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VOL. 131 | NO. 218 | Tuesday, November 1, 2016

Daily Digest

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Malco Prepares to Renovate Wolfchase Galleria Cinema

Malco’s Wolfchase Galleria cinema is set to undergo what it’s calling an “extensive renovation.”

The project is expected to begin in January. The renovations will include improved sound systems, upgraded auditorium seats, new restrooms, an updated lobby, enhanced concession stand with new menu items and fresh signage.

All work is set to be finished by March.

Malco had previously said it didn’t plan to renew its lease inside Wolfchase when it ends in 2017. However, a Malco spokeswoman said Monday the cinema is staying put there.

“We were able to negotiate a new lease with the mall that will allow us to remain in the mall, make renovations to the theater, and build the new theater along Highway 64 (west of Houston Levee Road) that is slated to open in summer 2018,” said Malco spokeswoman Karen Scott.

– Andy Meek

Car Lots Dominate City Council Agenda

The Memphis City Council votes Tuesday, Nov. 1, on three car lots, located at the intersection of Austin Peay Highway and Jones Road, and at 1720 E. Holmes Road and 2109 Chelsea Ave.

The council meets at 3:30 p.m. at City Hall, 125 N. Main St. Follow the meeting @tdnpols, www.twitter.com/tdnpols, and get updates from committee sessions during the council day.

The council will also consider converting a car lot at 4035 Summer Ave. into an insurance office development.

The owner of the lot, Latinos 901 Auto Sales, bought the property from Mostly Trucks, assuming that it was zoned for a car lot. But when Latinos 901 applied for a variance with the Board of Adjustment, it was rejected in May because the property has never had the proper zoning for a car lot.

Mostly Trucks relied on a 2005 zoning letter from the local Office of Construction Code Enforcement, which included an incorrect zoning district. And when Mostly Trucks sold to Latinos 901, it was with the documentation saying the site could be used for auto sales.

– Bill Dries

Cohen Calls for Comey To Resign as FBI Director

U.S. Rep. Steve Cohen, D-Memphis, called Monday, Oct. 31, for FBI Director James Comey to resign “for the good of the FBI.”

Cohen’s call is a reaction to Comey’s letter to Congress Thursday saying the FBI has renewed its investigation into a private email server belonging to Democratic presidential nominee Hillary Clinton during Clinton’s tenure as secretary of state.

“It was plainly premature, careless and unprecedented in its potential impact upon a presidential election without a speck of information regarding the emails in question, their validity, substance or relevance,” Cohen said of Comey’s notice.

He also cited Comey’s earlier conclusion that there was nothing in the previous FBI investigation of Clinton’s private server that warranted bringing criminal charges.

“It is clear that Director Comey’s actions, no matter his motivations, have called into question his judgment and ethics,” Cohen wrote. “That is unacceptable as the FBI Director must, like Caesar’s wife, be above suspicion.”

– Bill Dries

Conley, Gasol Lead Grizzlies Over Wizards in Overtime

Point guard Mike Conley scored 24 points with 11 assists and center Marc Gasol finished with 20 points and a career-high four threes as the Grizzlies defeated the Washington Wizards 112-103 in overtime Sunday, Oct. 30, at FedExForum.

Gasol hit a 3-pointer in the closing seconds of regulation and made two more in the overtime. The Grizzlies made 15 threes overall, one off the franchise record,and Gasol went 4 of 6 from the long range.

“My 2-pointers weren’t going,” Gasol said. “Eventually, I got going from the 3-point line.”

Forward Zach Randolph finished with 22 points while Vince Carter scored 18 and hit 5 of 6 threes.

John Wall led the Wizards with 22 points and 13 assists.

The Grizzlies are now 2-1 and will next play at Minnesota on Tuesday, Nov. 1.

