Memphis Business Journal

[Editor’s note: MBJ reporter Michelle Corbet previews highlights from each Memphis City Council meeting agenda.] When the Memphis City Council meets Tuesday, Feb. 21, they will continue exploring the long-term management of Beale Street and explore potential solutions to a backlog of speed hump requests. Members will continue a heated discussion from Jan. 17's meeting about potentially disbanding the recently formed Beale Street Tourism Development Authority Development Authority after an alleged…
Friday, February 17, 2017 - 16:29
Big winners at last night's Memphis Business Journal's 2017 Building Memphis awards included projects from the Mississippi River to Hyde Lake. To see the winners and all the finalists, click the slideshow. MBJ began the Building Memphis Awards five years ago to highlight the collective accomplishments of our construction, architecture, engineering, interior design, commercial real estate, commercial lending and public sectors. The results of their labors are unavoidable: They are the tallest buildings…
Friday, February 17, 2017 - 14:34
Lane one — Starbucks. Lanes two and three — Pinnacle Financial Partners. Nashville-based Pinnacle Financial Partners has transformed its bank branch at 1264 S. Germantown Road into part bank, part full-service Starbucks, complete with a drive-thru. Click the slideshow to get a sneak peek inside. “We have tried to think of innovative ways to do business to bring in more clients, business clients or consumer clients,” said Nita Tennial, office leader for the Wolf River Pinnacle branch. “With…
Friday, February 17, 2017 - 14:28
Small business is back in Memphis, according to one of the city’s veteran real estate brokers. Newmark Grubb Knight Frank senior managing director Scott Pahlow told a crowd of real estate professionals Thursday, Feb. 16, that the resurgence of Memphis' small businesses is one of the city’s most important trends in real estate. Driven by growing small businesses, about 1.45 million square feet of vacant Class B office space — defined as office buildings with ceiling heights between 20 feet…
Friday, February 17, 2017 - 14:20
Council members are expected to add $1.5 million to the fiscal 2017 budget as part of the city's multimillion-dollar settlement with Shelby County Schools (SCS). The increase will be funded by G.O. bonds and will pay for a mechanical system replacement at Hamilton High School and ADA compliance and mechanical system upgrades at Sherwood Middle School. The settlement mandates the city fund up to $3.8 million in capital expenditures for SCS buildings that are either owned by the city or located on…
Friday, February 17, 2017 - 12:08
A Memphis home led the week's top residential sales with a million-dollar price tag. Located on Shady Park Lane in the Memphis 38120 ZIP code, the 5,600-square-foot house sold for $1.12 million. The property was constructed in 2007 and has four bedrooms and six-and-a-half bathrooms. The second sale was a home on Cypress Pond Cove in the Collierville 38017 ZIP. Built in 2016, the house has six bedrooms and six-and-a-half bathrooms, according to Zillow. The purchase price was $693,476. Third place…
Friday, February 17, 2017 - 11:45
Gov. Bill Haslam on Thursday named Franklin businessman Bob Rolfe as the new commissioner for the Tennessee Department of Economic and Community Development. Rolfe will take over the role following the departure of former commissioner Randy Boyd, who left the job in January amid speculation of a run for governor. Rolfe will begin his new job on March 1, according to a news release. Rolfe is the outgoing CEO of Franklin-based Medical Reimbursements of America, which uses technology to help hospitals…
Friday, February 17, 2017 - 07:08
German discount grocer Lidl has detailed its first expansion into the United States with plans to open 20 stores along the East Coast this summer. The locations will be in Virginia, North Carolina and South Carolina and will likely be in direct competition with Cincinnati-based Kroger Co. (NYSE: KR), which has strongholds in those markets. Kroger, the nation’s largest operator of traditional supermarkets, has 160 stores in North Carolina, 106 in Virginia and 35 in South Carolina. All operate under…
Friday, February 17, 2017 - 07:00
In 2016, Memphis hotels sold their most-ever rooms and revenue was the highest on record. The area's average daily rate was $8 above the previous peak in 2007. On Friday, Feb. 17, the Metropolitan Memphis Hotel & Lodging Association (MMHLA) will hold its 19th annual industry update at The Guest House at Graceland. Speakers will include Wayne Tabor, association president; Larry Jensen, president and CEO of Cushman Wakefield/Commercial Advisors; Chuck Pinkowski of Pinkowski & Company; Jeff Higley,…
Friday, February 17, 2017 - 06:00
In the past few weeks, President Donald Trump has met with leaders from several industries. On Feb. 9, for instance, he met with aviation leaders, including Dave Bronczek, president and COO of Memphis-based FedEx Corp. During that meeting, the group talked about modernizing air traffic control and reforming the FAA by creating a nonprofit corporation with representatives from the government, general aviation and commercial airlines. More recently, Trump met with leaders in the retail industry,…
Thursday, February 16, 2017 - 14:58
