Choose your location
Memphis Business Journal
Five numbers to know about the new I-55 bridge
One hundred and thirty-one feet — that is the proposed width of the replacement for I-55 Memphis & Arkansas Bridge. This is more than double the width of the current bridge. Here are six more numbers about the project to construct what is being called "America's River Crossing." <\p> The replacement of the bridge is estimated to cost about $800 million. About half of the cost is covered under Bridge Investment Program, which was established by the Bipartisan Infrastructure Law, earmarking $40 billion to fund bridge projects across the nation. <\p>
Lining up growth: Still the local billion-dollar firm no one knows
Highline Warren CEO Darcy Curran isn’t concerned about his company’s popularity outside of its industry. <\p> Since that industry is the automotive aftermarket space, a high Q rating for the brand is unlikely, anyway. There is far greater focus at Highline Warren on building upon the success of recent years. Four years ago, the Memphis-based company surpassed $1 billion in revenue. And now the $2 billion mark is firmly in sight.<\p>
Businesses, agencies ramp up backup systems after global tech outage
The global technology outage caused by a CrowdStrike update pushed to Microsoft Windows devices impacted everything from airlines to banks Friday morning — and reinforced the need for companies to have procedures in place to handle disruptions when they occur.<\p> Systems were gradually coming back on line by late morning.<\p>
Local orgs combine to help boost Black homeownership
Memphis nonprofit United Housing Inc. recently added another local housing nonprofit as a subsidiary.<\p> Convergence Memphis became a subsidiary of United Housing on July 1. Convergence Memphis was founded in 2019 as a partnership between the Mortgage Bankers Association and the Tennessee Housing Development Agency. That collaboration was touted as the first of its kind in the U.S.<\p>
First look at Memphis International Airport's modernization design
The modernization of Memphis International Airport's terminal is getting underway. The terminal modernization represents the largest capital project the airport has ever undertaken. <\p> The Memphis-Shelby County Airport Authority (MSCAA) board of commissioners approved at its July 18 meeting the demolition of Concourse A. The move enables work to begin in August. The demolition, which is being handled by Turner Construction Co., Ardmore Roderick, and Chris Woods Construction, is an early-stage project of the airport's Terminal Modernization and Seismic Program (TMSP) and is scheduled to take eight to 10 months to complete.<\p>
See the finalists for MBJ's 2024 Best Places to Work
Company culture has seemingly never been more important with the transition from hybrid work to in-office work and often in between the two. <\p> Every industry and company has its own challenges, and no workplace is perfect. Yet some companies have found the magic formula that drives productivity and growth while giving employees a greater sense of purpose — that elusive company culture — and camaraderie at work. <\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
New I-55 bridge construction expected to create over 1,000 direct jobs
The Memphis & Arkansas Bridge — or the "old bridge" to locals — served as a heavily traversed backdrop to a packed tent at the Metal Museum as regional and federal leaders celebrated the new I-55 replacement bridge. <\p> The project, being partially funded by a $393.7 million grant made possible by the Bipartisan Infrastructure Bill, is set to construct a modern, wider bridge across the Mississippi River at Memphis and will be known as "America's River Crossing." The project is the largest infrastructure investment in Tennessee history, per officials. <\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
$60M trademark infringement suit alleges an 'illicit Nike empire'
In its latest effort to crack down on copycat designers, Nike has filed a $60 million trademark infringement suit against a well-known sneaker customizer. <\p> In documents filed July 15 in the U.S. Southern District Court of New York, Nike alleges that Dominic Chambrone, also known as the Shoe Surgeon, uses Nike’s logo and other trademarked designs without its permission, calling his customization business an “illicit Nike empire.”<\p>
Local hospital lands Johns Hopkins leader for key role
Le Bonheur Children’s Hospital has landed a pediatric surgeon from a top-10 ranked children's hospital. <\p> Dr. Bret Mettler joins the hospital as chief of pediatric cardiac surgery and executive co-director of the Heart Institute at Le Bonheur and the University of Tennessee Health Science Center.<\p>
FedEx appoints new president to grow segment portfolio
FedEx Corp. recently announced that Nick Gennari is set to become the company’s global health care president. <\p> Gennari officially began his new duties on July 16. He also currently serves as SVP of sales with his new responsibilities, including leadership of FedEx’s health care segment. <\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
How local migration fueled DeSoto County's growth
DeSoto County, Mississippi — not quite Memphis, not deep Mississippi — has found a middle ground between its state and metro, which are both struggling to garner population growth. DeSoto County has not had the same struggles, but that might be changing.<\p> DeSoto has nearly doubled in size since 2000, whereas Mississippi as a whole has grown 3.2%. And Memphis' Shelby County has grown only 1.3%. <\p>
Longtime high-level FedEx exec to retire
A FedEx Corp. C-suite executive is set to retire at the end of this year after 42 years with the company. <\p> The Memphis-based company announced Monday, July 15, that Mark Allen, FedEx’s EVP, general counsel, and secretary, is set to retire from his role on Sept. 23. <\p>
FedEx Freight's recent results, potential stand-alone company status
FedEx Freight’s two-plus decade run as a stand-alone company under the FedEx Corp. umbrella could be nearing its end. <\p> The Memphis-based company confirmed during its Q4 earnings in June that it’s looking at FedEx Freight’s place within the current structure, hinting at the possibility of Freight spinning off into a separate publicly traded company. <\p>
New president looks to reintroduce local 'treasure' to Memphis
Christopher B. Davis, D.Min., has recently become the permanent president of LeMoyne-Owen College (LOC).<\p> Davis took over the role on July 8 after being in the interim role since last June.<\p>
Broad Avenue Gateway development gains state-approved project
A development on Broad Avenue is set to bring a vascular surgical center to Binghampton. <\p> The $7.2 million Bluff City Vascular Surgery Center is a part of the Broad Avenue Gateway, a development by Stuart Maxwell's High Mountain Investments. A Ramblin' Joe's coffee shop location is also planned and scheduled to open soon near the site for the surgery center. <\p>
Local org moving to prominent East Memphis office tower
Make-A-Wish Mid-South announced Monday, July 15, that it is moving its HQ to Clark Tower. <\p> The nonprofit, which makes wishes come true for critically ill children, plans to move into a 6,500-square-foot space on the third floor of the East Memphis tower at 5100 Poplar Ave. <\p>
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
Memphis Business Journal
4K+
Posts
512K+
Views
The Memphis region's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.