Commercial Real Estate in Memphis and our Galaxy

Real Estate Rebate ban advances (updated)

From the Commercial Appeal:

The Tennessee legislature approved a bill Monday banning brokers from giving rebates, gifts or prizes in a real estate transaction despite a strong, rare warning from federal antitrust lawyers that it is anticompetitive and will “cause serious harm to home buyers and sellers.”…

Realtors across Tennessee support the ban on rebates, gifts and prizes — and thus the bill. They argue that repealing it would hurt consumers, not help them. The Memphis Area Association of Realtors was one of several Realtors’ groups that wrote letters to the commission opposing a repeal of the ban. Read more »

May 16, 2007 Posted by Will Hicks | Memphis Real Estate, Tennessee | | 2 Comments

Servicemaster moving their headquarters to Memphis.

This mornings Commercial Appeal talks about Servicemaster moving their company headquearters to Memphis.

Memphis has doubled in the last year the number of Fortune 500 companies that call the city home, with International Paper, and now ServiceMaster, joining FedEx and AutoZone.

“There is a momentum in Memphis that has been developing for some time now, and having ServiceMaster relocate its headquarters here is another example of our diverse business environment,” said John Moore, president and CEO of the Memphis Regional Chamber. “It’s exciting that we have so much momentum in the community.”

What qualities does Memphis possess that would a motivate a Fortune 500 company to move their world headquarters from Chicago to Memphis, especially in light of the recent safest/least safe city rankings that show how dangerous Memphis can be?

 

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October 31, 2006 Posted by Will Hicks | Memphis, Tennessee | | 1 Comment

Memphis is only the 13th most dangerous city in America! High-Five!

There’s an article on The Drudge Report today that says St. Louis is the most dangerous city in America. The complete rankings, from One (safest) to 371 (Most Dangerous) are available here. Our dear Memphis ranks in at number 359.

Other  cities of note:    Little Rock at #349 (That’s bad, not good, Arkansas). Nashville at #333, Chattanooga at #315, Las Vegas at #302, Knoxville at #297, and Los Angeles at #205.

The safest city in America is Brick, New Jersey. How funny is it that the safest city in America is in New Jersey? Good on ya, NJ.

The safest city in Tennessee? Read more »

October 30, 2006 Posted by Will Hicks | Memphis, Tennessee | | 2 Comments

FedEx Forum Garage Update: Nobody don’t know nothin’

The attorney for Shelby County, Brian Kuhn, says there’s no “smoking gun” evidence indicating who the bad guy(s) are in the FedEx Forum shenanigans. From The Commercial Appeal:

Kuhn and his staff, at the request of the County Commission, have been sifting through as many as 140,000 pages of documents connected to the funding and construction of the garage and arena, home to the NBA’s Memphis Grizzlies.

During a joint session of the commission’s audit and public service committees, Kuhn told commissioners decisions about the garage appear to have been made largely by groups of people in meetings, not individuals.

Kuhn said he hasn’t found any “smoking gun” evidence to explain the garage fiasco, which is costing the City of Memphis $6.3 million in federal funds…

Some members of the commission, however, said they are certain that fraud or deception was at play in the matter.

Commissioner Walter Bailey, a longtime critic of the arena project, said he’s convinced there was “subterfuge and chicanery” involved in the deal, which resulted in the Grizzlies receiving profits from garage operations. “This thing was intentional,” he said. Fellow arena critic, Commissioner John Willingham, said with all the attorneys who worked on the arena project, he was skeptical that no one was aware the garage did not meet the federal requirements.

“Not everybody is a dummy. There were plenty of smart people involved,” Willingham said.

How great is that quote? “Not everybody is a dummy.” Yeah, but enough people were stupid enough to let them get away with stealing 6.3 million dollars from the federal grant that I’m going to have to repay in taxes. Thanks for looking out for me, smart guys.

July 20, 2006 Posted by Will Hicks | Downtown, FedEx Forum, Memphis, Memphis Real Estate, Tennessee | | No Comments

Charles Barkley coming to Memphis for Le Bonheur

One of UofMemphis’ finest, Elliot Perry, is bringing an old buddy of his to town to benefit Le Bonheur. From The Commercial Appeal:

All the friendships that former University of Memphis basketball star Elliot Perry made during his 10-year NBA career are paying off. When Perry asked former Suns teammate Charles Barkley to speak at Perry’s second annual SOCKS (Support Our Community and Kids) banquet to be held Friday night at 7 in the Holiday Inn UofM, Barkley didn’t hesitate saying yes.

That’s why Perry started his banquet last year, with Orlando Magic forward Grant Hill being the keynote speaker. The outspoken and funny Barkley should be even more of a draw. He’ll also visit Le Bonheur Children’s Medical Center Friday morning.

“I have no idea what Charles is going to say,” Perry said, “but whatever he’s going to say will be to the point and upfront…”

I have no idea what he’s going to say either, but we can only hope he lives up to some of his past comments:

“I’d never buy my girl a watch…she’s already got a clock over the stove.”