The Federal Food and Drug Administration (FDA) will allow Medtronic to market a technology treating bone tumors in areas other than the spine. Medtronic's OsteoCool RF Ablation System uses targeted radiofrequency (RF) energy to remove malignant metastatic bone tumors. The company may now market the system for palliative treatment in all bones for patients who are not candidates for standard therapy or for whom standard therapy has not worked. Medtronic said OsteoCool will be the only RF ablation…
Thursday, February 16, 2017 - 14:44
Kroger Co. has received an honor recognizing its emphasis on diversity ranking among the top 10 U.S. corporations when it comes to inclusion. Omnikal, formerly Diversity Business, ranked Cincinnati-based Kroger (NYSE: KR) eighth in its new Omni50 listing. That’s a ranking of the 50 largest corporate buyers of multicultural products and services. Omnikal is the nation’s largest inclusive business organization. It has created a community through a social platform for small and medium-sized business…
Thursday, February 16, 2017 - 14:43
With a 16-quarter run of same-restaurant sales growth, Wendy’s Co. is upping its long-term goals. The Dublin-based restaurant chain has long targeted 2020 as a key point in its future and Thursday at its annual investor conference raised its expectations for what the business will look like by that year. Among the new goals: Global sales of $12 billion, up from $10 billion today. Global restaurant count of 7,500, up from 6,537 now. 70 percent of restaurants under the new design. It is 32 percent…
Thursday, February 16, 2017 - 14:41
The West Cancer Clinic will award four $50,000 grants for cancer research, including one that will use 3D-printed applicators. The executive council of the West Cancer Center reviewed almost 20 applications to select the recipients. The grants serve the needs of the local community, as well as the research initiatives of the cancer center partnerships and encompass technology and science. The projects range from new therapies for treating ovarian cancer and radiotherapy technology to translating…
Thursday, February 16, 2017 - 14:22
The Fresh Market in Midtown will soon have a new neighbor. Sprint has signed a lease to open next to the grocer. Sprint will be joined by Dang It Repair and Virtual Reality in a 3,600-square-foot bay. Dustin Jones and Danny Buring with The Shopping Center Group represented the landlord, and Charlies Oates represented the tenant. Jones said there would be three separate entrances. “The 2017 retail market appears to be heating up quickly,” Jones said. “Sprint’s interest to open their new…
Thursday, February 16, 2017 - 13:31
The James Beard Awards have announced the 2017 restaurant and chef semifinalists, and two Memphis chefs have yet again made the cut. Andrew Ticer and Michael Hudman are semifinalists in the Best Chef Southeast category for their restaurant Andrew Michael Italian Kitchen. The duo is joined by a pair of fellow Tennesseeans: Andy Little, for Josephine in Nashville, and Erik Niel, for Easy Bistro in Chattanooga. Ticer and Hudman are no strangers to the list. Since 2012, they have received five James…
Thursday, February 16, 2017 - 12:48
For every dollar that the National Endowment for the Arts (NEA) spends in local communities, another $9 in additional public or private funding follows. That's part of the reason that local arts supporters — including ArtsMemphis — will host an #ArtsMatter advocacy event for the NEA, the National Endowment for the Humanities (NEH) and the Corporation for Public Broadcasting (CPB) on President's Day. "Legislators on Capitol Hill will begin working on the federal budget this spring. Receiving…
Thursday, February 16, 2017 - 11:27
Andy Puzder, CEO of the Franklin-based company that owns Hardee’s, has withdrawn his nomination to become President Donald Trump’s labor secretary. Puzder made the withdrawal official in a statement released around 2:45 p.m. Wednesday. "While I won't be serving in the administration, I fully support the president and his highly qualified team," Puzder said, according to The Associated Press. Prior to the formal announcement, Puzder's expected withdrawal was widely reported by national media…
Thursday, February 16, 2017 - 08:22
Amazon.com Inc. has patented technology that allows delivery drones to deploy packages mid-flight and steer them to their destination on the ground. Fly-by drone delivery would save time and energy by eliminating takeoffs and landings for each package. It's the latest patent to come out of the Seattle-based company's futuristic Prime Air delivery program. Amazon (Nasdaq: AMZN) filed for the patent in June 2015, describing it as technology for “maneuvering a package following in-flight release…
Thursday, February 16, 2017 - 07:21
T-Mobile merger talks could begin as soon as April, CEO John Legere suggested on a call with analysts and investors Tuesday. Wireless providers are locked into a quiet period barring executives from discussing potential mergers during the Federal Communications Commission's wireless spectrum auction, which sells off access to the radio waves carrying signals from cell towers to cell phones. The auction is expected to conclude March 30. “Nobody is talking right now,” Legere said. “I've got…
Thursday, February 16, 2017 - 07:19

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