$5 Billion Downtown Development is Happening rfinley@seodig… Fri, 05/22/2020 - 14:43
The developments, business growth, and the look of Memphis, Tennessee is changing, growing, and impressing Memphis and out-of-state investors, as well. The city is thriving, and, by the look of it, entrepreneurs and innovators see improving the city as a tremendous investment. 1750 Madison AvenueThe Downtown Memphis Commissioner's Center City Revenue Finance Corporation Board (CCRFC) recently approved a $3.8 million payment-in-lieu-of-taxes incentive and developer Amin Zaki has submitted plans for the six-story office building that will be converted to 52 apartment units, along with retail and restaurant spaces. The lots on the east and west sides of the building will offer smaller apartment buildings which will cost almost $12,6 million to complete. The CCRFC believes that this development is taking place at exactly the best time to strengthen retail and restaurant businesses in this part of town. 185 Union AvenueThe existing Doubletree Hotel, at 185 Union, is to be renovated into a new boutique-type hotel that will include meeting spaces, along with food and beverage services. The property will also include changes to the frontage on Union and B.B. King, which is a new public space on this site. The cost of the renovation is estimated to cost up to $65,825,000. 46 Keel Avenue/Front StreetThis site, also known as the Uptown Snuff District, is the dream project of Memphis developer, Billy Orgel. His plan, which includes a separate tax break, involves a cluster of six buildings in the historic Snuff District (named for the tobacco manufacturing building once operated in this space). The $46 million plan includes:
Thanks to a 20-year PILOT grant, a second hotel is in the works and is to be located above the William C. Ellis & Sons Ironworks and Machine Shop, at 241 and 245 South Front Street and Dr. Martin Luther King, Jr. Avenue. Memphis' Carlisle Corporation has filed plans to convert the historic Ellis & Sons riverside machine shop into a fancy hotel. The building has been in place since 1879. 316–324 S. Front StreetThis $30,218,096.00 project will include a mixed-use development located in an existing historic building at 324 S. Front. St. The plan is for a new 6-story infill apartment building on an adjacent lot. [https:///]Infill development is a redevelopment that allows developers to: "Optimize prior infrastructure investments and consumes less land that is otherwise available…" Once in place, the development will offer 165 apartment units and 10,000 square feet of space for retail entities. Bakery Apartments & Edge RedevelopmentCurrently, under construction is a redevelopment of six parcels of land in the Edge District of the city. The project includes the historic Wonder Bread Factory at 400 Monroe and the space that was once the Memphis Cycle Supply at 421 Monroe. The former Wonder Bread Factory will be converted to 286 apartment units and more than 155,000 square feet of retail units, offices, and mixed-use spaces. This $73 million project is headed by Gary Prosterman, CEO of the Development Service Group (DSG) and a fourth-generation Memphian. Prosterman has focused on urban renewal which he feels is important to development in Memphis. This new idea will provide housing for medical workers that is more convenient and more desirable than now exists. The district is home to the Baptist College of Health Sciences, Methodist Le Bonheur Healthcare, Memphis Bioworks Foundation, St. Jude Children's Research Hospital, and the University of Tennessee Health Science Center. Memphis Growth and DevelopmentInvesting in Memphis, as the investment pros seem to notice, is an intelligent thing to do. The city is expanding by leaps and bounds, and real estate is still affordable. The downtown developments are going to bring economic growth and jobs to the area. Whether you are looking to rent or buy, Memphis will welcome you with just the right amount of Southern Hospitality. Let us assist you in your real estate journey.
