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Fire-Delayed Forum Flats Prepares to Open First Apartments Public Records & Notices View a complete day’s public records and notices at memphisdailynews.com. www.chandlerreports.com Thursday, November 14, 2019 MemphisDailyNews.com Vol. 134 | No. 182 Rack–50¢/Delivery–39¢ Fire-delayed Forum Flats Mitsubishi prepares to open fi rst apartments plant hopes to preserve majority of jobs in sale WAYNE RISHER Courtesy of The Daily Memphian Mitsubishi Electric Power Products is ne- gotiating a sale of the Memphis transformer plant in which officials hope to preserve a ma- jority of jobs. The Pennsylvania-based unit of Japanese industrial giant Mitsubishi filed a notice with the Tennessee Department of Labor and Work- force Development Tuesday, Nov. 12, of a planned January plant closing that would affect 160 jobs. “We really have no further comment un- til our negotiation concludes with a potential buyer,” the plant’s general manager Joe Duran- te said. “As part of our Benjamin Harris (left) holds a post while a team from A-C Electrical installs parking lot lights as construction continues at Forum As part of ongoing negotiation Flats Nov. 12. (Mark Weber/Courtesy of The Daily Memphian) our ongoing with a third party, continued employ- TOM BAILEY The Forum Flats owner, Nashville- some extent. The structures that did negotiation ment for our work- Courtesy of The Daily Memphian based Elmington Capital, has a waiting not burn received some smoke dam- with a third force is important,” The only thing burning hot now at list of prospective residents wanting age and all the roofs were replaced be- party, continued Durante said. Forum Flats is the waiting list to get one to move into those first two buildings, cause burning embers traveled to them “At this time we of the apartments. Taylor said. in the wind. employment for anticipate the third Construction has resumed for the They are the smaller of the develop- Elmington Capital Group has a our workforce is party will hire a ma- affordable, income-based apartments ment’s four buildings, comprising 48 of substantial presence in Memphis as jority of our work- at 299 S. Danny Thomas, located within the 205 planned units. an apartment developer. Among its de- “important.” force,” he said. walking distance to Beale Street/Fe- Patton & Taylor has received the velopments here are Crescent Bluff I & –Joe Durante, Durante de- Memphis transformer plant dExForum or the river at Tom Lee Park. go-ahead to resume work on all but a II (25 E. Virginia and 790 Muddy River general manager clined to identify The $21 million development experi- portion of the building where the fire Lane), Uptown Flats (645 N. Main) and the potential buyer enced a setback May 3 when a substan- started, Taylor said. He hopes his con- Patterson Flats (250 E. G.E. Patterson) but said it’s another tial fire broke out in one of the four apart- struction crews can work again on that apartments. company in the same market in the U.S. ment buildings under construction. The portion by the end of November. Elmington develops both market- The Worker Adjustment and Retraining blaze affected all the buildings, insur- He anticipates completion of all of rate and affordable or “workforce” Notification Act filing said Mitsubishi notified ance issues had to be resolved and con- Forum Flats by next year. apartments. the state of a “permanent closing” scheduled to struction did not resume until August. The Fire Department did not deter- The federal government subsidizes begin Jan. 3 and end Jan. 31, 2020. “We hope to be getting final occu- mine the cause of the fire, Taylor said, the rent by providing low-income hous- The Mitsubishi plant, located at 2865 River- pancy (certificates) on two of the build- adding he speculates it was arson. The ing tax credits to Elmington. In turn, port in the Rivergate Industrial Park in south- ings this week from Code Enforcement,” fire occurred before power was con- Elmington caps the amount of rent it west Memphis, was one of a series of economic said Cameron Taylor, chief manager nected to the development, so it could charges to low-income tenants so they development wins when it was announced in of general contractor Patton & Taylor not have been an electrical fire, he said. do not have to pay more than 30 percent 2011. Enterprises. All four buildings were damaged to of their income for housing. MITSUBISHI CONTINUED ON P2 INSIDE Public Records ................ 4 memphisdailynews.com chandlerreports.com Public Notices ............... 