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Memphis Business Journal
New Mississippi River park's feature projected to draw 1 million-plus
The Memphis River Parks Partnership (MRPP) is adding a new feature that is expected to draw 1 million-plus visitors annually. <\p> MRPP broke ground today, June 6, on the Memphis Flyway, a 218-foot-long curving observation deck at Tom Lee Park.<\p>
The National Observer: Sign of reversal seen amid loan delinquencies
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today we've got stories on a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
After 90-day recruitment, Memphis won Musk's 'answer to the AI space'
The Greater Memphis Chamber held a press conference on June 5 confirming that Elon Musk's company, California-based X.AI Corp., plans to build a multibillion-dollar supercomputer in Memphis.<\p> According to Chamber president and CEO Ted Townsend, a 90-day recruiting process by the Chamber and other local officials to persuade Musk to build his supercomputer in Memphis culminated in Wednesday's press conference.<\p>
How MLGW, City plan to provide power/water for Musk's AI supercomputer
With the announcement that Elon Musk's startup, xAI, plans to build a multibillion-dollar supercomputer in Memphis, the power and water needs for such a project come to the forefront.<\p> The xAI supercomputer — which sources tell MBJ would be located at the former Electrolux plant in Southwest Memphis — would likely have massive electricity and water requirements to effectively run and cool the high-tech hardware.<\p>
Elon Musk co. to build multibillion-dollar AI supercomputer in Memphis
Elon Musk is planning to build what could be the most advanced supercomputer in the United States at the former Electrolux Memphis facility, multiple sources have told MBJ. <\p> The supercomputer project was being confirmed in a June 5 press conference held by the Greater Memphis Chamber. Sources told MBJ that the Chamber has been working to recruit the Musk operation to Memphis for months.<\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
Memphis division assists in acquisition of Atlanta company
Medical technology giant Stryker recently announced its intent to acquire Atlanta-based Artelon, a sports medicine, foot, and ankle orthopedics company. Stryker's foot and ankle orthopedics business unit, which is based in Memphis, is the acting agent in the deal.<\p> Michigan-based Stryker is the third-largest medical device company in the Memphis area with 550 employees, according to MBJ's list of Memphis-area medical device companies. <\p>
Giant local manufacturer closing
Hino Motors Manufacturing has announced the planned closure of its stamping and component plant in Marion, Arkansas.<\p> The facility employs about 1,300 workers. The closure is expected to take place mid or late 2027, the company said.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Exec leading Ford plant at BlueOval departs—for another local project
The tri-venture building a $1.9 billion truck battery facility in North Mississippi has finalized its structure and poached a key local Ford BlueOval City exec as its CEO. <\p> Kel Kearns, formerly the plant manager at the Tennessee Electric Vehicle Center at BlueOval City, will serve as CEO of Amplify Cell Technologies, the name for the tri-venture between Cummins, Daimler Truck, and Paccar. <\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
Memphis company to acquire Denver firm in $585 million cash deal
Memphis-based Frontdoor Inc. announced Tuesday, June 4, a deal in place to acquire Denver-based 2-10 Home Buyers Warranty.<\p> Frontdoor’s agreement to acquire 2-10 Home Buyers is an all-cash transaction valued at $585 million, according to a news release. The deal also includes a potential $30 million termination fee. <\p>
In this regional city, one development could change everything
Trumann is a sleepy city of about 7,400 — just off I-555 in Northeast Arkansas.<\p> It's about 15 minutes from Jonesboro and 45 minutes from Memphis. Many people in the city are employed by Roach Manufacturing Corp., a company that makes conveyor belts and is based in Trumann. <\p>
Entrepreneur aims high for commercial side of business
In 2019 when David Perdue started his landscaping business Greenview Landscape, it was a "mow and blow" service for the residential market. Then, Perdue began seriously pursuing the commercial sector.<\p> "In 2022, getting into 2023, we really put our foot on the gas," Perdue said. "We're continuing to do that. We're finding that we're pretty successful in it." <\p>
NIL or G League: Here's how math shakes out for potential pro Tigers
The implementation of name, image, and likeness (NIL) in college sports three years ago has drastically changed how student-athletes are compensated during their college tenures. <\p> It’s also another consideration for those same student-athletes when deciding whether to pursue a professional career in their respective sport. <\p>
Memphis executive director moves over to head Marion org
The executive director of the Stax Museum of American Soul Music is leaving to join the new Sultana Disaster Museum in Marion, Arkansas. <\p> Jeff Kollath plans to begin serving on July 1 as the executive director of the Sultana Historical Preservation Society (SHPS).<\p>
U of M to promote and research automated, electrified trucking future
Why do birds fly in a V formation? And why are researchers looking into automating electric trucks to drive snuggly? The answers to those questions are the same: to reduce air resistance, preserving energy. <\p> The University of Memphis is set to receive $1.5 million over five years from the National Science Foundation (NSF) and industry partners to investigate innovations in trucking, potentially such as truck platooning, or driving snuggly.<\p>
First Horizon strives to grow its private and wealth management sector
First Horizon Corp.’s new director of private client services, Travis LeMonte, is experiencing a homecoming of sorts. <\p> He previously worked at the company — back when it was First Tennessee — as a private client relationship manager from 2012-15. LeMonte rejoined First Horizon from Regions Bank, where he led private banking in West Tennessee, Mississippi, and Texas. <\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
Out-of-state firm buys prominent Memphis food maker
A billion-dollar Portland, Oregon, food manufacturing firm has added a new deli specialty company out of Memphis to its fold.<\p> Reser’s Fine Foods Inc. said this week it has bought Memphis-based St. Clair Foods Inc., which makes refrigerated deli salads, frozen side dishes, and frozen entrees. St. Clair primarily works with the food service industry.<\p>
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