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VOL. 131 | NO. 100 | Thursday, May 19, 2016

Daily Digest

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Elvis Presley Enterprises Readying for Expansion

Elvis Presley Enterprises has applied for three building permits totaling $21.6 million for its Graceland West expansion.

The largest permit, at $18.1 million, is designated for core and shell construction at 1064 Craft Road. The other permits for $2.3 million at 1116 Craft Road and $1.1 million at 1126 Craft Road also are for core and shell work without any specific indication.

The Memphis City Council and the Office of Planning and Development have approved plans for the 46-acre Graceland West development located at the northwest corner of Elvis Presley Boulevard and Craft Road. The plaza will include a car museum, a new shelter for Elvis’ two jets, two restaurants, a soundstage, retail and a museum to be called Elvis the Entertainer.

In March, Elvis Presley Enterprises filed for a $6.8 building permit for new construction at 1116 Craft Road.

Hnedak Bobo Group is the architect.

Graceland executives have talked about a plaza renovation as the third phase of a large-scale redevelopment of the area surrounding the Graceland mansion. It already includes an archives building that opened in 2015 and the 450-room Guest House at Graceland resort hotel that will open Oct. 27.

Oct. 27 also will mark the formal closing of Elvis Presley’s Heartbreak Hotel. Elvis Presley Enterprises intends to demolish that hotel. No future use for that land has been made known.

– Madeline Faber

Chandler Reports Releases Q1 Review

Real estate information company Chandler Reports has released its first-quarter installment of the Chandler Review, available to view and download for free at http://bit.ly/ChandlerReviewQ12016.

Highlights of the eight-page publication include an update on the $58 million Highland Row mixed-use development, which will see its first residents moving in next month; an overview of the Shelby County housing market, including a look at how inventory is edging upward; data on home sales activity in each of Shelby County's 33 ZIP codes; and snapshots of commercial property sales.

The quarterly review combines real estate articles from The Daily News and market trends from Chandler Reports, providing a comprehensive outlook of the housing market, commercial property sales, foreclosures and mortgage activity.

– Daily News staff

2 Memphis Nonprofits Get $100K From First Tennessee

A pair of Memphis nonprofits has received $100,000 each in community grant funds from First Tennessee Bank.

The $100,000 to Metropolitan Inter-Faith Association, or MIFA, is part of a 5-year commitment of $100,000 annually through 2020. The funds are to support MIFA’s continued efforts to provide meals and assistance to low-income families and elderly residents throughout the Memphis region.

Part of the 2016 First Tennessee Community Development Grant funds awarded to MIFA are also for direct support of the Vision 2020 project, which has a goal of reducing poverty in the 38126 ZIP code.

United Housing has also picked up $100,000 in First Tennessee Community Grant funds, which will be directed to funding of down-payment assistance, closing-cost assistance and financial support for homebuyers throughout West Tennessee.

– Andy Meek

Global Ministries’ Bonds Downgraded for 2nd Time

For the second time this year, S&P Global Ratings has downgraded bonds used to support Global Ministries Foundation’s apartment projects.

On May 3, S&P Global Ratings, formerly known as Standard & Poor’s Ratings Services, lowered its investment rating on 23 multifamily bonds issued on behalf of GMF. S&P removed all 23 ratings from CreditWatch, where the bonds had been placed in February, with negative implications.

Memphis-based Goodwill Village, Madison Towers and Serenity Towers are included the downgrade.

Serenity Towers saw the greatest change in its downgrade from A- investment grade to BBB. Madison Towers and Goodwill Village both slipped from BB+ to BB.

All three bonds were issued by the Memphis Health, Educational & Housing Facility Board, a semi-governmental entity that recently has come under scrutiny.

In February, the rating entity downgraded two bonds used to support Global Ministries’ purchase of the Memphis-based Warren and Tulane apartments, from A- to CCC.

In April, the Tennessee Housing Development Agency temporarily deauthorized the Memphis Health & Ed Board from doing business. THDA lifted that moratorium two weeks later after the board appointed a new interim director, Martin Edwards.

– Madeline Faber

Minglewood Books Oct. 22 Loreena McKennitt Show

Canadian musician and singer Loreena McKennitt’s fall tour will include a Memphis stop at Minglewood Hall.

McKennitt is booked for an Oct. 22 show at the Midtown hall as part of a 22-city tour of the South and Midwest. She is known for her blend of Celtic and world music, along with folk music and poetry based on her travels around the world and the history of the places she travels.

The fall tour marks 25 years since the release of her album “The Visit,” which was a commercial breakthrough for


Tickets for the Minglewood date go on sale Friday, May 20.

– Bill Dries

Tigers’ Kyser on Watch List For Rimington Trophy

University of Memphis sophomore center Drew Kyser has been named to the Rimington Trophy Spring Watch List.

The Rimington Trophy is presented each year to the most outstanding center in NCAA Division I-A college football.

Kyser stepped in as a true freshman last season at center, playing in all 13 games, with 12 starts. After starting in the season opener against Missouri State, Kyser backed up 2015 Rimington Trophy watch list candidate Gabe Kuhn in a road win at Kansas in the second game of the year, then started at center for the remainder of the 2015 season, allowing Kuhn to move to guard.

Kyser, a native of Opelika, Ala., blocked last season for a Memphis offense that set a single season school record with 6,330 yards of total offense and that ranked 19th in the NCAA in total offense (486.9 ypg). Memphis’ offensive line also helped the team rank 13th in pass efficiency (158.23) and 11th in scoring offense (40.2 ppg).

Kyser is one of four starters returning to the offensive line from last season. The Tigers’ lone loss on the offensive line from last year was senior Taylor Fallin, who signed a free agent deal with the Tampa Bay Buccaneers.

– Don Wade

Hertz, Duncan-Williams Promote Red Nose Day

Employees in the Forum office complex in East Memphis are sporting red noses for a good cause.

The Hertz Investment Group and Duncan-Williams Inc. launched an initiative spanning the East Memphis campus, encouraging workers to participate in Red Nose Day, a nationwide fundraiser on Thursday, May 26, to help disadvantaged children at home and abroad.

Employees are asked to post selfies wearing their red noses – available at Walgreens and rednoseday.org – and to donate $1 for each person in the photo. The initiative will be capped off with a campuswide photo on May 26.

– Daily News staff

PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108