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Memphis Business Journal
High-profile East Memphis tower bought by local group for $10.25M
Poplar Towers, an 11-story office tower at 6263 Poplar Ave., has sold to a local real estate firm.<\p> The 101,000-square-foot Class B tower sold to Gregory Realty GP for $10.25 million. <\p>
International Paper's proposed deal for British co. advances
International Paper’s (IP) potential $9.9 billion agreement to acquire London-based DS Smith is another step closer. <\p> The Memphis-based company announced on Tuesday, June 25, that the waiting period under the Hart-Scott-Rodino (HSR) Act expired as part of the antitrust review process in the U.S. regarding the possible merger. The HSR Act requires premerger information about the entities involved in large proposed mergers and acquisitions be submitted to the Federal Trade Commission and Department of Justice for review.<\p>
Small business keeps growing after decades working with big employers
WorkSite CARE Clinic offers occupational health care. Employees are sent there to assess if they are fit for a job. At the clinic, located at 5425 E. Raines Rd., beyond the rooms for physicals and drug testing is the "warehouse." The warehouse features simulations of work tasks. There is a ladder for climbing, a beam and crates to pick up, a man-sized dummy to drag.<\p> One day, a young man arrived. He passed his drug tests and physical, no problem. Then, it was on to the warehouse. The man took it in.<\p>
$14M project seeks to become new economic hub for Memphis neighborhood
Memphis Merit Academy Charter School (MMA) recently celebrated a ribbon-cutting for its new campus, a former Kroger become K-8 charter school. <\p> The project represents a more than $14 million investment in Parkway Village, a predominantly Black neighborhood in Southeast Memphis that saw disinvestment after white flight in the 1990s. <\p>
Guest column: Memphis is now ground zero for AI arms race
In what will likely be considered the biggest economic development accomplishment this year in the U.S., Memphis has become ground zero for the artificial intelligence (AI) computing arms race. In less than 90 days, this is all happening thanks to the vision and execution of not only Elon Musk and the leadership of xAI, but also our City’s leadership including City of Memphis Mayor Paul Young, Greater Memphis Chamber CEO Ted Townsend, Memphis Light, Gas, and Water CEO Doug McGowen, and many others.<\p> Ninety days ago, there was not so much as a computer sitting at 3231 Paul R. Lowry Road, the former site of the Electrolux manufacturing facility. Now, as of xAI’s recent announcement, there are already GPUs (AI computing chips) up and running at the site, with plans for rapid growth in the coming months. Within one year or less, this site will scale up to the full “gigafactory of compute” for xAI with 100,000 GPUs, making it one of the largest clusters in the world built to date dedicated to AI.<\p>
FedEx promotes longtime leader to C-suite
FedEx Corp. announced Karen Blanks Ellis is set to become its next chief sustainability officer. <\p> Ellis starts in her new role on July 1, according to a news release. She has been in the role of managing director of strategic environmental management & sustainability.<\p>
The Playbook: The disconnect on vacation is getting better
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> While many organizations have embraced hybrid work, there’s a chance it may not be the best option for certain groups of workers. <\p>
Local wing restaurant opening location at Downtown boutique hotel
The Crazy Coop, the wing restaurant, is opening Downtown in the old Hu. Diner space. <\p> Owner Darius Buckner is taking over the boutique hotel's food services as well through his catering company. The plan is to go into operation at the hotel at 79 Madison Ave. by Aug. 2. <\p>
Heralded nonstop flight from Memphis International to end
American Airlines is ending its nonstop service to Boston from Memphis International Airport (MEM), the airport confirmed to MBJ. <\p> The route is expected to end in September. The long-pursued nonstop Memphis-to-Boston flight launched in June 2022. <\p>
Memphis architectural firms design locally and nationally
From a California casino to multifamily living in Florida, local architectural firms work on projects across the country. For the top 22 architectural firms in Memphis, about four in ten projects are for developments outside of the local market. <\p> HBG Design, which is the largest architectural firm on the List, 70% of its architects are located in Memphis, while 95% of its projects are not local. With its focus on hospitality, you can find HBG’s work in 35 states, including designing Eagle Mountain Casino in Porterville, California. Locally, HBG is the architect for the renovation of Memphis’ tallest tower, 100 N. Main. <\p>
EDGE calls special meeting, but no xAI filings present
The Economic Development Growth Engine for Memphis and Shelby County (EDGE) has announced a specially called meeting to be held Monday, June 24. <\p> The meeting's agenda, already posted online, lists two economic development opportunities. <\p>
IRS announces when payments on ERC claims will resume
The Internal Revenue Service plans to deny tens of thousands of improper Employee Retention Credit applications even as it promises to renew processing legitimate claims.<\p> The agency in an announcement this week said it had taken the time since its Sept. 14 moratorium on processing new ERC applications to analyze the more than 1 million ERC claims filed in 2023 — and found that between 60% and 70% showed an unacceptable level of risk.<\p>
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
Meet Tosca Nance-Jones, BRIDGES' new CAO
Tosca Nance-Jones was recently named chief administrative officer (CAO) of BRIDGES. <\p> Her rise in the organization has a meant-to-be quality. Her parents were activists, and she was an activist herself at a young age. When Nance-Jones moved to Memphis from Washington, D.C., her husband told her that she was going to wind up at BRIDGES. <\p>
Former U.S. Soccer star Tim Howard leaves Memphis 901 FC
Former U.S. Men’s National Team goalkeeper and NBC Sports soccer analyst Tim Howard has stepped down from his role as Memphis 901 FC sporting director. <\p> An original club founder of 901 FC, Howard had served as sporting director since 2019 and held a minority ownership stake in the team. He even came out of retirement to play six games for 901 FC during the 2021 USL season. <\p>
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
Latest phase delivers on $187 million development
The South City development has just delivered its penultimate fifth phase. <\p> The public-private project has been in the works for a decade now. The South City site near the intersection of South Danny Thomas Boulevard and Mississippi Boulevard is now nearly unrecognizable as the former Foote Homes public housing project. <\p>
FedEx shuffles leadership in Europe with new regional president
FedEx Corp. recently announced the company is set to have a new regional president of FedEx Express Europe next month. <\p> Wouter Roels, current SVP of marketing and customer experience in Europe, is set to begin his new role effective July 1, according to a news release. <\p>
Major Memphis financial institution names its next CEO
One of Memphis’ largest financial institutions has selected its next president and CEO.<\p> Orion CFO Ashley McDurmon is set to become the top executive of the credit union beginning Jan. 1. Longtime CEO Daniel Weickenand announced in May that he will be stepping down at the end of the year.<\p>
U of M student-athlete housing construction cost valued at $48 million
Work on the University of Memphis' new student-athlete housing complex is about to begin. <\p> A $48 million construction permit has been filed with the Memphis and Shelby County Division of Planning and Development to start construction on the project at the U of M's South Campus.<\p>
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