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VOL. 10 | NO. 22 | Saturday, May 27, 2017

Daily Digest

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Flintco Files $25M Permit For ServiceMaster's HQ

Contractor Flintco LLC has filed a $25 million building permit application for tenant infill at ServiceMaster’s new headquarters Downtown.

The permit is the latest step in the Memphis-based company’s plan to relocate its headquarters into the former Peabody Place Mall.

In March, ServiceMaster announced Flintco would lead construction and renovation efforts. ServiceMaster representatives said at the time the company will spend $35 million in renovations, with at least 20 percent going to local minority- and women-owned businesses. However, the company is expected to exceed that percentage.

Last December, Flintco was also named general contractor for the renovation of ServiceMaster’s IT Innovation Center, a 20,000-square-foot collaborative workspace that will open in June in the former Tower Records location near the Third Street entrance to Peabody Place.

Property owner Belz Enterprises handled exterior renovations and interior updates to repurpose the four-level, 360,000-square-foot structure into Class A office space.

Once fully operational, around 1,200 employees and contract workers are expected to occupy ServiceMaster’s headquarters by early 2018.

In addition to housing ServiceMaster’s world headquarters, Belz is setting aside 20,000 square feet in the building for retail or restaurant tenants.

– Patrick Lantrip

Florida Oyster Bar to Take Former Chiwawa Space

Indian Pass Raw Bar, a Florida-based seafood restaurant, has filed a $400,000 building permit application with the city-county Office of Construction Code Enforcement to open a location at 2059 Madison Ave. It will be the second U.S. location for Indian Pass.

The permit calls for “alterations” to the former Chiwawa location and lists Viktor Hall Construction as the contractor and Barry Jones as the architect.

According to the Indian Pass Raw Bar of Memphis Facebook page, the restaurant was supposed to open in December 2016, but was pushed back because of difficulties in obtaining the necessary permits.

The original Indian Pass is located in Port St. Joe, Florida, and traces its history back to a commissary that opened to service a nearby turpentine operation in the early 1900s.

Currently, the roughly 3,000-square-foot restaurant space in Overton Square is owned by Taylor Carruthers and was last appraised for $355,700 this year.

– Patrick Lantrip

Agape Launches $6M Fundraising Campaign

Agape Child & Family Services has launched a $6 million campaign called “Love Your Neighborhood” that aims to fund its growth through 2020.

The faith-based nonprofit agency, which is dedicated to providing children and families in Memphis with healthy homes, recently was awarded a state contract to extend its services to thousands more Memphians in under-resourced communities.

“The theme Love Your Neighborhood speaks to our desire to engage local businesses, organizations and individuals to support children and families right here in Memphis,” Agape president and CEO David Jordan said in a statement.

The funds raised will be used to provide, expand and deepen services in areas such as Frayser, Raleigh, Hickory Hill and Whitehaven over the next several years.

Specific fundraising goals include:

• $3.3 million for site-based services, school-based initiatives and workforce readiness programs in under-resourced communities.

• $1 million for homeless services.

• $900,000 for facilities.

• $500,000 for volunteer recruitment and training.

• $300,000 for foster care, adoption and counseling services.

“We are hopeful that the Love Your Neighborhood campaign will help us continue our critical work in support of local families in crisis,” said Agape board member and campaign chair Hamp Holcomb. “We feel confident that the support we receive from current and new supporters will help us transform the city of Memphis the only way it can be done – one family at a time.”

– Daily News staff

Fogelman Awarded 15 New Management Contracts

Memphis-based Fogelman Management Group has recently been awarded management of 15 multifamily communities totaling more than 5,000 units in five states, the company announced Wednesday, May 24.

The new contracts include management of two Memphis properties – the 148-unit Tennessee Brewery and 300-unit Legends of Wolfchase – along with three Nashville communities totaling 1,167 units. Outside of Tennessee, the new additions include three Atlanta, Georgia, properties totaling 967 units; a 239-unit property in Charlotte, North Carolina; a 294-unit community in Charleston, South Carolina; and five Florida properties totaling 2,175 units.

With these recent additions, Fogelman is now managing more than 28,000 apartment homes, valued at more than $3 billion and located within 12 states and 24 cities across the Southeast, Southwest and Midwest regions of the country.

