VOL. 130 | NO. 40 | Friday, February 27, 2015
Brewery Developers Buy Key Property on Butler
The team behind the development of the historic Tennessee Brewery has acquired a key piece of property adjacent to the long-vacant structure as plans for the new Brewery Revival series of events there move forward.
The development team, operating as 495 Tennessee LLC, purchased the vacant lot at 11 Butler Ave. from BCH Investments LLC for $1.25 million, according to a Feb. 23 warranty deed.
The 1.6-acre slice of vacant land is key to the development team’s effort to save the 125-year-old brewery building at 495 Tennessee St. Developer Billy Orgel and his team plan to build a new, 90-unit apartment building on the site that will essentially subsidize the adaptive reuse of the old brewery.
The $23 million project includes about 148 residential units – 58 in the brewery building and 90 in a new six-story building to be built on the Butler lot – about 8,000 square feet of commercial space and a 280-space public parking garage.
The castle-like brewery opened in 1890 and made the Memphis-based Goldcrest 51 beer label, a popular regional brand for years, but the structure has been vacant since the 1953.
The development team of Orgel, Adam Slovis, Jason Wexler and Jay Lindy stepped in last year to save the brewery from the wrecking ball.
After years of trying to find a developer willing to take on the project – proposals over the years included hotels and condominiums – the previous owners announced last year they were considering demolishing the landmark brick and cast-iron building overlooking the Mississippi River.
Following last summer’s successful month-long Brewery Untapped event, which activated the long-vacant space with a beer garden, music, food trucks and other activities, Orgel and his partners acquired the property in November for $825,000.
The team is planning another temporary activation event this spring called Brewery Revival. It was granted a beer permit from the city of Memphis this week.
Source: The Daily News Online & Chandler Reports
– Amos Maki
First Tennessee Bank Wins Technology Award
First Tennessee Bank has been named by consulting firm Frost & Sullivan as a winner of the 2015 Best in Class CIO Impact Award in the category of enterprise architecture.
Winners of the 2015 CIO Impact Awards are recognized for “enabling breakthrough new business models and strategies through the innovative use of transformative technologies.” First Tennessee got the award for using software from Cicero Inc. – a provider of activity intelligence and improvement software for use in back offices and contact centers – to deliver a “Customer Contact Center Desktop” for the bank’s customer service operations.
That system provides a unified desktop for contact center employees for high usage customer service functions. According to Bruce Livesay, chief information officer for First Tennessee parent company First Horizon National Corp., the “Customer Contact Center Desktop” allows the bank to spend more time interacting with customers instead of navigating various back-end systems.
– Andy Meek
Campbell Foundation Expands Board of Directors
The Campbell Foundation, the charitable trust affiliated with Campbell Clinic, has added a new member to its board of trustees – Dr. John Weinlein.
He joined the Campbell Clinic staff as an orthopedic trauma surgeon in 2010. He also serves as a clinical instructor of orthopedic surgery in the University of Tennessee - Campbell Clinic Department of Orthopedic Surgery & Biomedical Engineering.
The Campbell Foundation was established in 1946 and has a goal of restoring quality of life through surgeon education, orthopedic research, and community health care.
– Andy Meek
Methodist Foundation Awarded $25,000 Grant
Methodist Healthcare Foundation has been chosen as one of 23 grant recipients for the Avon-Pfizer Metastatic Breast Cancer Grants Program, “Identify-Amplify-Unify.”
Methodist’s $25,000 grant will be used by the West Cancer Center to develop and implement a program for women with metastatic breast cancer.
Metastatic breast cancer is the most advanced stage of breast cancer and occurs when cancer spreads beyond the breast to other parts of the body. Nearly three in 10 women who have had early breast cancer will eventually develop metastatic disease, and there are no cures currently available.
– Andy Meek
First Alliance Bank Adds To Board of Directors
First Alliance Bank has added Thomas Shipmon to its board of directors.
Shipmon is the president of WingFinance, a Memphis-based private finance company providing interim construction financing to franchisees. It was launched in January 2004 and started by providing interim construction financing to franchisees as a bridge for Small Business Administration Loans.
Prior to WingFinance, Shipmon’s career included stints in other financial service industry roles like commercial lender, banking client manager, relationship manager and sales manager.
– Andy Meek
Wright Medical Reports Strong Sales, Declining Loss
Memphis-based orthopedic company Wright Medical Group Inc. reported strong sales during the fourth quarter and a declining net loss compared to fourth quarter 2013, with the company’s president and CEO Robert Palmisano saying the results were helped in part by the company’s fast-accelerating U.S. foot and ankle business.
The company’s net loss dropped to $107 million during the quarter from $135.2 million during the year-ago period. Net sales were up more than 20 percent, to $83.3 million during the quarter.
Palmisano said the results included robust sales force productivity, with the company achieving a goal of exiting 2014 at more than $1 million per sales representative.
“Gross margins of 77.1 percent were also strong,” Palmisano said in a statement accompanying the earnings results. “Our U.S. foot and ankle business grew 39 percent, up significantly from 28 percent in the third quarter of this year.”
Looking ahead, he added that the company’s 2015 standalone guidance assumes continued strong growth in its U.S. foot and ankle and international businesses. The company’s upper extremity and biologics businesses are expected to remain soft, though the company thinks that will be addressed by Wright’s pending merger with medical device company Tornier and anticipated final FDA approval of Wright’s “AUGMENT Bone Graft” product.
Wright Medical noted a second-quarter 2015 closing date for the Tornier merger was “is still possible, but is a best-case scenario.”
– Andy Meek
Complete Health Care Center Nabs Elite NCQA Status
Common Table Health Alliance’s process improvement team effectively coached Complete Health Care Center through the process to receive the first Level 3 NCQA Patient Centered Medical Home (PCMH) recognition in West Tennessee.
The primary care practice is located in Midtown. The next nearest Level 3 practice is located in Nashville.
A Patient Centered Medical Home offers an organized method of providing evidence-based care that results in better health outcomes for patients, reduces duplication in care and increases productivity of practice staff.
The care received at a PCMH-recognized practice improves patient experiences, helps develop better relationships between patients and clinicians and improves management of chronic diseases.
Level 3 is the highest level of PCMH recognition a practice can receive from the National Committee for Quality Assurance (NCQA) and demonstrates strong performance or significant improvement in measures across the triple aim.
Common Table Health Alliance’s Project Better Care program provides small primary care practices with quality improvement coaching, care management for high-risk patients, data analytics and learning collaboratives.
Successful practices participating in Project Better Care seek to become a recognized NCQA Patient Centered Medical Home.
Although it only required six months for Complete Health Care Center to receive their recognition, the process typically takes between 12 to 18 months.
– Don Wade