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7 Reasons to Invest in Memphis Now rfinley@seodig… Mon, 04/20/2020 - 15:11
When people think of Memphis, TN, thoughts of parties on Bourbon Street, delicious barbecue, and Graceland come immediately to mind, but these highlights only scratch the surface of what makes Memphis great. It is a rapidly expanding city drawing in big companies and young professionals. The real estate market is hot but still affordable. If you are looking for opportunities to invest in real estate, Memphis should be on the top of your list. Here are our top 7 reasons why. Price to Rent RatioThe price to rent ratio is the ratio of a home price to the annual cost of renting. This ratio indicates whether it is more affordable to rent or own a home in any given city. The lower the number, the more favorable it is for homeowners. In 2019, the national price to rent ratio was 12.7. Memphis's price to rent ratio in 2019 was well below the national average coming in at 8.4. To put this number into perspective, this was the third-lowest price to rent ratio in the country! Affordable Real EstateWhen looking to invest in real estate, affordability is always a top concern. Memphis is growing, but it is still affordable. The median house cost in Memphis is $94,200, which is 19.4% below the national average! Kiplinger named Memphis the fourth most affordable city to buy a house in 2019. City DevelopmentsMemphis is growing. The city is developing to such a great extent that even the skyline will look different. Memphis is in the middle of a five billion dollar development of their downtown area focusing on two different districts. The construction will bring economic growth and jobs to an already secure job market. Strong EconomyMemphis was struck hard by the 2008-09 recession. The unemployment rates hit the double digits, but since then, much has changed. Upwards of 60,000 jobs were introduced to the growing city, and unemployment in 2019 was reduced to 3.9%. Big Companies Bring Big JobsAlthough Memphis loves its small-town feel and small business, it is also home to several big companies. Memphis's location on the Mississippi River, as well as its central highway location, makes it the perfect choice for large companies to build hubs. Three Fortune 500 companies, FedEx, AutoZone, and International Paper, are headquartered in Memphis. Mueller Industries and ServiceMaster, also headquartered in Memphis, are on the Fortune 1000 list. Having large companies in the city creates more jobs and job security. Low Homeownership RateThe national rate of people who own their home is 63.9%. In Memphis, homeownership makes up only 46.5% of the population, which means this is an excellent place for investors looking to buy rental properties. The population is also young, with the average citizen being 34 years old vs. the national average of 38. Young populations favor rentals for varying reasons, including student debt, low savings, and convenience. They make an excellent market to rent to. Short term Rental FriendlyWhile some cities in Tennessee are not friendly to short term rentals, like Airbnb, Memphis is. Owners must have smoke and carbon monoxide detectors, and renters must comply with noise restrictions, but other than that, the regulations are minimal. Airbnb also do quite well in Memphis. The average occupancy is 67%, with a 6% cash return.
Whether you are investing in property for short term renters or you prefer long term tenants, Memphis is an excellent choice. Its economic and physical growth make it a city not to be ignored. Big companies and young professionals alike are being drawn to the expanding city. The real estate is still affordable, but it is hot, so now is the time to act. To start investing today, contact us
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Assistance during COVID braddhancock Thu, 04/02/2020 - 00:43
Utility Assistance
MLGW/Utility Assistance Per MLGW’s Pandemic Response Plan, they are NOT DISCONNECTING customers until further notice. However, bills will continue to accrue. MLGW has a number of assistance programs in place to help customers year-round. More information can be found at: www.mlgw.com/residential/assistanceprograms. Please call 544-6549 or use webchat (www.mlgw.com/webchat) to see what is best for you. You may request an extension through My Account.
The following agencies offer utility assistance programs to eligible Shelby County residents: MIFA https://www.mifa.org/applyonline CSA https://shelbycountycsa.org/covid-19
Low Cost Internet Access
Comcast Internet Essentials https://internetessentials.com/ Low-cost internet available to eligible households based on income. First 60 days free for new customers at this time. Apply by April 30, 2020.
Access from AT&T https://accessatt.solixcs.com/#/home Low-cost internet available to households that receive SNAP (formerly food stamps) benefits.
Cell Phone Access Access Wireless Lifeline is a government sponsored program that provides a free phone and 1000 minutes per month for individuals that receive any public assistance program such as Food Stamps, Medicaid/TennCare, Supplemental Security Income (SSI), Temporary Assistance for Needy Families (TANF), Low Income Home Energy Assistance Program (LIHEAP), National Free School Lunch or Federal Housing/Section 8 Assistance.
Assurance Wireless Provides free cell-phone with 350 free minutes per month for local and long-distance calling within the US, including free voicemail, call waiting, and caller ID, with a limit of one phone per household. Special promotions for additional minutes apply for new enrollees, like extra minutes for the first four months’ service. Must be enrolled in a public assistance program or meet income eligibility criteria to qualify.