13 ©2019 The Daily News Publishing Company A division of The Daily News Publishing Company Memphis, Tennessee The standard for premium real estate Established 1886 • 134th year information since 1968 Call 901.523.1561 to subscribe Call 901.458.6419 for more information Page 2 MemphisDailyNews.com Thursday, November 14, 2019 Developer ponies up $104M to fill gaps in Downtown’s recent renaissance WAYNE RISHER Planned The $54.5 million hotel is tentatively Courtesy of The Daily Memphian Dream Hotel scheduled to be completed by December Developer Tom Intrator and Downtown would rise 2022. Memphis officials were talking the same out of the Board member Jeri Moskovitz asked existing Royal talk Tuesday, Nov. 12, about the need to about provisions for parking, and Sean Furniture fill gaps among Downtown’s revitalization building at Norris wanted to know about Intrator’s successes. 122 S. Main. financing. A Downtown board backed nearly $20 Intrator said the hotel would rely on million in tax breaks for $104 million in (Submitted) valet parking and have agreements with projects led by Intrator, a New York devel- nearby parking facilities to store vehicles. oper who was attracted to Memphis as an Intrator said he’s confident about secur- apartment investor. ing financing, owing to a career track re- The Center City Revenue Finance cord of $300 million to $400 million in debt Corp.’s entire agenda was taken up by In- without a default or late payment. trator’s 18Main LLC investment group. The Intrator said Dream Hotel would man- five approved projects would be within a age the hotel and make an investment in it. half-mile of each other in Downtown’s core. Across Main from the Dream Hotel site “None of these really work too well on is a four-story, 34,000 square foot, circa 1910 their own, but the whole thing starts to building that was almost lost to water dam- create an ecosystem which we very much age before it was stabilized and boarded up need,” Intrator told the board. “I don’t think years ago. this is everything to take the city from A to “It’s actually been a blight priority of B, but it’s a start. We’ll do what we can, and ours for over 10 years,” Oswalt said. “We more will come in the future.” look forward to seeing this back in full use.” Downtown Memphis Commission Intrator’s concept is commercial on the president Jennifer Oswalt added, “We also first floor and office upstairs. Plans call for believe these projects are filling gaps for us, a six-month, $7-million renovation to begin and that’s what’s most important on Main more unique office space” at 107 S. Main was five years ago, but it’s relatively empty. later this year.311 S. Main, a 30,000 square Street right now, where you make the walk, and a multipurpose commercial building The office buildings, the employment, have foot, circa 1900 warehouse, would include where you have dead spots or quiet spots at 311 S. Main, described as a Crosstown relatively healthy occupancy…” a mix of commercial uses including retail/ less and less.” Concourse on much smaller scale. “Why is the street empty? People have casual dining fronting on South Main. In- The board approved the projects by Intrator’s company, 18Main LLC, al- nowhere to go,” Intrator said. trator envisions it becoming a place where 6-0 votes. ready is renovating 18 S. Main and has been Oswalt said the commission has tried people can interact and spend time, taking Downtown Memphis officials said the buying up additional property on north and various approaches, in addition to incen- advantage of activity on South Main and a new development would produce a com- south ends of Downtown. tives, to breathe life into Downtown’s un- connection with his adjoining development bined increase of about $6.5 million in city Apartment construction has boomed revitalized spaces. Among them are pop-up on Front Street. and county property taxes over the incen- Downtown in recent years, and about 95% retail, a Main Street retail emphasis and The timetable for the $7 million project tives’ terms. The agency labels potential tax of the units are occupied. But Intrator and painting over empty storefronts with mu- calls for construction to start a year from savings for the developer as “hypothetical” Oswalt agreed rents are lower than they rals, such as one at 107 S. Main. now and full occupancy by February 2022. because it says the development wouldn’t need to be to attract investment without In the late 1990s the commission iden- Intrator believes his two projects with occur without incentives. tax incentives. tified South Main between Union and Pea- apartment components – 386 S. Main Intrator said simply building more Oswalt said rents average about $1.47 body Place as a demonstration block and and 316-320 S. Front – could benefit from apartments because occupancy rates are a square foot a month ($1,470 for a 1,000 offered extra help for developers. Intrator’s an influx of professionals working at the high Downtown would ignore the need to square foot unit).
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