VOL. 131 | NO. 27 | Monday, February 8, 2016
Artspace Pushes Back Groundbreaking
The South Main Artspace Lofts are in the final stretch of fundraising with $80,000 left to close the gap on the $12.9 million project.
At a town hall meeting held earlier this month, the Artspace developers presented adjusted timelines for the affordable housing development. If Artspace meets its goal, construction could start in early May with move-in by May 2017. Previous timelines put groundbreaking at early February.
Artspace will have to raise the funds by March to qualify for a $500,000 matching grant donated by a local philanthropist.
– Madeline Faber
Ohio Health Care Exec Relocates to Memphis for Methodist Job
Methodist Le Bonheur Healthcare has a new senior vice president of strategic planning and marketing.
Hugh Jones got the nod for the job and is joining Methodist after relocating to Memphis from Trinity Health and Mount Carmel Health System in Columbus, Ohio.
Jones’ career has included some of the most well-known health care systems in the United States. He most recently served as senior vice president, strategy and system development, for the five-hospital Mount Carmel system in Columbus. During his tenure there, he spearheaded the development of a strategic plan aimed at transforming the system into a population health-focused organization.
Previously, he worked at Kaiser Permanente in both a corporate and regional capacity, leading many of its strategic planning initiatives.
At Methodist, Jones will be responsible for leading the strategic planning, web, research and marketing communications teams for the system.
– Andy Meek
State Announces HSBC Mortgage Settlement
The state of Tennessee is part of a $470 million settlement announced Friday, Feb. 5, with HSBC, a mortgage lender and servicer.
Tennessee is one of 49 states as well as the District of Columbia that sued HSBC over alleged mortgage and foreclosure abuses.
The Tennessee part of the settlement affects 2,600 borrowers who are eligible for payments through a national fund of $59.3 million.
Those eligible are borrowers whose loans were serviced by HSBC and lost their homes to foreclosure from Jan. 1, 2008, to the end of 2012.
Those borrowers will be contacted about the qualifications for payments.
As part of the settlement HSBC will change how it services mortgage loans and handles foreclosures. The settlement also requires HSBC to take steps to provide more accurate information in federal bankruptcy court filings.
Additional measures include requiring the bank to evaluate homeowners more accurately and in the process make foreclosure a last resort.
Homeowners also have the right to appeal denials and there is to be a single point of contact for borrowers seeking information about the status of their loans.
An independent monitor will oversee the agreement for a year to guarantee compliance. And HSBC could still be sued by individual borrowers, and state and federal authorities could still pursue criminal charges.
– Bill Dries
ArtsMemphis Joins National Economic Impact Study
As one of Tennessee’s leading arts organizations, ArtsMemphis will participate in a national study designed to reveal how nonprofit and cultural organizations impact the local economy.
In partnership with the Tennessee Arts Commission and Americans for the Arts, ArtsMemphis will spearhead the local effort to collect data from nonprofit arts and cultural organizations that will measure the impact of arts and culture spending on local jobs, income paid to local residents and revenue generated to local and state governments.
“This study will highlight the critical role that the arts play in our community. Arts organizations are not only an engine of cultural vitality, they’re also a huge economic driver,” said Elizabeth Rouse, president and CEO of ArtsMemphis. “It’s time people realize that the nonprofit arts sector is serious business.”
ArtsMemphis, in conjunction with AFTA, will conduct the local portion of the national research study, entitled Arts & Economic Prosperity 5. The process will include collecting surveys from attendees at arts and cultural events. Previous national studies have shown that people who attend arts events spend on average $24.60 per person per event in addition to the cost of admission.
Studies have also shown that, on average, 32 percent of people attending arts events travel from another city or county and spend nearly $40 per person at each event. Research for the study will be collected throughout 2016. The results will be released in June 2017.
– Don Wade
Self-Storage Facilities Sell for $6 Million
Two Extra Space Storage facilities have changed hands for $6 million.
Extra Space Properties 122 LLC purchased the facilities at 1235 Gateway Drive and 1075 Madison Ave. from ESS VRS Owner LLC in separate Feb. 2 warranty deeds.
The Class C self-storage facility on Gateway Drive, which sold for $3.7 million, was built in 1987 and has 57,572 square feet on 2.8 acres. The Shelby County Assessor’s most recent appraisal of the property, which is on the south side of Gateway east of Elvis Presley Boulevard, is $1.7 million.
The 32,187-square-foot Class B facility on Madison, which sold for $2.3 million, was constructed in 1982. Situated on 1.1 acres on the south side of Madison adjacent to the Interstate 240 on-ramp, the property most recently was appraised at $1.2 million.
– Madeline Faber