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Deadline approaching in Cigna/Saint Francis contract dispute

Memphis Business Journal - 3 hours 2 min ago
On Jan. 1, Saint Francis Healthcare will no longer be in Cigna's network, unless a new contract is signed.

It's official: Downtown startup to bring 700 jobs, $6.6M investment

Memphis Business Journal - 4 hours 36 min ago
As MBJ reported last week, Indigo Ag is planning a major expansion in Downtown Memphis, which could create more than 700 new jobs. Tennessee Gov. Bill Haslam, Department of Economic and Community Development (TNECD) commissioner Bob Rolfe, and Indigo Ag Inc. president and CEO David Perry announced today at Toyota Plaza that the agricultural technology startup will establish in Memphis the headquarters for its North American commercial operations. As part of the growth, Indigo is set to invest…

Amazon taps Fort Worth's Alliance Airport for regional hub, hundreds of jobs

Memphis Business Journal - 7 hours 23 min ago
Amazon will open a regional air hub at the Fort Worth Alliance Airport, creating hundreds of new jobs with the first airport project of its kind in the Amazon Air network, the company announced Tuesday. The new facility will be tailored specifically to Amazon Air’s larger-scale regional needs. Unlike other gateways and facilities within Amazon Air’s network, the regional air hub will include sortation capabilities and infrastructure to handle multiple flights daily, the Seattle-based company…

Kroger CEO sees big potential in Walgreens partnership

Memphis Business Journal - 7 hours 25 min ago
Kroger Co.’s partnership with drug store giant Walgreens has Kroger CEO Rodney McMullen “excited” about its prospects although the arrangement is still in its infant stages.

Convention center may sell naming rights

Memphis Business Journal - 7 hours 33 min ago
The Memphis Cook Convention Center could soon bear the name of a corporate sponsor. The City of Memphis and convention center board will likely be at least studying the option of selling naming rights. The Cook Convention Center Board is slated to vote on awarding a contract to a consultant that would investigate the matter, according to its agenda. Wayne Tabor, chairman of the Convention Center board and president of ‎the Metropolitan Memphis Hotel and Lodging Association, said the study,…

Memphis to issue RFPs for dozens of city-owned acres eligible for incentives

Memphis Business Journal - 8 hours 52 min ago
Memphis has big plans for dozens of city-owned acres that fall within its Opportunity Zones. The city plans to issue requests for proposals (RFPs) from private developers for properties, Memphis Mayor Jim Strickland said in a speech to developers and investors at the University of Memphis Tuesday. A copy of the speech was provided to MBJ. Almost all of the city-owned property that the Memphis is looking to develop, and that Strickland touted Dec. 11, falls within what are called Opportunity Zones…

Local holding company makes Pacific Northwest acquisition

Memphis Business Journal - Tue, 12/11/2018 - 14:37
A Memphis-based holding company is adding to its roster. Fremont-Wright LLC acquired Monroe, Washington-based Harmsen & Associates in October. Harmsen & Associates has four offices in that state and about a dozen employees. Fremont-Wright focuses its investments in aerial and land surveying and civil and structural engineering companies that serve the institutional, mixed use, commercial, and residential industries. The holding company’s other businesses include Las Vegas-based civil engineering…

Downtown board approves first TIF, hopes to fill hole in development

Memphis Business Journal - Tue, 12/11/2018 - 14:32
The Center City Revenue Finance Corp. (CCRFC) approved its first TIF on Tuesday, Dec. 11, in order to support a massive project and fill a hole in Downtown development. The project, known as Union Row, is set to develop almost 800 apartments, 200 hotel rooms, 110,000 square feet of retail, and 350,000 square feet of office space as part of its first phase. The phase is set to cost more than $510 million, with subsequent phases potentially costing another $400 million or more. "This is going to…

ServiceMaster details strategic shift, from franchiser to operator

Memphis Business Journal - Tue, 12/11/2018 - 14:21
During investor day, Mary Kay Wegner — president of ServiceMaster Brands — said the company has thought of itself primarily as franchisers in the past.

Memphis private company adds key executives to its C-suite

Memphis Business Journal - Tue, 12/11/2018 - 14:00
Buckman's chief executive is adding three key executives.

