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VOL. 131 | NO. 195 | Thursday, September 29, 2016

Belz Preparing Peabody Place for ServiceMaster HQ

Daily News staff

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150 Peabody Place

Memphis, TN 38103

Permit Amount: $9.5 million

Project Cost: $27 million overall

Application Date: September 2016

Completion: Late 2017

Owner/Tenant: Peabody Place Centre GP

Contractor: Belz Construction Services LLC

Details: Belz Enterprises has taken a major step in the renovation of the shuttered Peabody Place mall into ServiceMaster Global Holdings’ future headquarters. 
Contractor Belz Construction Services LLC is seeking a $9.5 million building permit from the city-county Office of Construction Code Enforcement for “core & shell improvement” to the 360,000-square-foot former mall, which has stood empty since it closed to the public in 2012.
Belz Enterprises, which owns the mall, is slated to handle an estimated $12 million in shell improvements, such as installing windows, heating and air conditioning, and updating lighting systems.
In July, the Downtown Memphis Commission’s Design Review Board approved a renovation plan that calls for removing a pedestrian walkway over Second Street that connects the mall with a parking garage; painting the exterior brickwork of the building; and adding more than 50 new windows on the second and third levels of the South Second Street elevation, as well as around 60 more windows on other sides of the building.
Belz is setting aside 20,000 square feet for retail or restaurant tenants. ServiceMaster, meanwhile, will occupy all of the office space surrounding the building’s half-acre atrium and also will open a technology and innovation center in the 20,000-square-foot former Tower Records store. That center is slated to include space for ServiceMaster employees working on “moonshot” ideas, as well as flexible event space and rentable co-working space.
ServiceMaster expects to complete its portion of the improvements and move 1,200 of its 2,200 Memphis employees into the building by the end of 2017. Roughly 1,000 call center employees will remain stationed across the city. 

1350 Concourse Ave.

Memphis, TN 38104

Permit Amount: $8.5 million

Application Date: September 2016

Completion: November 2017

Owner: Lost In The Cosimos LLC

Tenant: Crosstown Arts

Contractor: Grinder, Taber & Grinder Inc. 

Details: Crosstown Concourse contractor Grinder, Taber & Grinder Inc. has applied for an $8.4 million building permit to begin construction on a new theater and performing arts building as part of the concourse campus.
The 450-seat theater at 1350 Concourse Ave. is a 28,000-square-foot building designed by LRK that is to include a Digital Cinema Package projection system, a sprung-wood floor stage, retractable seating and a modular open floor that allows for different layouts depending on the event.
Construction of the venue is financed with an $11 million tax-exempt bond approved this month by the Center City Revenue Finance Corp. Construction is to begin in October with an opening scheduled for November 2017. 

38 Lots in Fleming Ridge

Collierville, TN 38017

Sale Amount: $2.9 million

Sale Date: Sept. 22, 2016

Buyer: Regency Homebuilders LLC

Seller: East Shelby Partners LLC

Loan Amount: $2.1 million

Loan Date: Sept. 22, 2016

Maturity Date: Sept. 22, 2019

Lender: Metropolitan Bank

Details: Regency Homebuilders has purchased all 38 vacant lots in Fleming Ridge planned development for residential construction. The development encompasses 9.2 acres on the south side of East Shelby Drive west of Fleming Road, and is expected to come online in winter 2017, according to Regency’s website.
In conjunction with the purchase, Regency filed a three-year, $2.1 million construction loan through Metropolitan Bank.

203 S. Main St.

Memphis, TN 38103

Permit Amount: $1.2 million

Application Date: September 2016

Owner/Tenant: The Orpheum Theatre 

Contractor: Grinder, Taber & Grinder Inc.

Details: The Orpheum Theatre is seeking a $1.2 million building permit from the Office of Construction Code Enforcement to renovate its restrooms.
The permit comes on the heels of a summer renovation project at the 88-year-old theater that included fresh paint and polish as well as the first major renovation to its upstairs administrative office space in more than 40 years. That area was gutted so more modern offices could be built.
The Orpheum underwent a major restoration in the early 1980s that included interior and exterior renovations as well as new construction. It also took an $8 million renovation, its largest ever, in 1996 and 1997 to expand the stage and backstage areas to accommodate larger-scale productions.

PROPERTY SALES 69 119 21,696
MORTGAGES 64 113 16,530
BANKRUPTCIES 28 64 6,781