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VOL. 133 | NO. 26 | Monday, February 5, 2018




Pizza, Donuts and Pinnacle Planned For Midtown

By Patrick Lantrip

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1350 Concourse Ave., Memphis, TN 38104: Two local restaurateurs are looking to carve out their own slice of the Crosstown Concourse with the opening of Elemento’s Neapolitan Pizza.

Permit Amount: $350,000

Application Date: Jan. 29, 2018

Owner: Crosstown LLC

Tenant: Elemento’s Neapolitan Pizza

Contractor: Ybos & Sons Construction Inc.

Details: Elemento’s Neapolitan Pizza, founded by Adrian Accury and Justin Dorah, will soon begin construction on a new location at 1350 Concourse Ave., according to a $350,000 building permit application filed with the Office of Construction Code Enforcement on Monday, Jan. 29.

Ybos & Sons Construction Inc. was listed as the contractor, while LRK was tapped to handle the design work.

Crosstown was represented by Shawn Massey with The Shopping Center Group in the lease.

Accury is also the owner of Ciao Baby Pizza, which is located in Collierville at 890 W. Poplar Ave.

1776 Union Ave.
Memphis, TN 38104

Permit Amount: $131,818

Application Date: Jan. 29, 2018

Owner: Loeb Properties

Tenant: TBD

Contractor: Grinder, Taber & Grinder Inc.

Details: Loeb Properties has filed a building permit application for exterior renovations to the former Donald’s Donuts location at 1776 Union Ave.

Grinder, Taber & Grinder Inc. is listed as the contractor on the $131,818 building permit application filed with the Office of Construction Code Enforcement.

In November, Donald’s Donuts owner Pimol Sam told several local media outlets that Loeb Properties declined to renew the lease of the local, minority-owned business, which expired on Dec. 31.

No tenant was listed on the application.

The longtime doughnut shop was known as Howard’s Donuts when Sam took over in 2005. He changed the name to Donald’s Donuts in February 2006.

1400 S Germantown Road
Germantown, TN 38138

Project Cost: $47 million

Application Date: Jan. 29, 2018

Owner: Campbell Clinic

Tenant: Campbell Clinic

Details: Campbell Clinic has been awarded an eight-year retention PILOT (payment-in-lieu-of-taxes) from the Germantown Industrial Development Board for its expansion plans, which include a $30 million, 120,000-square-foot new facility.

The proposed upgrades to the orthopedic specialists’ Germantown facility will result in the retention of 280 jobs, while creating 185 new jobs with an average wage of a little more than $67,000 over the next three years.

The maximum number of years the Germantown IDB can give on a retention PILOT is eight years. Campbell Clinic, which was represented by Cushman & Wakefield/Commercial Advisors president and CEO Larry Jensen, originally sought an 11-year tax abatement, since they felt as though the project had both retention and expansion elements.

But the Germantown IDB was wary of setting a precedent since this was only second retention PILOT the city has issued. IDB members did leave the door open for Campbell Clinic to return to the board to seek more incentives as its expansion plans come to fruition.

Campbell Clinic announced in November it planned to build a four-story medical office building on a vacant 5-acre parcel adjacent to its current location at 1400 S. Germantown Road.

That new facility will include, among other things, outpatient orthopedic clinical space, expanded physical therapy and imaging suites, and an ambulatory surgery center with eight operating rooms.

Toys R Us
7676 Polo Ground Blvd.

Lease Length: Through 2019

Landlord: Michael Lightman

Details: A representative with Toys R Us has confirmed to The Daily News that the retailer’s Memphis location at 7676 Polo Ground Blvd. will remain open.

The news comes a week after New Jersey-based Toys R Us announced it would be closing 180 stores across the U.S. as a part of its Chapter 11 bankruptcy reorganization efforts.

In the Jan. 23 court filings, Toys R Us said that over the past several years, it has faced “a challenging commercial environment exacerbated by increased competition from traditional competitors and a shift in consumer preferences away from shopping at brick and mortar stores to online retail channels,” which left the company with a significant number of stores operating at suboptimal levels.

The decision to close 180 stores was made after “an extensive store-by-store performance analysis” in an effort to right-size the company’s brick-and-mortar presence, according to the bankruptcy court filings.

The closings are expected to begin in February and wrap up by mid-April.

The toy retail giant, which at one time was itself considered a major disrupter in the world of retail, filed for bankruptcy in September 2017, citing $5 billion in debt.

Founded in 1948 by Charles P. Lazarus, Toys R Us operates roughly 1,600 stores worldwide, including more than 850 in the U.S.

155 Rozelle St.
Memphis, TN 38104

Permit Amount: $1.3 million

Application Date: Jan. 26, 2018

Owner: 1615 Union Development LLC

Tenant: Pinnacle Financial Partners

Details: Nashville-based Pinnacle Financial Partners has applied for a $1.3 million building permit for its planned bank branch at the corner of Union Avenue and Rozelle Street.

Pinnacle is building the more than 4,100-square-foot branch with drive-thru service at 155 Rozelle on property that’s been vacant since the former Sean’s Cafe burned down in 2016. Because the project falls under the Midtown Overlay portion of the Unified Development Code, the bank had to seek a variance last year with the Board of Adjustment for the orientation of the drive-thru, an alternative streetscape layout and the use of a 20-foot setback.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 38 20,670
MORTGAGES 45 45 23,790
FORECLOSURE NOTICES 0 0 3,047
BUILDING PERMITS 187 187 42,781
BANKRUPTCIES 57 57 13,237
BUSINESS LICENSES 23 23 6,645
UTILITY CONNECTIONS 30 30 7,819
MARRIAGE LICENSES 27 27 4,670