VOL. 131 | NO. 229 | Wednesday, November 16, 2016
Trustmark Bank Expands Into Huntsville Market
The parent company of Trustmark Bank has announced a $25.6 million merger with RB Bancorporation, the holding company for Reliance Bank, which has seven offices that serve the Huntsville, Alabama, metro area.
The transaction, which is subject to satisfying customary closing conditions including the approval of RB Bancorporation shareholders and regulatory authorities, is expected to be completed in the first half of 2017.
RB Bancorporation’s bank subsidiary will merge into Trustmark National Bank simultaneously with the merger of the respective parent companies.
– Andy Meek
Chandler Reports Releases Third-Quarter Market Review
Real estate market data service Chandler Reports, a division of The Daily News Publishing Co., has released its third-quarter real estate market review.
In the next-to-last Chandler Review of 2016, Chandler Reports examines the multimillion-dollar influx of luxury apartments in the Midtown area, dissects the 13 percent gain in mortgage market volume in September and breaks down the quarter’s new housing analysis.
The eight-page review combines Chandler Reports’ market data with the latest real estate news from The Daily News.
The full quarterly review can be found at http://bit.ly/ChandlerReview3Q16.
– Patrick Lantrip
New Olivet Baptist Church Buys Woodland Hills for $2M
Cordova’s Woodland Hills event center has been purchased by a local church.
New Olivet Baptist Church, working as Olivet Baptist Church, paid $2 million for the 31,672-square-foot clubhouse, or $61.57 per square foot. The sellers, Edward and Cindy Dodd, had purchased Woodland Hills in 2010 for $1.6 million.
Built in 1971, the event center is situated on 15 acres on the north side of Woodland Hills Drive just west of Houston Levee Road. The Shelby County Assessor of Property’s 2016 appraisal is $1.6 million.
New Olivet, headed by pastor Kenneth Whalum Jr., sold its longtime location at 3084 Southern Ave. to Memphis Country Club in April. In conjunction with the purchase of Woodland Hills, the church filed a $1.3 million loan through Pinnacle Bank.
– Daily News staff
Construction to Begin On New Greenline Access Point
For the past six years, residents in the Avon neighborhood of East Memphis have been green with envy over their lack of access to the Shelby Farms Greenline, but that’s about to change thanks to the studious efforts of a group of neighbors.
The new access point, which is located between Perkins and Waring roads, seeks to provide more than 1,000 residents neighborhood access to the popular bike and pedestrian trail.
“If not for the early efforts of our neighbors Carter Davis, Susan Pohlman, Jeff Wallace and others, we would not be at the point where we would be able to start construction now,” said Perkins Access Development Committee member Kevin Raney.
Although residents have expressed interest since the inception of the Greenline in 2010, plans for the Perkins access point didn’t become concrete until 2013, when the Shelby Farms Park Conservancy received a sub-planning grant from Mid-South Regional Greenprint.
In 2016, the project took another major step forward when Commissioner Heidi Shafer allocated the entirety of her $100,000 Community Enhancement Grant to fund construction costs.
In addition, neighbors raised more than $9,200 and Hyde Family Foundations added another $58,000.
Not only will the Perkins access point break up a 2.5-mile stretch of the Greenline without an access point, funds from the project will also help alleviate a serious erosion problem on the edge of the trail near Princeton Road.
The Greenline will remain open throughout the construction process, which begins this week and is expected to last three months; however, trail visitors may experience delays.
– Patrick Lantrip
CCRFC Approves Several Lease Agreements
The Memphis Center City Revenue Finance Corp. approved two reassignments of payment-in-lieu-of-taxes incentives and the refinancing of a lease at its Tuesday, Nov. 15, meeting.
The first property up for consideration was the Washburn Building on South Main Street. Alpha Properties plans to acquire the property, and a representative said they expect to close on the project in mid-December.
This latest acquisition would add to the six properties that Alpha currently owns and operates in the Memphis area.
The company “specializes in small to mid-size multi-family developments in advancing mid-sized markets such as Memphis,” according to a letter an Alpha legal representative sent the CCRFC.
Alpha said it plans to continue acquiring properties in the Memphis area.
PGK Properties also requested a PILOT reassignment for a property at 484 Union Ave. A representative said they are looking to acquire the property and are set to close Nov. 25.
The last item approved at the meeting was a request by Carlisle Landing to refinance a property at 263 Wagner Place.
– Patrick Lantrip
Grizzlies Get Back to .500 With Victory at Utah
Center Marc Gasol scored a season-high 22 points and Vince Carter scored 20 points off the bench as the Memphis Grizzlies defeated the Utah Jazz 102-96 on Monday, Nov. 14, in the second game of a four-game road trip.
The Grizzlies improved to 5-5 on the season and won their first road game. They had started the road trip with a loss at Milwaukee.
First-year coach David Fizdale told media postgame that this was the “best four quarters we’ve put together.”
The game started well for Memphis as the Grizzlies put up a season-best 33 points in the first quarter against the Jazz (7-5). Point guard Mike Conley scored 18 points with seven assists and forward Zach Randolph had 18 points and 10 rebounds off the bench.
Forward Chandler Parsons finished with nine points but missed both threes he attempted and is just 2 of 14 from distance on the season for 14.3 percent.
The Grizzlies had a 51-35 rebounding advantage and overcame making more turnovers (16) than assists (13). The Jazz were without Rodney Hood (illness) and George Hill (thumb injury).
The road trip continues on Wednesday, Nov. 16, as the Grizzlies play the Clippers in Los Angeles at 9:30 p.m., Memphis time. The game will air on ESPN.
– Don Wade
Bridges Renames Center, Completes $20M Campaign
Bridges celebrated the completion of a six-year, $20 million endowment campaign Tuesday, Nov. 15, that included the renaming of the nonprofit center as the Jim Boyd Bridges Center.
The endowment campaign began with a $10 million anonymous matching donation in December 2010. It will provide $1 million per year in annual operating revenue and ensure that the nonprofit focused on teaching area youths leadership and respect for diversity will endure.
Boyd led the organization from 1995-2011, creating a firm foundation for its success today, said Rebecca Webb Wilson, who founded the Bridge Builders program in 1988 and co-chaired the endowment campaign committee.
–Daily News staff
U of M, Chick-fil-A Partner For Basketball Promotion
The University of Memphis athletic department has announced a new men’s basketball ticket promotion. The ticket deal, titled Chick-fil-A 4 for $44 Family Days, will feature game tickets and food at all participating Chick-fil-A stores in the Memphis area.
This special family ticket package includes four game tickets and four meals, consisting of an original Chick-fil-A sandwich, medium waffle fry and medium beverage for $44. The value of this package is $76. The deal will be offered for six home games, but the Chick-fil-A food and beverage gift cards will be redeemable any time during the regular season. Fans can add more tickets, which include the Chick-Fil-A food and beverage, for $11 each.
The tickets are available for these dates: Nov. 19 vs. Savannah State, Dec. 10 vs. University of Alabama at Birmingham, Jan. 5 vs. Connecticut, Jan. 14 vs. University of South Florida, Jan. 28 vs. East Carolina and Feb. 7 vs. Tulsa.
The 4 for $44 packages must be prepurchased at the U of M athletics office, at gotigersgotix.com or by calling 901-678-2331.
– Don Wade