Daily Briefs

By Updated: March 29, 2019 8:53 AM CT | Published: March 26, 2019 9:29 PM CT
  • Wiseacre seeks permit for Downtown construction
  • Permit for One Beale parking garage sought
  • Springboard Festivals adds Memphis to lineup
  • Pinnacle ranked country's second best financial services firm to work for
  • Fogelman Properties doubles acquisition growth, creates new executive role
  • Orpheum Theatre to undergo renovations
  • FedEx pulls $5 million permit

Wiseacre seeks permit for Downtown construction

Wiseacre Brewing Co. this week applied for a building permit to erect its $9.2 million brewery and taproom at 398 B.B. King.

Wiseacre’s is one of three breweries either being planned or under construction in Downtown and Uptown. Grind City Brewing Co. recently started construction at 83 Waterworks just north of Uptown. And on Wednesday, the Board of Adjustment gave zoning approval for a 38,000-square-foot industrial building at 845 N. Main to be converted to Soul & Spirits brewery and taproom.

The Wiseacre development will be a 43,000-square foot brewery and taproom that initially will brew 40,000 barrels a year, but have the capacity to brew 100,000 barrels.

Wiseacre’s Downtown facility will initially employ 40 people.

Wiseacre will take a year to 18 months to build the facility on property bounded generally by B.B. King, Vance, Able and Butler.

LRK designed the building and Montgomery Martin Contractors will build it.                                            

-Tom Bailey

Permit for One Beale parking garage sought

Developers of One Beale have just submitted construction plans for a precast, concrete garage of 475 spaces and seven stories.

The $5.5 million garage will serve residents of 227 luxury apartments called The Landing Residences at One Beale as well as the public visiting other parts of the $225 million One Beale mixed-use development that will overlook the Mississippi River.

Those other uses are to eventually include a 227-room hotel in partnership with the Hyatt Hotel Group, an office tower in partnership with Highwoods Properties, restaurants, retail and meeting spaces.

“We submitted plans for a precast garage,” said developer Chance Carlisle, chief executive of Carlisle LLC. “We expect to order it in the next couple of weeks, and we’re anticipating closing our financing and starting the project in the month of May.”

The top of the parking garage will feature apartment amenities including an infinity-edge pool and clubhouse.

“From the river the only thing you can see is the clubhouse and infinity-edge pool,” Carlisle said.

Crews are still removing 20-foot-deep foundations from old buildings. “They built those buildings to last back in the day,” Carlisle said.

The demolition and dirt work should be completed by April 19, he said.                                                                          

-Tom Bailey

Springboard Festivals adds Memphis to lineup

A music conference and festival is set to debut in Memphis May 31-June 2 at Visible Music College.

The festival brings together emerging artists from across the globe, industry professionals and locals. Fifty bands and solo acts will be selected to attend the two-day “Band Bootcamp,” composed of workshops, panels and pitch sessions.

This year’s scheduled mentors include founder of Music World Entertainment and father of Beyoncé Knowles, Mathew Knowles and Guns N’ Roses’ first manager, Vicky Hamilton.

The festival will conclude with the “Band & Brew Crawl” featuring all 50 artists performing on Beale Street on June 2. The crawl is open to the public with proceeds going back to the musicians.

“When it came to expanding Springboard to another location, we were looking for a real music town with a great history and plenty of talent,” founder of Springboard Festivals, Barry Coffing, said in a release. “Memphis is loaded with everything and thanks to Ken at Visible Music College and David French from the Memphis Brand Initiative we found two amazing partners.” 

Springboard festivals have previously taken place in San Diego and Houston.

Springboard Memphis proceeds benefit the Year for Memphis Music Scholarship Fund and nonprofit Sustainable Artists.

Bands and musicians can apply for the festival here.

-Elle Perry

Pinnacle ranked country's second-best financial services firm to work for 

Nashville-based Pinnacle Financial Partners, who has several locations in Memphis, has risen in the ranks to the second-best financial services firm to work for in the country on a new list of the Best Workplaces in Financial Services and Insurance from Fortune and Great Place to Work.

The ranking is based on anonymous survey feedback from 726,000 people working in the industry, according to a release.

The surveys examined more than 60 elements of their job experience, including the "extent to which they trust their leaders, the respect with which people are treated, fairness in workplace decisions and camaraderie amongst the team."

“From day one we wanted to be the best place to work, and it’s a vision that has been validated time and again by third-party research,” Terry Turner, Pinnacle president and CEO, said in a release. “That focus has set us apart from our competitors, and the contrast has only grown starker as time has passed and the banking landscape has changed. Focusing on people and giving them a place where they love to come to work is the right thing to do for both associates and clients. As it happens, it’s also a more profitable way to do business, as the last 18 years have proven.”

In addition to its own ranking, a company partially owned by Pinnacle, Bankers Healthcare Group, ranked No. 2 on the list of small and medium companies.

-Natalie Martin

Fogelman Properties doubles acquisition growth, creates new executive role

Memphis-based Fogelman Properties doubled its yearly acquisition growth in the past 12 months and has added a senior executive to help manage the expanding portfolio.

Fogelman, a privately owned multifamily investment and property management company, reported it closed $285 million in acquisitions over the past 12 months, encompassing more than 2,000 units across six multifamily communities. The company closed $135 million in the first quarter of 2019 with the acquisition of the Artesian on Westheimer in Houston, Texas, with DRA Advisors and the Crestmark Apartments in Atlanta with Thackeray Partners.

Other recent acquisitions include Reserve Bartram Springs in Jacksonville, Florida; Legends at Charleston Park in North Charleston, South Carolina; Westridge in Fort Worth, Texas; and Lake Cameron in Apex, North Carolina.

“This year we focused efforts on several key markets, including Atlanta, Central Florida and major Texas metro areas,” Mike Aiken, vice president of acquisitions at Fogelman, said in a statement.

The company now manages more than 28,000 units across 10 states, totaling more than $4 billion in managed assets, and is targeting an additional $200 million in acquisitions for the remainder of 2019.

Amid the growth, Fogelman announced Tuesday it had created a new executive position – senior vice president of asset management – and hired a veteran multifamily professional to fill the role.

Drew Taylor has more than 25 years of multifamily asset management and property management experience and comes to Fogelman after serving as senior vice president of asset management for LEDIC Realty and previously as executive vice president and director of asset management for Mid-America Apartment Communities (MAA).

The company said he will play a key role in implementing investment plans, tracking and maximizing the investment portfolio and collaborating across the property management, investment management and construction management teams.

Taylor earned his bachelor’s degree from Vanderbilt University and an MBA from Trevecca Nazarene University.

-Kate Crawford

Orpheum Theatre to undergo renovations

The Orpheum Theatre will renovate its box office and front of house management administrative offices, according to communications manager Kristin Bennett.

A building permit application valued at $100,000 was filed for the venue at 203 S. Main St. on Monday, March 25.

According to Bennett, those renovations are the first phase of a larger plan to renovate the parlor located off the Orpheum’s Grand Lobby.

-Elle Perry

FedEx pulls $5 million permit

FedEx has pulled a $5 million building permit for renovations at an office building at 3860 Forest Hill Irene Road.

The permit application says the project involves interior demolition, renovation and interior finishes in a 21,776 square foot space.

FedEx Innovations is listed as an anchor tenant in the building owned by LPC Forest Hill LLC, a California company that bought it for $11.1 million last year.

-Wayne Risher


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