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VOL. 133 | NO. 8 | Wednesday, January 10, 2018

Daily Digest

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FedEx to Expand World Hub With $35M New Building

Memphis-based FedEx Corp. is preparing to expand operations at its World Hub at Memphis International Airport.

The shipping company has filed a building permit application with construction code officials for a $35.4 million new building at 2333 Sprankle Ave.

The permit for the new building at FedEx’s Memphis World Hub comes the same day as the official opening of the FedEx Shanghai International Express and Cargo Hub at China’s Shanghai Pudong International Airport. The 1.4 million-square-foot facility is the largest of its kind at the Shanghai Pudong airport.

More details about the new Memphis facility were not immediately available.

– Patrick Lantrip

City ‘Mandates’ Changes To Zoo Parking Plan

The city administration has made a few changes to a preliminary plan for expanding Memphis Zoo parking by 415 spaces, but city chief operating officer Doug McGowen said this week that those changes do not avoid moving the parking onto the western and northern borders of the Overton Park Greensward.

The plan was meant to reconfigure zoo parking and add 415 spaces to end overflow parking on the greensward.

The Overton Park Conservancy, Memphis Zoo and city leaders have reviewed the plan submitted by Powers Hill Design, the design firm hired by OPC and the zoo. McGowen said in a written statement Monday, Jan. 8, that the administration “mandated” several design changes that are now being incorporated.

The new draft plan should be ready later this month, according to McGowen.

One piece of the design, a southern loop for traffic in the parking lot that runs along a border with the greensward, has drawn criticism from some grassroots groups opposed to giving up any part of the green space for parking.

Some have even posted unofficial alternative designs, created outside Powers Hill’s work, that would move the loop and leave the greensward untouched.

McGowen isn’t saying what the administration’s changes are, but he is saying what they are not.

“It’s also worth noting that there are a handful of other designs floating around the internet claiming that the parking spaces required by the council resolution can be achieved while staying within the current footprint of the lot. This, however, is not possible given the specifics of the resolution.”

– Bill Dries

Tigers Finish in Top 25 Of Main College Football Polls

The University of Memphis checked in at No. 24 in the final Amway Coaches Poll and at No. 25 in the last Associated Press Poll.

The Tigers went 10-3 on the season but lost their last game to Iowa State in the AutoZone Liberty Bowl. They won the West Division of the American Athletic Conference, then lost in double overtime to Central Florida in the AAC title game.

The Knights finished 13-0, defeated Auburn in the Peach Bowl, and declared themselves national champions before Alabama won the official title Monday, Jan. 8, in an overtime victory over Georgia.

UCF finished sixth in the last AP poll and seventh in the final coaches poll.

– Don Wade

Grad Academy Charter School To Close at End of Year

Grad Academy, the charter operator that contracted with the state-run Achievement School District to take over the old South Side High at 1880 Prospect St., will close its South Memphis 9-12 school at the end of the current academic year. The charter’s Monday, Jan. 8, announcement cites the end of the five-year contract with the ASD.

This is the second charter operator to leave the Achievement School District.

In October 2016, Gestalt Community Schools announced it was pulling out of the two ASD schools it operated in North Memphis – Humes Prep Academy Middle and Klondike Prep Academy Elementary – citing low enrollment. The charter continues to operate its Power Center Academy schools in Hickory Hill, which are not part of the ASD.

The local charter group running MLK Prep High School in Frayser took over at Humes starting with the current school year, but no new operator was found for Klondike.

– Bill Dries

Crosstown Concourse Earns LEED Platinum Designation

Crosstown Concourse has been awarded Leadership in Energy and Environmental Design (LEED) Platinum certification, with Crosstown believed to be the largest such historic adaptive reuse project anywhere to win this certification.

“Through extensive research regarding Crosstown Concourse’s size and scope, we believe this correctly qualifies the title as the largest historic adaptive reuse LEED Building Design and Construction Platinum project in the world,” said Tony Pellicciotti, principal at Looney Ricks Kiss, Crosstown Concourse’s architect.

LEED is the most widely used global green building rating system. Through a point-based system created by the U.S. Green Building Council, projects can earn one of four LEED rating levels – Certified, Silver, Gold or Platinum. Those designations are given across the categories of Building Design and Construction, Interior Design and Construction, Building Operations and Maintenance, Neighborhood Development, and Homes.

The $200 million redevelopment of the 1.5 million-square-foot former Sears Crosstown building created a vertical urban village with residential, retail, commercial, education and health care components. In developing the project, Memphis-based engineering firm OGCB, which specializes in energy efficiency, and contractor Grinder, Taber & Grinder Inc. led the removal of 54 million pounds of concrete and 10 million pounds of metal. One result was the creation of atriums with natural light permeating throughout.

Looney Ricks Kiss (LRK) was tapped by the Crosstown development team as the architect in association with DIALOG.

“We are all the beneficiaries of this effort,” said Todd Richardson, co-leader of Crosstown Concourse. “This achievement recognizes an organic Memphis development driven by a collective of visionary private-sector hometown entities who locked arms because they wanted to be ‘better together’ and, in the process, created the world’s largest LEED Platinum-certified historic adaptive reuse building. That’s pretty special.”

– Andy Meek

Fogelman Properties Acquires Atlanta-Area Apartments

Memphis-based Fogelman Properties has acquired Nesbit Ferry Crossing Apartments, a 284-unit, multifamily development in the Atlanta suburb of Alpharetta, Georgia.

Fogelman, which will rebrand the property as Station Heights Apartments, plans to upgrade the unit interiors and invest in enhancements to common-area amenities.

The company acquired the property in a joint venture with Dallas-based real estate investment company Thackeray Partners, marking the fifth multifamily community the Fogelman-Thackeray partnership has purchased since 2015. The partnership’s acquisitions total more than 1,300 apartment homes valued at over $150 million.

Fogelman has accelerated its growth in the Atlanta market, where it has managed apartments for more than 30 years. In 2017, the Memphis-based company’s portfolio in the Atlanta area grew to more than 4,400 apartments spread among 17 locations.

– Patrick Lantrip

ALCO Planning $12 Million In Apartment Renovations

Memphis-based affordable housing management company ALCO Management Inc. has announced $12 million in renovations to three of its properties across the Southeast.

Two of the properties set for renovation are in Kentucky: the Carter Court Apartments in Tompkinsville and Tree Top Apartments in Edmonton. The two projects, which will include the addition of washer-dryer hookups and the replacement of bathroom, kitchen, electrical and HVAC systems, will total around $6 million.

In addition, ALCO plans to seek financing later this year for a $6 million renovation of Spring Valley Apartments, a community it recently acquired in Murfreesboro, Tennessee.

“Acquisitions and renovations are a large part of the work we do in affordable housing,” ALCO vice president of development Berkeley Burbank said in release. “We feel that preserving existing affordable housing is important and makes a difference to the health and well-being of the families that call our properties home.”

– Patrick Lantrip

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783