Meal Assistance
Supplemental Nutrition Assistance Program SNAP Application (Formerly known as Food Stamps) https://faonlineapp.dhs.tn.gov/
Mid-South Food Bank Mobile Food Pantry https://www.midsouthfoodbank.org/coronavirus-response
Student Meal Sites
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Reedy and COVID-19 braddhancock Fri, 03/27/2020 - 20:10
NASHVILLE – The Tennessee Department of Human Services (TDHS) is making essential financial resources available to families that have been significantly impacted by the COVID-19 emergency. Beginning 10 A.M. CST Thursday, March 26, families can begin applying, online, for up to two months of emergency cash assistance if they were employed as of March 11, 2020 and they’ve lost employment or at least 50% of their earned income as a result of the pandemic. All TDHS offices are currently operating on appointment only as a precaution for COVID-19. During this time, the department is asking applicants to complete the application process for emergency cash assistance online at https://tdhs.service-now.com/relief?id=relief_registration. Applicants are required to upload their verification to the application prior to submitting to TDHS. Once the application and verifications have been submitted, no further action will be needed. Applicants DO NOT need to call the DHS office for an interview. Applicants will receive a notification of denial or approval via email within 5 days. If approved, applicants can expect an electronic benefit transfer (EBT) card to be sent within 5-7 days of approval via mail. The Emergency Cash Assistance provides two monthly cash payments to families that were employed as of March 11, 2020 and have lost a job or lost at least 50% of their earned income due to the COVID-19 emergency. This money is funded by the Temporary Assistance for Needy Families program and provides: · $500 for a household of 1 to 2 persons. · $750 for a household of 3 to 4 persons. · $1000 for a household with 5 or more persons. This assistance is available in addition to any unemployment benefits individuals in the family may be receiving. To be eligible, families must have been employed as of March 11, 2020 but have since then lost employment or at least 50% of their earned income due to the COVID-19 emergency, include a child under the age of 18 or a pregnant woman, have a valid Social Security Number, must not have resources exceeding $2000, and the gross and/or unearned monthly income may not exceed 85% of the State’s Median Income that’s currently: · Gross Monthly Income of $2,696 for a household of one. · Gross Monthly Income of $3,526 for a household of two. · Gross Monthly Income of $4,356 for a household of three. · Gross Monthly Income of $5,185 for a household of four. · Gross Monthly Income of $6,015 for a household of five. “We know the next few months are going to be a challenge for families across our state who unexpectedly lost a job through no fault of their own,” said TDHS Commissioner Danielle W. Barnes. “This emergency cash assistance will provide families with the temporary resources they need to support themselves during what we hope will be a short time away from their jobs. Helping families through this emergency is how we continue building a thriving Tennessee.” The Temporary Assistance for Needy Families (TANF) program is a federal workforce development and employment program emphasizing work, training, and personal responsibility. It is temporary and has a primary focus on gaining self-sufficiency through employment. Existing TANF customers receiving Families First benefits will be eligible to apply for this emergency cash assistance. Learn more about the Tennessee Department of Human Services at www.tn.gov/humanservices.