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July 18, 2006 Posted by Will Hicks | Memphis, Tennessee, University of Memphis | | 2 Comments

Willie Herenton vs. Joe Frazier at The Peabody. It’s come to this.

They heard about our Mayor all the way out in Seattle. From the Seattle Times:

Former heavyweight champion Joe Frazier is stepping into the ring again — against the mayor of Memphis, Tenn., for a charity fundraiser. The three-round bout between Frazier, 62, and Mayor Willie Herenton, 65, is set for Nov. 30 at The Peabody Memphis hotel and expected to raise $100,000 for the Shelby County Drug Court, an alternative program for nonviolent adult offenders with drug charges.

The best part about it is our Mayor’s humility about his own skills versus the guy who beat Muhammad Ali back in the day.

“I’m not taking this event lightly,” Herenton said at a recent news conference, where the Memphis amateur boxing champ admired Frazier’s abilities but boasted about his own skills as well.

“My hands move so fast, they scare me sometimes,” said Herenton, who regularly exercises and plans to train for two months before the fight.

Best o’ luck, Willie. Just don’t embarass us. More.

July 12, 2006 Posted by Will Hicks | Memphis, Memphis Politicians, Tennessee | | No Comments

Memphis has her own Statue of Liberty. Sorta.

Last week World Overcomers Outreach Ministries Church dedicated a 72 foot tall “Statue of Liberation” on the corner of Winchester and Kirby, here in Memphis. Except it’s not quite a “replica”. From The Commercial Appeal:

Replacing the recognizable torch, Lady Liberty holds a cross….

Church members said the mixture of the statue and Christian symbols represent “America belonging to God through Jesus Christ.”

The statue’s famous inscription — “Give me your tired, your poor …” — has been replaced with Roman numerals representing the Ten Commandments. The seven-spiked crown that represents the seven seas of the world, has been changed to signify the seven redemptive names of Christ, according to church pastor Apostle Alton R. Williams. Inscribed on the crown is the name Jehovah.

The Statue even got Memphis a little attention from The New York Times.

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July 11, 2006 Posted by Will Hicks | Memphis, Tennessee | | No Comments

Grizzlies say parking garage snafu wasn’t their fault. So who’s the bad guy?

There's a story on the front page of The Commercial Appeal about the FedEx Forum parking garage snafu. I wrote a short post about it a few days ago.

The Grizzlies say blame for the FedExForum garage controversy shouldn't be parked at their curb.

"We were not a party to defrauding anybody. In fact, we were told that this was OK," franchise attorney Stan Meadows said Monday about seemingly conflicting contracts signed by the city.

"There was a discussion of this when the garage was being built," Meadows said. "We had some meeting where I said, 'Are you guys sure this can be done?' I was assured it could be done."

Meadows didn't recall who gave the assurance, but said it might have been attorneys representing the city. Former City Atty. Robert Spence last week said he interpreted the federal regulation to mean that the city, county or New Memphis Arena Public Building Authority couldn't make a profit on the garage — but a third party, such as the Grizzlies, could.

I have never seen leadership like we have in Memphis. Never.

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June 20, 2006 Posted by Will Hicks | Commercial Real Estate, Downtown, Memphis, Tennessee | | No Comments

Fire in Eads destroys ATV business. No word on arson.

There's a short story in The Commercial Appeal about a fire on Highway 64, East of I-40.

An early morning warehouse fire destroyed a four-wheel-drive and ATV business Tuesday in northeast Shelby County, causing nearly $1 million in damages, fire officials estimate.

The owner of the business, John Walls Jr., said he got a call from the alarm company, then watched as smoke, fire and explosions tore through his business near Eads.

That happened on Tuesday morning, June 13th. I drove by it this morning at about 6:00 and they still had fire fighters and police officers on scene, doing their post-fire investigation.

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June 14, 2006 Posted by Will Hicks | Commercial Real Estate, Memphis, Tennessee | | No Comments

Best City to relocate your family? Memphis is on the list

Worldwide ERC and Primacy Relocation has put together their list of 2006's ''Best Cities for Relocating Families". This from their recent press release:

Worldwide ERC, the association for global employee relocation, and Primacy Relocation announced that Louisville, Kentucky; Evansville, Indiana; and Athens, Georgia, are 2006's Best Cities for Relocating Families among large, medium and small U.S. metropolitan areas. The two organizations worked with Bert Sperling of Sperling's BestPlaces to rate cities based on those factors - short-term and long-term - that determine the likelihood of a successful relocation.

They broke up based on the numbers of residents; Large (500,000+), Medium (250,000-500,000), and Small (50,000-250,000). Memphis was number 17 on the "Large" list.

Here are the Tennessee cities on the list:

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June 6, 2006 Posted by Will Hicks | Outside Tennessee, Tennessee | | No Comments