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VOL. 132 | NO. 169 | Friday, August 25, 2017

Daily Digest

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Emerald Park Apartments To Get $7 Million Upgrade

The Emerald Park Apartments in Southeast Memphis are undergoing nearly $7 million in renovations.

Crane Contractors LLC is handling a $6.9 million “general repair” of the property at 5958 Hickory Hill Square, according to a building permit application filed with the Office of Construction Code Enforcement.

The 15-acre apartment complex is owned by Emerald Properties LLC, according to the Shelby County Assessor of Property.

The townhome-style apartment complex was built in 1974 and was last appraised for $2.2 million.

– Patrick Lantrip

Appliance Company Inks Lease in Southeast Memphis

CE North America, a subsidiary of appliance maker CEM Global, recently signed a lease to occupy a 45,000-square-foot facility in Southeast Memphis.

Hank Martin, NAI Saig Co. vice president and business manager, represented the tenant in the deal, while Tim Mashburn, vice president of Collier International’s Industrial Division, represented the landlord, DP 73 LLC.

Located at 4770 Malone Road, the 74,736-square-foot warehouse was built in 1994 and last appraised for $1.5 million in 2017 by the Shelby County Assessor.

– Patrick Lantrip

Lips Are Smacking For Front Porch Oyster Roast

Chargrilled oysters, fresh-shucked raw oysters, oyster po’boys and more are on the menu for The Front Porch’s Oyster Roast, scheduled to begin at 3 p.m. Sunday, Sept. 3.

The Front Porch, located at 251 Riverside Drive, is a pop-up dining experience on the banks of the Mississippi River that began in June. It is the brainchild of Patrick and Deni Reilly, owners of The Majestic Grille, and is operated in partnership with Majestic Hospitality Consulting and the Riverfront Development Corp.

The event will feature both East Coast and Gulf oysters, Milou wines by Valkyrie Selections, and local beers. Local music by vocalist Marcella Simien and others will provide entertainment, and a limited menu will also be available from The Front Porch kitchen.

No reservations are required.

Oysters will be available for sale by the half dozen until sold out. A limited number of VIP tickets are available by calling 901-524-0187.

A $50 package comes with a cheese & game sausage platter, half-dozen raw oysters, half-dozen chargrilled oysters, low country corn and potatoes, two drink tickets for beer or featured wines, and reserved, shaded seating with waiter service. VIP tickets will not be available the day of event.

Go to the event calendar at frontporchmemphis.com for more information.

– Daily News staff

Memphis Meats Startup Raises $17M in Funding

A San Francisco-based startup with local connections and which is developing methods to produce meat directly from animal cells – without the need to breed or slaughter animals – has raised $17 million in funding from some big-name investors.

The Series A round for the company, Memphis Meats, was led by DFJ, a venture capital firm that is backed Tesla, SpaceX and Skype.

Cargill and other food-industry giants also invested as part of the round, as did Bill Gates, Richard Branson and Elon Musk’s brother, Kimbal Musk.

Memphis Meats co-founder Will Clem is a biomedical engineer whose family owns the local Baby Jack’s barbecue restaurant chain.

Memphis barbecue also helped inspire the meat-focused company’s name.

– Andy Meek

Paragon Bank Reports Strong Second Quarter

Paragon Bank has announced second-quarter earnings that included a 15 percent jump in net income over the second quarter of 2016.

During the first six months of 2017, net income grew 33 percent compared to the same period in 2016.

Among other highlights, the bank said gross loans grew at an annualized rate by $9.3 million, or 13 percent, to $297 million during the second quarter. Total deposits have increased by $9.1 million, or 6.5 percent, since Dec. 31, 2016.

Paragon CEO Robert Shaw said the bank is bullish on continuing that pace as the bank settles in to the third quarter.

– Andy Meek

TVA Continues Remediation To Source Contamination

The Tennessee Valley Authority has installed new monitoring wells near shallow coal ash groundwater monitoring wells at its Allen Fossil Plant that recently showed high levels of arsenic, lead and other contaminants.

The new wells are part of an effort to find the source of the contamination and ensure the Memphis drinking water remains safe, according to TVA.

While the coal ash ponds showed higher levels of contaminants, testing by Memphis Light, Gas and Water Division has shown no contamination of the water supply to date.

TVA has contracted with experts from the U.S. Geological Survey and University of Memphis to map the underlying geology and learn more about the movement of groundwater at the site.

The new, permanent monitoring wells being installed around the coal ash storage area will vary from 20 to 160 feet underground. Information from these wells will show how far down any contamination has penetrated, according to the TVA, which said the remedial investigation will take several months.

Local officials have feared the higher level of contaminants found in the Allen ash ponds have been the result of wells that TVA dug to cool water while it is constructing its new natural gas-fired power plant near the Allen plant in southwest Memphis.

MLGW president Jerry Collins is on record saying he wished the TVA had purchased the cooling water from MLGW from existing MLGW wells rather than install new wells.

State Sen. Lee Harris of Memphis and U.S. Rep. Steve Cohen of Memphis have been among the local officials asking for further investigations into the water wells to ensure there is no broaching of the drinking water supply.

The Tennessee Department of Environment and Conservation (TDEC) is the regulating body over such matters and has been involved throughout the process. Results of the latest TVA efforts and any information gleaned throughout this remediation process will be reported to the TDEC, TVA said.

– Daily News staff

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751