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VOL. 133 | NO. 69 | Thursday, April 5, 2018

Daily Digest

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PeroxyChem Seeks $12.8M Permit for Chemical Plant

PeroxyChem is continuing work on the chemical production facility it is building at 335 Stiles Drive, near the M.C. Stiles Wastewater Treatment Plant. The Philadelphia-based chemical manufacturer has filed a $12.8 million building permit application with the Office of Construction Code Enforcement that calls for the “construction of a chemical blending facility with a control building and tank farm and piping.”

PeroxyChem’s new plant will make peracetic acid, a disinfectant that has been used in the food industry for more than 30 years and is now being used in water treatment applications. In this case, it will be used to treat wastewater at the Stiles plant as part of a new disinfection process.

The Economic Development Growth Engine board awarded PeroxyChem a seven-year payment-in-lieu-of-taxes incentive in November for the nearly 109,000-square-foot facility.

In its PILOT application, the company said it planned to invest $9.6 million in the new facility, including $2.7 million in construction costs and $4.3 million in equipment. The project will create 15 jobs with an average salary of $76,566, including benefits, according to the application.

The Stiles plant sits on more than 100 acres of city-owned land where the Mississippi and Wolf rivers meet, and PeroxyChem is leasing an unused portion of that property from the city.

At a groundbreaking in December, city leaders said the PeroxyChem facility will save the city money in sewer treatment costs while also creating local jobs with a focus on hiring minority-owned subcontractors.

– Daily News staff

UT Researchers Discover How Green Tea Affects Humans

A research team collaborating across the University of Tennessee systems has discovered molecular mechanisms with which key chemicals in green tea work.

The team, including one researcher at the University of Tennessee Health Science Center in Memphis, discovered which receptor key chemicals found in green tea interact with.

Among the reasons it’s an important discovery, it provides a way to explain the medicinal effects of green tea on energy metabolism and why consuming green tea may impact a range of clinical disorders.

– Andy Meek

UTHSC Launches Clinical Trials Network

The University of Tennessee Health Science Center has launched the Clinical Trials Network of Tennessee.

Operating as a separate subsidiary of the University of Tennessee Research Foundation, the network was created to enable UTHSC clinical research faculty to design, solicit and conduct statewide clinical trials with the overarching goal of providing new therapeutics and medical devices aimed at improving the health of all Tennesseans.

The network was the vision of Dr. Steven Goodman, vice chancellor for research at UTHSC. Goodman and his team presented the idea to create the network to the foundation’s board of directors in December, and it received unanimous approval.

The UT board of trustees publicly committed $3 million to support the first three years of the network’s operations, and on March 23 the board agreed to release the first-year funds to foundation, which will then fund the network.

– Andy Meek

Local Investor Buys Apartments Near U of M

Local multifamily property owner Harvard Stephens has purchased a 92-unit apartment complex about a mile and a half from the University of Memphis for $2.5 million.

In the deal, Stephens purchased the townhouse-style Commons at Brentwood, located at 2853 Waverly Ave., from the Orange Mound Development Corp., doing business as Commons at Brentwood LLC, according to a March 21 warranty deed filed with the Shelby County Register.

Orange Mound Development Corp. chairman O.C. Pleasant Jr. signed the deed on behalf of the seller.

Built in 2002, the 72,000-square-foot Class B apartment complex sits on 4.4 acres south of Southern Avenue, between Josephine Street to the west and Haynes Street to the east.

The Shelby County Assessor’s 2017 appraisal was $1.5 million.

Stephens owns several other multifamily properties across the city, including the Eden Pointe apartment complex in Parkway Village, which he bought last June for $1.6 million.

– Patrick Lantrip

PROPERTY SALES 56 56 9,658
MORTGAGES 49 49 10,665
BUILDING PERMITS 212 212 21,170
BANKRUPTCIES 49 49 6,157