VOL. 130 | NO. 48 | Wednesday, March 11, 2015
Preserve at Forest Creek Sells for $51.3 Million
The Preserve at Forest Creek Apartments in Southeast Memphis has been sold for $51.3 million.
Forest Creek Apartment Associate LLC and Forest Creek Land Associates LLC, affiliates of Carter Hastin Real Estate Services Inc., sold the 414-unit apartment complex at 9230 Thornbury Boulevard to BRE Piper MF Forest Creek TN LLC, an affiliate of Chicago-based LivCor LLC, according to a Feb. 27 special warranty deed.
The purchase was financed with a $44.2 million loan filed with Wells Fargo Bank NA, according to a multifamily deed of trust. The purchase price breaks down to $123,913 per unit.
The Shelby County Assessor of Property’s 2014 appraisal for the apartment community located just off Forest Hill Irene Road near Tenn. 385 is $43.5 million.
Source: The Daily News Online & Chandler Reports
– Amos Maki
Sun Sets on Memphis in May’s Annual Symphony
Sunset Symphony will take its final bow this year.
Memphis in May International Festival announced Monday that the 2015 AutoZone Sunset Symphony would be the last, ending a 39-year run.
The event, scheduled for May 23 in Downtown Memphis’ Tom Lee Park, will feature special guests and an expanded fireworks show as part of its grand finale celebration.
Memphis in May will announce next year plans for a new Memorial Day weekend event set to take Sunset Symphony’s place.
Sunset Symphony will begin this year at 6 p.m. with an air show by the Commemorative Air Force. The Memphis Symphony Orchestra – led by music director Mei-Ann Chen – will perform along with opera star and Memphian Kallen Esperian and local soloist Richard Todd Payne, who will reprise “Ol’ Man River.”
MSO president and CEO Roland Valliere said the organization “deeply appreciates” its partnership with Memphis in May.
“We look forward to a spectacular grand finale with many special elements that will take place during this May’s culminating performance,” Valliere said in a statement.
Memphis in May CEO Jim Holt said the decision to launch new event programming in 2016 was made by the board of directors after studying event trends and program popularity.
“While we’re sad to close the chapter on the Sunset Symphony as we know it, we’re excited about the spectacular and fitting grand finale program that’s in place for 2015, and we’re very excited to create future event opportunities in its place for our community,” he said in a statement. “Our goal is to broaden community engagement and participation with our new event.”
Sunset Symphony tickets are $10 and will go on sale through Ticketmaster Thursday, March 12.
– Jane A. Donahoe
Shelby Farms Conservancy Completes Capital Campaign
The Shelby Farms Park Conservancy has closed the books on a capital campaign that raised $70 million. Most of the money – $60 million – was raised from 387 private-donor gifts, led by a $20 million gift from the Hyde Family Foundations.
The last $140,000 was raised from a public appeal that brought in more than 300 donations ranging from $4 to $10,000.
Those public donations, in turn, triggered a $1 million challenge grant from FedEx Corp. pushing the total past $70 million.
The public funding consisted of $5 million from Tennessee state government, $3 million in capital funding from Shelby County government and $150,000 from the city of Memphis.
Shelby County government owns the park land. The conservancy manages and develops the land under contract with the county.
Some park developments undertaken in the capital campaign include the already-completed Woodland Discovery Playground, the Wolf River Pedestrian Bridge and signage and tree plantings.
The capital campaign also includes the $52 million Heart of the Park plan which takes in an expansion of Patriot Lake with new surrounding amenities.
Construction on the lake expansion began late last year. The entire Heart of the Park plan is scheduled to be completed in fall 2016.
– Bill Dries
Wyatt Tarrant and Medtronic Honored For Pro Bono Work
The Memphis office of the law firm Wyatt Tarrant & Combs and the regional legal department of Medtronic were honored this month in Nashville by the Tennessee Bar Association for their commitments to providing free legal service.
The honors were presented at the Ninth annual Corporate Counsel Pro Bono Initiative Gala.
Wyatt Tarrant & Combs contributes to Memphis Area Legal Services, the nonprofit that provides free civil representation for residents of Shelby, Tipton, Fayette and Lauderdale counties.
The law firm also hosts the agency’s phone-a-thon fundraiser and sponsors a Saturday law clinic that provides walk-in legal assistance or referrals from attorneys who volunteer their time.
The legal department of Medtronic’s Mid-South region was honored for its participation in a Wills for Heroes clinic that provides free wills and similar legal documents for first responders and their families.
The Medtronic attorneys also hosted an outreach clinic for senior citizens at the Bickford Senior Center in North Memphis.
And Medtronic has founded a medical-legal partnership initiative that makes civil legal aid available at health care centers.
The partnership also trains medical staff to recognize legal issues.
– Bill Dries
Southern Folklore Music in March Series Kicks Off
The Daddy Mack Blues Band kicks off the Music in March @Southern Folklore series from 8 to 11 p.m. on Saturday, March 14 at the Center for Southern Folklore, 119-123 S. Main Street.
On March 21, Zeke Johnson is the featured performer. On March 27, it’s Kate Campbell, and on March 28 the J Train Blues Band.
For Kate Campbell, front row tickets that include a meet and greet, are $25. General admission is $15, $18 on the day of the show. A $10 door donation is requested for all other performances.
For tickets, call (901) 525-3655 or visit southernfolklore.com.
– Don Wade