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COVID - 19 Anonymous (not verified) Fri, 03/27/2020 - 18:01
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Memphis is the 10th Top Housing Growth Market for 2020 rfinley@seodig… Mon, 03/09/2020 - 14:25
Memphis and its suburbs have been named the tenth top housing market for growth in 2020 by Realtor.com. This general area includes northwest Mississippi and eastern Arkansas, the location of West Memphis across the Mississippi River. Metro MemphisThe city has a population of around 700,000 while the larger metropolitan area that includes the neighboring states tops 1.3 million people. These statistics will probably change after the 2020 census since this area has continued to grow over the past 10 years. Memphis is the largest city in Tennessee and the state's major port on the river. The city is known as a home of jazz, blues, and rock n' roll. It has a thriving tourist industry. This city has several suburban areas with homes priced in the $150,000 to $250,000 range. There are million-dollar mansions as well. This makes Memphis suburban living desirable, according to Reedy and Company, real estate specialists. Job GrowthResidents are attracted to an urban area that offers job growth and affordable housing. The Realtor.com list of top 10 growth markets names six cities in the south where home prices are lower than in other areas of the country. It is easier for people to qualify for loans in many southern cities including Memphis where housing prices are less than in other areas. This makes the region an attractive place for real estate developers and investors. The Greater Memphis Metropolitan area has become even more desirable since Google announced that it would be creating more than 350 new jobs at a new facility in northwestern Mississippi. This is the new U.S. Google Operations Center that will employ a number of high-tech employees. The company will attract people from all over the country and from foreign countries. Amazon is opening its second Mississippi fulfillment center in Olive Branch, just southeast of Memphis in Desoto County on Highway 78. This center will have 500 full-time jobs available. The first Amazon Center is located in nearby Holly Springs. This 554,000 square foot center employs 850 people. In addition, many people working for Google in the San Francisco Bay area or for Amazon in Seattle may leave these very expensive regions for more affordable housing in the Memphis area where their income will go farther. Housing Demand IncreasesThe demand for housing, including apartments and condominiums has already lead to price increases in the Memphis area. There is a demand for new construction with an estimated 350 subdivisions slated for new homes in the suburbs. However, increases in construction costs have made the purchase of a new starter home more difficult for some families. These are the first-time buyers who find it more difficult to qualify for down-payments and loans. Others who want to own a home are searching for older homes that may need improvements. There are older homes in various areas of Memphis that list under the $200,000 range. Many people new to the area who may become buyers move into apartment communities that offer recreational and family amenities. They are attracted to these communities in suburbs that offer good shopping and other services. Some families may rent single-family homes instead of condos or apartments. Many of these properties are owned by investors and managed by Reedy &Company. The Memphis area, including northwestern Mississippi, will experience extensive growth over the next two years. This is also an outstanding opportunity for investments in small businesses and multi-family residences. The Amazon and Google facilities will be located in industrial parks. Housing will develop near these industrial parks to make commuting easy for employees. Contact us at Reedy & Company Realtors for more information on investing in real estate in the Memphis area. This includes homes and apartments that are managed by us as we help you to grow your real estate portfolio.
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Home prices rise, construction surges in Memphis suburbs, but starter homes still scarce [email protected] Wed, 02/12/2020 - 22:07
Ted Evanoff, Memphis Commercial Appeal. Published 6:00 a.m. CT Jan. 30, 2020
Costs push starter homes out of reach of many Memphis-area residents
But the prices of new houses keep rising. Climbing land values, municipal fees, and material costs have pushed the price of starter homes out of reach of many Memphis-area residents. Ten years after the recession eased its grip on Memphis, builders are putting up houses in nearly 350 subdivisions in the city and suburbs, a sign steady job growth and rock-bottom interest rates have put new life in the housing market. More than 5,000 individual home lots are available, most ready to take a new house. Despite the construction surge, builders insist they could nail together 8,000 to 10,000 homes and sell them all, except for one problem: housing costs. Rising land values, municipal fees and material costs have pushed the price of the typical newly built house in metropolitan Memphis over $300,000. It is a price many men and women looking for their first new single-family home consider unaffordable. While the construction industry has recovered since it reached bottom in 2010, the number of homes going up remains behind the pre-recession pace, when nearly 1,000 subdivisions were being built. Why less activity now? Builders cite cost as the prime culprit. Many first-time buyers have been priced out. "You could sell them by the thousands, there’s such a pent-up demand out there for new homes,” Collierville builder Dave Moore said. “Demand is ridiculous. But there’s no product.” House prices trigger apartment surge Rather than shop for expensive houses in new subdivisions, many younger residents have flooded into apartment complexes. Rents in turn have climbed, rising 3.9% last year to $1,100 on average in the Memphis area, ranking the region No. 12 in the nation for fastest-rising rents, according to the trade publication Rental Housing Journal. News reports for years dwelled on Downtown Memphis’ robust apartment and loft life, a trend now spreading far beyond the old central business district. Head 40 miles east on Interstate 40 to suburban Arlington, and Bank of Bartlett is orchestrating a 45-acre apartment and commercial development named Providence Place. “I think there’s a lot of untapped demand because of the lack of starter homes,” said Harold Byrd, vice chairman of Bank of Bartlett, which repossessed the Arlington acreage during the recession. “If you can afford $1,000 to $1,500 a month in rent for an apartment, you can usually qualify for a $200,000 loan to buy a house. But we’re not seeing land and development costs come in that allows the building of $200,000 houses.” Shut out from new homes, many apartment renters have searched for affordable older houses, turning Memphis-area real estate into what housing researcher Zillow calls a “very hot” seller's market. Last year, transaction prices on existing Memphis-area houses rose 6.9% to $150,648 on average, compared with $118,000 a decade ago, reports Zillow, which predicts a 4.7% rise in sale prices this year and notes the typical home for sale in the Memphis area lists for $205,000. “There just aren’t any starter homes being built. When I began in 1986, we were building 1,200-square-foot houses,” said Moore, area vice president of the Home Builders Association of Tennessee. “You can’t buy a lot and build a 1,200-square-foot house today and expect to make any money.”