“As our total unit count continues to increase and is now above 28,000 units, we continue to execute our strategy of gaining market share and efficiencies in these major growth markets in the Southeast,” Fogelman Management Group CEO Mark Fogelman said in a statement. “Each of these new properties represents the expansion of long-term relationships we have had with these clients and joint venture partners, many we have worked with for the past 10 to 15 years.”

– Daily News staff

Medical District Group Releases 1st Annual Report

Last February, eight anchor institutions with stakes in the medical district launched the Memphis Medical District Collaborative with the goal of developing vibrant and walkable mixed-use neighborhoods in the area.

A little over a year later, the MMDC has released its first annual neighborhood report, which highlights the district’s evolving demographics and ongoing developments, such as Edge Alley and the recently announced plans for a second City & State location. (Read more about City & State’s plan on page 1 of today’s edition.)

The 40-page report includes detailed information on the Memphis Medical District’s 10,000 residents, 33,000 employees and 1,170 acres of real estate.

The report also contains a recap of the nonprofit organization’s efforts to reduce blight in the area.

Visit mdcollaborative.org for a link to the full report.

– Patrick Lantrip

Target to Pay States $18.5M To Settle 2013 Data Branch

The state of Tennessee is set to receive $311,616 as part of an $18.5 million multistate settlement with Target Corp. over the retailer’s 2013 data breach.

Forty-seven states and the District of Columbia are participating in the agreement, which represents the largest ever multistate data breach settlement, according to Tennessee Attorney General Herbert H. Slatery III, who announced the deal Wednesday, May 24.

The settlement resolves the states’ investigation, led by Connecticut and Illinois, which found that cyber attackers used credentials stolen from a third-party vendor to get into Target’s gateway system and access a customer service database in November 2013.

The cyber-attack exposed contact information for more than 60 million customers, along with payment information – including card numbers, expiration dates, verification codes and encrypted debit PINs – for 41 million customers.

An estimated 770,000 Tennesseans were impacted by the attack.

In addition to the monetary payout, the settlement agreement requires Target to take several security measures, including hiring an independent firm to conduct a security assessment, implementing a comprehensive information security program and maintaining appropriate data encryption policies, among other things.

– Daily News staff

Professor Co-Authors Sunflower Genome Paper

The scientific journal Nature has published a paper co-authored by Jennifer Mandel, assistant professor of biological sciences at the University of Memphis.

“The Sunflower Genome Provides Insights Into Oil Metabolism, Flowering and Asterid Evolution” was published on Nature’s website Monday, May 22.

The genome will assist future research programs using genetic diversity to improve crop resilience and oil production while considering agricultural limitations and human nutritional needs.

The sunflower is a global oil crop that shows promise for climate change adaption because it can maintain stable yields across a wide variety of environmental conditions, including drought. However, assembling the sunflower genome has until recently been difficult, because it mostly consists of highly similar, related sequences.

Mandel’s lab is collaborating with the Smithsonian Institute and the University of Hawaii to sequence another member of the sunflower family, Centrapalus, an African oil seed species. The project will provide critical data for evolutionary studies and be useful for agricultural applications.

– Don Wade

St. Jude Scientists Find New Strategy to Fight Flu

St. Jude Children’s Research Hospital scientists have found a new approach to fighting influenza. It uses a drug being developed to treat solid tumors to fight the virus and speed up the recovery process.

The St. Jude scientists used an investigational cancer drug to dial down production of the virus and at the same time dramatically increase the survival of flu-infected mice. The drug restores normal metabolism in flu-infected cells and reduces viral production without the threat of drug resistance.

That’s according to findings that appeared May 23 in the journal Cell Reports.

Flu complications are a leading cause of hospitalization and death in the U.S. and worldwide. Vaccines and medications can help prevent or lessen the infection, but vaccines must be reformulated annually, and some flu strains are now resistant to antiviral drugs.

– Andy Meek

East Memphis Hotel Sells for $4.3 Million

Iowa-based Suit and Tie Lodging LLC has sold a Fairfield Inn and Suites hotel in East Memphis to Texas-based 240 Perkins Holding LLC for $4.3 million.

Built in 1999, the 27,772-square-foot hotel is located on 1.5 acres at 4760 Showcase Blvd. between South Perkins Road and Thousand Oaks Boulevard. The Shelby County Assessor’s 2017 appraisal is a little more than $3 million.

John Hall signed the deed as an authorized representative for Suit and Tie.

In conjunction with the purchase, the new owners took out a $4.1 million mortgage on the property with the State Bank of Texas. Amar Patel signed the deed of trust on behalf of 240 Perkins Holding.

