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VOL. 131 | NO. 9 | Wednesday, January 13, 2016

Daily Digest

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Church Health Center Begins Crosstown Construction

The Church Health Center is the first Crosstown Concourse founding partner to begin its build-out.

On behalf of the Church Health Center, contractor Grinder, Taber & Grinder has applied for a $15.6 million building permit for new construction in the mixed-used development at 495 N. Watkins St.

The health care provider will consolidate 14 buildings’ worth of services into one 150,000-square-foot space when Crosstown Concourse opens in 2017.

Medical and wellness facilities, including a fitness center, are planned.

According to earlier reports, the Church Health Center will lease for the first seven years and then buy its space.

The Church Health Center, along with seven other founding partners, committed to the $115.3 million undertaking in 2012. Other founding partners include St. Jude Children’s Research Hospital, ALSAC and Memphis Teacher Residency.

With combined residential, office, community use and retail components, the 1.5 million-square-foot former Sears & Roebuck regional distribution center will be a hub for Memphis health care, arts and education.

Overlooking Crosstown Concourse, the Church Health Center is temporarily occupying a space next to Crosstown Arts.

Construction on Crosstown Concourse has been ongoing since January 2015.

– Madeline Faber

EdR Selling 5.5M Shares In Public Offering

Memphis-based real estate investment trust EdR plans to sell 5.5 million shares of common stock in an underwritten public offering, the company announced Monday, Jan. 12.

EdR, which is one of the nation’s largest owners, developers and managers of collegiate housing, priced the stock at $35.50 per share to the public, with the offering expected to close on or about Jan. 15. The company also plans to grant the underwriters a 30-day option to purchase up to 825,000 additional shares of common stock.

The net proceeds, after deducting the underwriting discount and other estimated offering expenses, are expected to be $187 million, exclusive of the underwriters’ option to purchase additional shares.

EdR plans to use that money to repay amounts from two outstanding notes under its master secured credit facility with Fannie Mae and the outstanding balance on certain mortgage indebtedness.

The remainder of the money will be used for general corporate purposes, according to EdR. That could include funding its development activities – such as the two recently announced developments at Michigan State University and Texas State University – or acquiring additional communities.

– Kate Simone

CCRFC Approves $1.7M For Convention Center Work

The Center City Revenue Finance Corp. approved up to $1.7 million in revenue bonds Tuesday, Jan. 12, for Memphis Cook Convention Center improvements.

The bonds are to be paid off with revenue from the city of Memphis. The improvements are the latest in a series for the convention center built in the mid-1970s and about to undergo a major renovation including its exterior facade.

In other action at the Tuesday session, the CCRFC approved new assignments of payment-in-lieu-of-taxes lease agreements for the Metro 67 Apartments at 67 Madison Ave. and the Metro Garage, across the street at 60 Madison Ave.

The changes are “slightly different structures” in which ownership groups controlled by Scott Ledbetter, the founder of LEDIC Management, continue their PILOT leases on both properties, said Hunter Humphreys, attorney for Ledbetter’s groups.

The PILOT terms remains the same with a new loan on the garage property. The PILOT agreements turn over ownership of the properties to the CCRFC for the term of the PILOT. The owners who sought the PILOTs then lease the property from the CCRFC.

And the CCRFC approved a new lease assignment Tuesday for the Marriott Residence Inn Downtown, 110 Monroe Ave. at Main Street.

RI Downtown Hotel Partners LP is selling to Garrison Realty of New York, an affiliate of Garrison Investment Group. It owns 49 other hotels in different cities.

Management of the hotel in the old William Len building will remain the same. Wright Investment Properties Inc. of Memphis will be a minority owner.

It’s a return engagement for Wright, which redeveloped the property in 2004, bought it again in 2012 and has continued to manage it through an affiliate company.

– Bill Dries

Thousands Expected For MLK Day Memphis Cleanup

Three local organizations are observing Martin Luther King Jr. Day with a citywide cleanup expected to draw thousands of Memphians.

Memphis Clean by 2019, Clean Memphis and Leadership Memphis will host the cleanup Monday, Jan. 18, from 1 p.m. to 3 p.m.

The Memphis Clean by 2019 initiative – a so-called “moon mission” of the Greater Memphis Chamber Chairman’s Circle – is working to rid the city of trash and blight by 2019, the city’s bicentennial.

Clean Memphis has coordinated MLK Day of Service cleanups for several years, and Leadership Memphis provides access to their network of community leaders and schools. Participants from the Leadership Memphis programs, as well as students in its eight SUCCESS high schools, will clean up the areas around each school.

“What better time to help clean up your city than on Martin Luther King Jr. Day who encouraged everyone to serve their community,” said Shea Flinn, senior vice president of the chamber’s Chairman’s Circle, in a statement. “This cleanup is just one way the Chairman’s Circle and our great partners are working together to make Memphis the cleanest city in America again.”

Clean Memphis executive director Janet Boscarino added, “We are honored to work with Leadership Memphis and the Chairman’s Circle on the Memphis Clean by 2019 initiative. The business community plays a critical role in the realization of this mission.”

– Kate Simone

Staxtacular Connects Music, Basketball and Mentoring

The Soulsville Foundation is bringing the worlds of basketball, music and mentoring together for its largest annual fundraiser, Staxtacular 2016.

The event is a partnership with the Memphis Grizzlies and is presented by SunTrust. It will be held Jan. 29 at 7 p.m. at the Stax Museum of American Soul Music, 926. E. McLemore Ave.

Staxtacular will feature Grizzlies forward Vince Carter, among other Grizzlies guests who will help host this year’s “Party with a Purpose.”

Staxtacular also will include live music from the Garry Goin Band, Marcella and Her Lovers and a special set from the Stax Music Academy. This year, for the first time, the Soulsville Foundation is partnering with the Rec Room, located in the booming Broad Avenue area, creating the “Rec Room South” within the Stax Music Academy building during the event.

After being inspired by the Stax Records legacy and encouraged by the Soulsville Foundation’s work with at-risk young people, former Grizzlies players Shane Battier and Brian Cardinal and their wives offered to host a fundraiser in 2005, which became Staxtacular.

Since then, new Grizzlies players have taken on the host roles; it has raised more than $900,000 to date.

Tickets to Staxtacular are $175 each and may be purchased at staxtacular.com or by calling 901-261-6338.

– Don Wade

PROPERTY SALES 27 150 2,415
MORTGAGES 57 228 2,835
BUILDING PERMITS 157 441 6,509
BANKRUPTCIES 61 133 1,920