Suburbs look for growth Builders and bankers point out municipal fees, which can reach $40,000 per lot in some suburbs, along with stricter lending standards and zoning codes can rule against lower-priced construction. Looking ahead, Memphis' looming wastewater treatment issues also could forestall future building in the city and suburbs. For now, though, communities are just trying to make sure land is available for present demand. "For a lot of years, we just didn’t have the inventory,” said Terry Roland, executive director of the Millington Chamber of Commerce, which represents more than 350 members in a community north of Memphis where the U.S. Navy closed a major training base in the 1990s. Since then, white-collar military offices have moved into Millington, including what was known for decades as the Navy's Bureau of Personnel, or Bupers. Millington in turn has recruited restaurants and merchants, developed middle-class subdivisions and launched a tax-increment financing district to develop infrastructure. Six subdivisions with 570 home lots are being developed or about to be, with some homes designed for retiring naval officers, Roland said. The typical new house is expected to cost about $250,000. Although the recession wiped out about 75% of metro Memphis homebuilders, Byrd said, the survivor firms and those that opened after the crash have adapted. Many focus on semi-custom or custom houses ordered by buyers expecting considerable money on the sale of their current home.
Collierville drives housing market East of Memphis in Collierville, where the population has surged by about 22% in a decade to nearly 50,500, some middle-aged couples whose children have grown are selling and in turn ordering large houses on rural tracts in nearby Fayette County. “A lot of empty nesters don’t want to pay Collierville property taxes,” said McCall Wilson Jr., chief executive of the Bank of Fayette County, whose home lending rose a hefty 10% last year to total $234 million, double the home loan total a decade ago. “They know the taxes are only going to go up.” Even as empty nesters move, interest in living in Collierville remains strong. Collierville officials boast the new $95 million high school, which can hold 3,500 students, ranks as Tennessee’s largest high school. National companies based in the town include Helena Agri-Enterprises, Mueller Industries and Orgill Inc. FedEx’s 2,400-employee global tech center is the largest employer. And next door are the burgeoning jobs in North Mississippi’s new industrial parks. Last year, Collierville issued 199 building permits for houses valued at $380,000 on average, said Jennifer Casey, the town’s public information officer. A decade ago, the average Collierville home was valued at less than $280,000, U.S. census reports show.
Looking for value In search of more affordable houses, younger Collierville and Memphis renters have sought homes in Fayette County, as well as places such as Arlington, Hernando, Millington, Olive Branch and Southaven — all points along the new Interstate 269 outer loop or its connecting Tennessee 385. I-269 cuts the Arlington-Collierville commute time by more than 20 minutes. “Arlington is not looking to get big fast,” Town Administrator Cathy Durant said. “We’re looking to control growth and do it right.” Presently, developers propose building new residences on 1,084 lots in seven Arlington subdivisions. Constructing that many homes would swell Arlington’s population, currently about 11,700. But not all those lots will be built on immediately. To construct a dwelling on a lot requires a building permit. So far, 127 building permits have been approved, Durant said, noting developers are phasing growth over time. In comparison, 122 building permits were issued in 2019 in Arlington. "It all depends on the economy,” Durant said. “If the housing demand stays where it is, the backlog (of lots) could take years to work off.” It also depends on where new jobs emerge. In recent years, robust job growth in the Mississippi suburbs has fueled population growth.