– Patrick Lantrip

Commission Wades Into TIFs, Minority Businesses

Shelby County Commissioners took a dive into the technical Monday, May 22, on several fronts in county government.

The commission approved a tweak in an economic impact plan for the Lake District development in Lakeland. The mixed-use development is to include hotels, retail, office uses, assisted living and restaurants. The public improvements or infrastructure are financed with a tax increment finance, or TIF, district that amounts to an increment of the property taxes – Lakeland and Shelby County – paid by the owners of the district.

The amendment approved Monday requires that streets, major utility lines and site drainage work will be substantially complete within 24 months of the closing of the TIF financing.

The commission also approved on the first of three readings ordinances that require proof of Shelby County residence for the owner of any business certified to participate in the county government contract program for minority- and women-owned businesses, as well as a restoration of additional points in the bidding consideration process for locally owned small businesses in that set of regulations, which is separate from the MWBE program.

Commissioners approved the LOSB rule, which was proposed by commissioner Van Turner, on first reading with no debate.

There was more debate on commissioner Heidi Shafer’s proposal requiring proof of residence in the MWBE program, with six commissioners abstaining on the first reading passage.

“To me, you are cutting a lot of people out and you are probably going to hurt a lot of people that live in Shelby County that work for somebody that doesn’t live in Shelby County,” Roland said. “I don’t think this is the right way to do it.”

Shafer indicated there might be amendments before third and final reading next month.

“We wanted to make sure the MWBE ordinance wasn’t doing what it had historically done,” Shafer said. “They would ship it to businesses outside our area. I want to make sure we get it inside our area first.”

Commissioners also approved $23.4 million in capital funding for the current fiscal year, which ends June 30, for various capital projects over the summer in the county’s seven public school systems.

The money is divided based on average daily attendance, with Shelby County Schools receiving $18.8 million in an 80-20 split, with 20 percent divided among the six suburban school districts.

– Bill Dries

FedEx Files $2.2 Million In Building Permits

FedEx has filed two building permit applications totaling $2.2 million for interior alterations at two of its facilities.

The facilities located at 3040 Sprankel Drive and 3505 Tchulahoma Rd. will undergo alterations for $700,000 and $1.5 million, respectively, according to building permit applications filed with the city-county Office of Construction Code Enforcement.

Arthur Yeates with A2H is listed as the architect, and Bennie R. Allen Jr. is listed as the engineer. The applications list FedEx as both the owner and tenant.

– Patrick Lantrip

Lit Supply Opens Fourth Location

Lit Supply is opening its fourth Memphis location to better serve the community, the company announced Tuesday, May 23.

The new Lit Jr. is located at 3292 Austin Peay Highway. Lit stores, known for restaurant and kitchen supplies, has expanded to include a food division. All Lit stores are open to the public without a membership fee.

Lit has been a go-to place for restaurants, caterers, event specialists, churches, food trucks, nonprofit events, food teams, family reunions and area residents who enjoy grilling.

The 70-year-old locally owned company now carries fresh produce, extensive frozen food sections, canned goods, rice, noodles, sauces and a large spice inventory. Restaurant equipment and supplies are still available.

Lit Supply employs more than 100 people.

The new location on Austin Peay Highway joins its signature store Downtown at 309 Union Ave.; Midtown Lit Jr., at 2965 Summer Ave.; and Whitehaven Lit Jr., at 1665 Winchester Road.

– Daily News staff

Tigers’ Carrier Chosen For AAC First Team

University of Memphis senior outfielder Chris Carrier has been named to the American Athletic Conference first team, the league office announced. Carrier becomes the fourth Tigers baseball player to earn AAC first-team recognition and the first since Nolan Blackwod and Tucker Tubbs in 2015.

“This is a very deserving award for Chris. He has had a phenomenal second half of the season and put the team on his back in various games,” Memphis head coach Daron Schoenrock said in a statement. “He has been a mainstay in the lineup for three years and everything has come together for him to have this wonderful senior season.”

Carrier batted .318 in 53 games played during the regular season with 14 doubles, 14 home runs, 44 RBI and 39 runs scored. He finished the season on a career-best 18-game hitting streak.

In conference play, Carrier batted .371 with seven doubles and nine homers. He drove in 29 runs and scored 17. He led the conference in RBI and home runs during league play, and he finished second in on-base percentage and first in slugging.

During his current 18-game hitting streak he is batting .394 with five doubles, eight home runs and 22 runs batted in.

