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A year ago, Jernigan Capital was looking to a bright future as it prepared for the exit of its founder, Dean Jernigan, and the replacement of an external manager with internal management. But, if 2020 has proved anything, it’s how much can change in a year. When the coronavirus entered the U.S. in March, Jernigan’s share prices dropped as much as 50%. And that was part of a “confluence of events” that resulted in the company being renamed and taken private by a Dallas-based real estate investment platform. “When nobody could predict what COVID was going to ultimately do and how long it was going to last, at that time it became pretty obvious to us that the capital markets were shut down and so it was either going to be just survive or look for a strategic transaction,” said the CEO of the new company. Also new this morning, Central Yards’ architect is trying to design a $60 million development — with 53,000 square feet of retail — so that it fits within Cooper-Young’s neighborhood aesthetic. You’ll find all that, plus more business news, below.
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Jernigan Capital was a publicly traded Memphis company on a path to grow in the self-storage industry before COVID-19. The pandemic slammed the stock and helped take it private.
By Wayne Risher
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Fleming Architects believes it has met the challenge: Design a $60 million development of 348 apartments, parking structures and 53,000 square feet of retail so that it fits in with Cooper-Young’s older, smaller buildings.
By Tom Bailey
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The new owner is filling the place with antiques to open a shop. And instead of running from the building’s X-rated past, he may “lean into it.” But don’t worry, the idea involves whimsical branding, not adult entertainment.
By Tom Bailey
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Delta Air Lines told Memphis International Airport officials it didn’t generate enough business to justify continuing a Memphis-Indianapolis nonstop that began Oct. 1.
By Wayne Risher
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Cognate BioServices, which has been contract-manufacturing in Memphis since 2007, seeks 15 years of property tax breaks that would save the company $52 million in return for the jobs and investment. However, the firm would still pay $65.4 million in taxes during the same period.
By Tom Bailey
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Stella Student Spaces has filed for a time extension for the approval it received two years ago to build 472 beds of student housing in an already congested neighborhood just west of the University of Memphis. But the filing does not mean what it appears, a U of M official says.
By Tom Bailey
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Chance Carlisle, owner of the Nylon Net Building, says that extensive study by his architectural and engineering consultants make him confident that razing the historic building and erecting new apartments is the right decision to make.
By Tom Bailey
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Overseers of the Renasant Convention Center project took media representatives on a tour of the nearing-completion project Tuesday afternoon, Nov. 17.
By Wayne Risher
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