Mississippi keys in on growth Keying in on the Memphis logistics boom, Mississippi economic developers pledge tax incentives to incoming firms. In many new plants, every $1 in state income tax paid by a worker is funneled by the state to the employer as an incentive to open in Mississippi. With that incentive and the limited volume of raw land left in Memphis proper, Mississippi suburbs sprouted factories and distribution centers that now cover 70 million square feet of ground. In terms of industrial space, the volume is surpassed in the metro area only by southeast Memphis near Memphis International Airport. New jobs and lower land costs have pulled families out of Memphis and into Southaven, where the number of working-age residents 16 and older now nears 26,000, compared with 21,000 three years ago, U.S. census data shows. "For home construction, I think we’re seeing growth in North Mississippi because it’s being driven by where the jobs are going in,” said Will Chase, chief executive of Memphis-based Triumph Bank, whose home loan volume has more than tripled over the last six years to $204 million, a gain that in part reflects Triumph opening a loan office near Nashville. Not all the people moving into North Mississippi can afford new houses. In Southaven, for example, the developers of Silo Square, a heralded 288-acre project intended to resemble a traditional downtown, propose houses and apartments. In addition to stores and offices, the $200 million development would cluster 128 loft apartments on 10 acres near gated enclaves for 304 houses priced from $225,000 to $400,000. Putting up apartments, rather than starter homes, is a sign of the times. “It’s one of the biggest problems we face," Moore, the Collierville builder, said about the relative scarcity of less expensive houses. "Because a lot of people can’t afford the American dream anymore.”
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City Seeks Approval on Memphis Fairgrounds Development rfinley@seodig… Tue, 02/11/2020 - 14:46
Anyone who knows anything about Memphis wondered when the fairground parcel of land was going to be improved. The property of which we are speaking is what is called the Memphis Fairgrounds. The time has finally arrived, however, and the city of Memphis has submitted an application to the Memphis and Shelby County Land Use Control Board for the Memphis Fairgrounds Planned Improvement. The Land Use Control Board (LUCB) has heard the request by the Memphis Division of Housing and Community Development in November 2019 The FairgroundsBefore these new plans began, the Fairgrounds included:
The property is approximately 155 acres and is bordered by Central Avenue on the north, Hollywood Street on the east, Southern Avenue on the south, and East Parkway South on its western border. The Planned DevelopmentThe revitalized space will house:
The plan is to call the area along Central Avenue, the "Village District." This district centers on a new north-south street between Early Maxwell Boulevard and Fred Jones Way. Parking will be surface parking in the beginning but will have parking decks installed as needed. The sports facility dirt-moving is likely to begin in January. Paul Young, director of the Division of Housing and Community Development, said: "We will start clearing the land for the sports field and the actual youth sports facility. We are working toward a bond closing in April or May next year, which is when we will really get to the bulk of the construction. The initial work would start with existing CIP (capital) dollars that are dedicated to the site." The city is planning to construct a new 200,000 square-foot events and sports complex that will include a multipurpose building for basketball, volleyball, cheerleading, gymnastics, track, and more sports competitions. The same structure will house trade shows, graduations, and other such special events. The city explains that this massive building will be a convention center for sports. The complex, along with its amenities, is being called the "Destination District." The Development TeamMemphis-based M&M Enterprises and Belpointe REIT, an east coast real estate company, were picked by the city to head up the development of 18 acres on the northern portion of the site. This area is to include 30,000 square feet of retail and 80 hotel rooms. The project consists of 250 apartments. James Maclin of M&M Enterprises is best known for his Broad Avenue mixed-use project that he is working on with Loeb Properties. Maclin also worked on the redevelopment of the Racquet Club with Dunavant Enterprises to improve the club, tennis complex, office building, add retail shops, condominiums, and townhomes. Reedy & CompanyMemphis continues to grow and improve every day. A random assortment of accolades tossed about in conversations around the city include:
It's an excellent time to take a look at Memphis, Tennessee. Contact our company today.
