a construction loan for a 134-unit apartment complex on the property.

The company, whose partners are local builders Keith Grant and David Grant, will build the Harbor Island apartment complex at the southeast corner of Island Drive and A.W. Willis.

Harbor Island Partners paid $1.6 million for two parcels totaling 2.9 acres from Island Properties Associates and received the remaining 7.6 acres in a quitclaim deed from a related entity, L3 Properties LLC, whose chief manager is Keith Grant.

Harbor Island last month withdrew a payment-in-lieu-of-taxes application for the complex. Downtown Memphis Commission president Paul Morris said developers pulled the item because of “changing cost estimates” and a new scope for the project.

Morris termed Harbor Island “no longer a ‘but for’ project,” meaning the developers believe the new cost estimates, including a cheaper cost of lumber, mean they can build the 134-unit apartment complex without a tax break being essential to complete the financing.

Harbor Island Partners filed a $12.8 million construction loan for the project through Metropolitan Bank. Keith Grant signed the deed as chief manager of the borrower.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Derwin Named Terminix President

Bill Derwin, vice president of the Otis Elevator division of United Technologies Corp., is the new president of the Terminix division of Memphis-based ServiceMaster Co.

ServiceMaster CEO Robert Gillette announced the hiring of Derwin Monday, Nov. 4.

Derwin starts Monday, Nov. 11, at Terminix, where Larry Pruitt has been interim president of the pest control provider since March. Pruitt becomes chief operating officer at Terminix in the transition, which is the latest change among the residential and commercial services offered by ServiceMaster since Gillette became ServiceMaster CEO this past June.

– Bill Dries

Bartlett, Collierville Named Good Places for Business

Bartlett and Collierville recently ranked high on a list of cities for jobseekers in Tennessee.

Bartlett was named the best town in the state for jobseekers, while Collierville came in third place, according to a survey from the NerdWallet website. NerdWallet developed the list by measuring the growth in each city’s working-age population, median household income and cost of unemployment.

According to NerdWallet, Bartlett saw a 13.9 percent increase in the working-age population between 2009 and 2011, while the median household income was $75,988. Collierville witnessed a 9.1 percent spike in the working-age population, and median household income weighed in at $102,298.

View the full report at www.nerdwallet.com/blog/2013/best-places-tennessee-job-seekers.

– Amos Maki

Memphis Indie Holiday Market Slated for Nov. 16

The first Memphis Indie Holiday Market is happening next week.

Anna Avant of Hoot-Louise and Brit McDaniel of Paper & Clay announced the new event, which will be held Nov. 16 from 10 a.m. to 2 p.m. in the lot behind Hoot-Louise’s Downtown Memphis store, 109 G.E. Patterson Ave.

Vendors at the market will include Muddy’s Bake Shop, Amelia Presents, The End of All Music, Memphis Mean Time, Paper & Clay and Question The Answer.

Gift wrapping will be available for a donation to Evergreen Montessori.

– Andy Meek

Marston Group Relocates to East Memphis

The Marston Group PLC accounting firm has relocated to 1661 International Drive in East Memphis from 6055 Primacy Parkway.

The firm’s new digs are in The Colonnade, an 89,000-square-foot, four-story building, where the firm will be on the second floor.

The Marston Group was founded in 1985.

– Andy Meek

Turner to Step Down as Democratic Caucus Chairman

State Rep. Mike Turner says he will step down in January as the House Democratic Caucus chairman.

Turner, who has served in the role for five years, cited philosophical differences with the state's Democratic Party Chairman Roy Herron.

Turner told The Tennessean that he and Herron are friends, but suggested they have very different visions for the political party.

"This is not anything personal against him, but my approach to what the party needs and where it needs to go is way different than his," Turner, who lives in Old Hickory, said Monday. "I want a more progressive and aggressive party that more reflects probably the national trend and where Democrats are having some success in other areas.

"I think Roy has got a more traditional conservative approach. The caucus chairman and the party chairman need to work together."

Herron said he holds Turner in high regard and doesn't think he was a major influence on his decision.

"I've been talking with a number of legislators, including Rep. Turner, and most of them feel strongly that the party should be spending less on overhead and more on campaigns," Herron said. "If that's conservative, then I think a lot of elected Democrats feel that's the direction we ought to go."

– The Associated Press

US Home Prices Rise Slightly in September

A measure of U.S. home prices rose only slightly in September from August, a sign that prices are leveling off after big gains earlier this year.

Real estate provider CoreLogic said Tuesday that home prices increased 0.2 percent in September from the previous month. That's sharply lower than the 0.9 percent month-over-month gain in August and well below the 1.8 percent increase in July.

Prices still rose 12 percent in September compared with a year ago.

Higher mortgage rates and steady price increases began to slow home sales in September. As a result, price gains have cooled off.

Mortgage rates are still very low. And the average rate on a 30-year fixed loan has fallen to 4.1 percent in the past month, down from a two-year high of nearly 4.6 percent over the summer.

Many economists expect the housing recovery to continue, though with slower gains in sales. Still, the spike in rates over the summer has weighed on the market. A measure of signed contracts to buy homes fell 5.6 percent in September to the lowest level in nine months.

There is generally a one- to two-month lag between a signed contract and a completed sale. The sharp drop in September suggests final sales will decline in the coming months.

– The Associated Press

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225