Memphis (29-27, 8-16 AAC) finished seventh in the American Athletic Conference and was to meet the league co-champion, No. 2 seed Houston, in the first round of the American Championship Tuesday, May 23, at Spectrum Field in Clearwater, Florida.

– Don Wade

Job Fair Hopes to Address Local Teacher Shortage

A diminishing supply of teachers nationwide threatens to leave Memphis classrooms unstaffed when schools reopen in August. Teach901 is working to get as many educators placed as possible by summer’s end to fill more than 400 open positions currently on its job board.

The last Teach901 Job Fair of the hiring season will be held Thursday, June 8, from 6 p.m. to 8 p.m. at the Salvation Army Kroc Center, 800 East Parkway S. More than 30 school operators in the greater Memphis area will be recruiting for a range of positions in public, charter and parochial schools.

Both new and experienced teachers alike are encouraged to attend. Recent college graduates and professionals who are open to changing career paths are also invited to network with teacher preparation programs.

Visit teach901.com to view the job board and register for the job fair.

– Daily News staff

Paragon Bank Reports Strong Q1 Earnings

Paragon Bank grew its net income 57 percent over the first quarter of 2016, according to first-quarter earnings numbers released Monday, May 22.

The bank reported net income of $657,513, which is also an increase of 14.3 percent over the fourth quarter of 2016. That comes off of what the bank said was “record-breaking” income and loan production volumes in 2016.

Among other first-quarter highlights, Paragon saw total deposits increase $9.5 million, or 13.6 percent, from the first quarter of 2016.

Total revenue increased 3.5 percent over the fourth quarter of 2016 and 13.4 percent over first quarter 2016.

Paragon’s Small Business Capital Group, its SBA lending group, increased its income $251,000 over fourth quarter 2016 and $154,000 over first quarter 2016.

– Andy Meek

Airport Authority Passes MEM Operating Budget

The Memphis-Shelby County Airport Authority has approved a Memphis International Airport budget for fiscal year 2018, which begins July 1.

The $120.4 million operations and maintenance budget sets the fees and charges that airlines pay the airport authority, and also establishes spending authority for the MSCAA staff. It does not, however, include construction project expenditures.

Under the new budget, proposed terminal rates and charges – which are paid by airlines, vendors and other tenants – will drop to $80.51 per square foot, down 12.9 percent from $92.98 per square foot in fiscal 2017.

The rental fees are calculated by dividing the terminal’s operating cost by the tenants’ total rented space.

The decrease in terminal rates is due to slightly lower terminal operating costs and increased non-airline revenues, according to MSCAA.

Landing fees dropped slightly to $1.2464 per 1,000 lbs. of landed weight compared to last year’s rate of $1.2662.

Terminal rent and landing fees comprise about 4 percent of airlines’ overall operating costs and do not have a significant effect on airfares.

The budget was unanimously supported by Memphis International Airport’s airline committee partners and approved by the board’s Finance and Administration Committee.

– Daily News staff

Pitt & Barbara Hyde Win Simon Philanthropy Award

Memphis-area philanthropists J.R. “Pitt” and Barbara Hyde have been named recipients of the 2017 William E. Simon Prize for Philanthropic Leadership, an annual award administered by The Philanthropy Roundtable that highlights the power of philanthropy to promote positive change and inspire others to support charities that achieve genuine results.

The Hydes will be honored Oct. 27 at the Fairmont Scottsdale Princess Hotel in Scottsdale, Arizona, during a luncheon at the 2017 annual meeting of The Philanthropy Roundtable. The prize includes a $250,000 award, payable to a charity of the Hydes’ choice.

“With the creation of the Hyde Family Foundation, the Hydes have been able to translate their passion for transforming education, strengthening neighborhoods and promoting Memphis’ cultural, civic and environmental assets into tangible results,” The Philanthropy Roundtable said in a statement about the honor. “The Hydes support Shelby County Schools, public charter schools like KIPP: Memphis and parochial and private schools.”

The statement adds the Hydes have been “notably generous to Memphis’ Jubilee Catholic Schools, supporting the effort known as the ‘Memphis miracle,’ the reopening of previously shuttered Catholic schools serving disadvantaged children.”

It also cites their commitment to giving time and money to attract talent and entrepreneurs to Memphis while also strengthening assets such as the urban parks; music and art institutions; and museums, including the National Civil Rights Museum.

– Daily News staff

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047