– Don Wade

EdR Reports $3.5M Loss For Third Quarter

Memphis-based EdR recorded a net loss of $3.5 million, or 5 cents per share, in the third quarter, the real estate investment trust reported Monday, Oct. 31. That compares to a net loss of $4.7 million or 10 cents per share, during the same period a year ago.

EdR, which is among the nation’s largest developers, owners and managers of collegiate housing, saw its operating income drop to $1.2 million in the third quarter compared with $2.4 million in Q3 2015.

EdR’s same-community portfolio, which includes 48 properties comprising 27,537 beds, opened the 2016-2017 lease term 96.7 percent occupied, which still missed the lower end of EdR’s earlier guidance because of previously reported issues affecting leasing at two communities serving the universities of Missouri and Oklahoma. Leasing at its new-community portfolio opened the lease term 88.8 percent occupied, at the lower end of expectations.

Among other news from EdR this quarter, the company completed its acquisitions of two communities serving Colorado State University as well as a 38 percent interest in a community at the University of Arizona. The $80 million pending acquisition of a 700-bed community serving a tier-one university is still in progress.

EdR delivered developments at three universities in 2016. Projects at six universities are on time for a scheduled delivery in 2017, with two more following in 2018, the company reported.

“Our 2016-2017 leasing results exhibit continued strength across our markets, which along with the expectation that 2017 supply-and-demand dynamics will remain consistent with 2016, bodes well for next year,” said EdR CEO Randy Churchey in a written statement.

The company reaffirmed its 2016 guidance, including diluted earnings per share in the range of 77 cents to 80 cents.

– Daily News staff

Crye-Leike Marks 40th Year in Business

A Memphis original is celebrating its 40th year in business.

Memphis-based Crye-Leike Realtors Inc., which was started by principals Harold Crye and Dick Leike in 1977, now has 87 company-owned and 27 franchise offices in nine states with 3,200 sales associates.

The residential real estate services firm has generated more than $120 billion in sales volume and sold 629,148 housing units, according to Crye, its chairman of the board and CEO.

“We generated $19 million in sales our first year in business, and now that is as much as one agent produces in one year,” Crye said in a release.

By 1980, Crye-Leike was ranked the largest real estate firm in the Mid-South with 100 sales associates and three offices. It has grown to become the fourth-largest privately held real estate brokerage company in the nation, according to RISMedia’s 2015 Power Broker Report.

In West Tennessee, Crye-Leike has 11 company-owned branch offices in Arlington, Atoka, Bartlett-Summer Oaks, Collierville, Cordova, East Memphis, Germantown-Forest Hill Irene, Germantown-Poplar, Memphis-Midtown, Memphis-Quail Hollow Road, and Memphis-Southeast. It also operates franchise offices in West Tennessee in Brownsville, Henderson, Jackson, Lexington, Parsons and Pickwick Dam.

– Daily News staff

Fogelman Business College To Honor 3 at Alumni Day

The Fogelman College of Business and Economics at the University of Memphis will honor three alumni when it hosts Alumni Day Nov. 16, at the Holiday Inn University of Memphis, 3700 Central Ave.

Donald Godwin (M.S. ’70), chair and CEO of Godwin Bowman & Martinez, will receive the Outstanding Alumnus award; Melanie Carpenter (B.B.A. ’00, E.M.B.A. ’07), senior vice president and chief human resources officer for MAA, will be named Outstanding Young Alumna; and Rajesh Subramaniam, executive vice president of marketing and communications for FedEx Services, earns the Distinguished Friend award.

Paul Maidment, director of analysis and managing editor at Oxford Analytica, will be the keynote speaker.

Registration will begin at 11 a.m., followed by the lunch and program at 11:30 a.m.

Tickets are $65 for an individual or $600 for a table of 10. For more information, contact m.carrier@memphis.edu or 901-678-2461.

– Don Wade

PROPERTY SALES 76 133 1,342
MORTGAGES 83 131 1,047
BUILDING PERMITS 190 277 3,028