U of M revives — and revises — plans for new student recreation center

Memphis Business Journal - Tue, 12/11/2018 - 13:52
A new University of Memphis recreation facility would transform the campus just south of Southern Avenue, proposed plans and renderings show. In February 2017, the U of M put on hold plans for a $60 million student recreational center after coming up short on funding. A year and a half later, the project is back — and about 50 percent smaller. It now has a $30 million budget. "It's going to change the whole context and really bring in that area as more part of the campus, and put everything…

Fogelman, airport, Delta get into holiday spirit

Memphis Business Journal - Tue, 12/11/2018 - 11:53
The holiday spirit is alive and well in the Mid-South. Customers at the local BurlingtonEastgate Shopping Center got a welcome surprise Dec. 11; local entrepreneur and real estate developer Avron B. Fogelman is paying off the remaining layaway balances for more than 400 shoppers.  This isn’t the first time that Fogelman has spread holiday cheer. In 2017, he paid for 70 children with the Boys and Girls Club of Greater Memphis to go shopping at Old Navy. In 2016, he also paid off layaways at…

ServiceMaster acquires company to cement foothold in Northeast

Memphis Business Journal - Tue, 12/11/2018 - 10:49
ServiceMaster is looking to expand in urban markets — and that plan includes the acquisition of a leading pest control company in New York. ServiceMaster Global Holdings Inc. announced Tuesday, Dec. 11, that it will acquire Assured Environments, a company that provides pest control services to some of New York's most well-known landmarks, including Rockefeller Center, Madison Square Garden, and the 9/11 Memorial Museum. Assured Environments has 200 full-time employees. "Andrew Klein and the…

City, County, EDGE prep for 2019's potential economic development bonanza

Memphis Business Journal - Tue, 12/11/2018 - 06:46
32 census tracts represent a vast opportunity for the City of Memphis, Shelby County, and its combined economic development efforts.

Wright Medical expansion is another boon for medical device industry

Memphis Business Journal - Tue, 12/11/2018 - 06:12
Wright Medical announced Monday that it plans to grow by another 40,000 square feet and add about 30 jobs with the expansion at its Arlington facility. "We expect to create approximately 30 new production positions with this expansion," Phil Ward, senior director of manufacturing, said in an email. The project will occur at Wright Medical's location at 11576 Memphis-Arlington Rd. "We will use the area to produce medical devices dedicated to repairing injuries to the foot, ankle, and lower…

Sources: U of M offered bigger piece of TV deal to commit to conference long term

Memphis Business Journal - Mon, 12/10/2018 - 15:43
The American Athletic Conference’s schools are considering a long-term commitment that will keep the league intact and make its media package more attractive. The conference is asking schools, including the University of Memphis, to sign a grant-of-rights agreement that theoretically would lock them into the conference for the duration of the next media rights deal. The American Athletic Conference’s (AAC) current, seven-year, $126 million package with ESPN expires in 2020. A new deal could…

Tennessee firm to buy Nutrisystem in $1.3B deal

Memphis Business Journal - Mon, 12/10/2018 - 14:16
Franklin-based Tivity Health Inc. is set to buy Pennsylvania-based weight-management company Nutrisystem Inc. in a cash-and-stock deal valued at $1.3 billion. The deal is expected to close in the first quarter. "The acquisition of Nutrisystem is an exciting and transformational event for Tivity Health as we expand our portfolio of healthy lifestyle brands," Tivity CEO Donato Tramuto said in a news release. "Tivity Health and Nutrisystem share the same mission-driven culture and have highly talented,…

Who owns Memphis: North Main parcels in the Pinch

Memphis Business Journal - Mon, 12/10/2018 - 14:00
With their LLC’s recent purchase on North Main Street, a local architect and his wife picked up two more parcels in the Pinch District.

Exclusive: New wave tech helps university recruit, add revenue

Memphis Business Journal - Mon, 12/10/2018 - 13:44
Drug manufacturing capabilities along with cutting-edge regenerative and precision medicine might prove to be transformative for UTHSC.

Exclusive: Second cidery en route to Memphis

Memphis Business Journal - Mon, 12/10/2018 - 12:11
The founders plan to produce an abundance of varieties, from a Moscow Mule cider to a Carrot Cake one.

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