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Mississippi Will Welcome Google's First U.S. Operations Center rfinley@seodig… Tue, 01/28/2020 - 16:07
With Google's presence obvious in every American home, it may come as a surprise that none of its operations centers are located in the United States. This will change in 2020. Right before the Christmas holidays, Google announced its plans for the first U.S.-based operations center. Even though the exact location hasn't been disclosed, the facility is expected to appear in northwestern Mississippi in late 2020. Google's first operations center opened in the Philippines in 2018. Instead of using third-party support as it did before, the tech giant decided to give users an opportunity to interact with Google employees. The Philippines operation center started supporting users and customers in the U.S, UK, New Zealand, Australia, and the Philippines. Surprisingly, before 2018, Google didn't consider itself a large enough company to build its own customer support center. To start on the right foot, the giant followed the example of JPMorgan Chase & Co, which put its Global Service Center in the Philippines back in 2005. Google's operation specialists deal with a variety of support matters, from advertising assistance and payment problems (Google Wallet and Google Pay) to different product troubleshooting issues. By the end of 2020, the company expects to create more than 4,800 customer support jobs. At least 350 of them will be available in northwestern Mississippi. "We are excited to continue growing our workforce across the Southeast and are confident that Mississippi will be a great home for Google," says Troy Dickerson, vice president of Google's operations center division. A new U.S. - based operations center can provide new support opportunities for Google users in the United States. Considering the company's plans for new customer support jobs, opening the operations facility Mississippi is just the first step toward maximizing its service efforts in the U.S.A. and beyond. Today, Google has operations centers in the Philippines and India. They employ around 1,000 people. New Opportunities for Mississippi ResidentsEven though the exact location of the new operations center is currently unknown, rumor has it that it will open in the Memphis metro area. Hundreds of people will get an exciting opportunity to work for Google. "This operations center will give us the opportunity to hire amazing local talent as we expand in the region." – says Dickerson. Google employees receive a wide variety of impressive benefits, including three weeks of paid vacations and up to 22 weeks of parental leave, excellent life and disability insurance, and much more. Such rewards as paid meals, culture clubs, games rooms, and employee resource groups, which Google is so famous for, are likely to be part of the package. As Google enters the northwestern Mississippi areas, it doesn't just create new job openings. Many other companies are likely to follow suit and bring their business to Memphis, thus providing even more job opportunities and boosting the city's popularity. Many local businesses are likely to benefit from the opening of a new Google facility. Servicing employees, providing housing, and offering entertainment is just part of the package. As a new location for Google's operations center, the Memphis metro area could attract new investments and increase its touristic value. The decision to bring the new facility to Mississippi was based on the number of local talent and the success of other giants such as FedEx and Amazon. Google is planning to contribute to the growing economy of the state while taking advantage of the existing benefits. Making a Smart InvestmentWith all the new opportunities opening up for Memphis residents as the plans for the Google operations facility come to life, investing in local property warrants extra attention. For more information, please contact us today.
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Why Property Investors Are Looking at Memphis in 2020 rfinley@seodig… Tue, 01/14/2020 - 19:28
Memphis, Tennessee, is a Southern city with which to be reckoned. Located right beside the Mississippi River, the city has more to offer property investors, tenants, and rental property owners than just terrific real estate prices. One of the Great Music Cities in the USThe Blues Hall of Fame is in the city, and, of course, Memphis is the home of Elvis' Graceland. Most musicologists agree that Memphis is the birthplace of rock and roll. Ike Turner and his band recorded Rocket 88 at Sun Studios in 1951. Many agree that this was the first rock and roll song ever recorded. Memphis' Beale Street is another music shrine in the downtown area. It hosts the Beale Street Music Festival, which in 2020 spotlights artists such as Mavis Staples, The Lumineers, LIL Wayne, and more on a four-stage venue in Tom Lee Park. Memphis in May International FestivalAfter more than 40 years of practice, this festival ranks up there among the most fun activities in existence. It includes four events:
Memphis: A Strong Business CityBesides being a hopping, beautiful, historic city, Memphis is well-known for its business savvy. It is the city that birthed the world's first hotel chain and the first self-serve grocery store. Need we even mention that FedEx started in Memphis? Additionally, Memphis is home to three Fortune 500 companies and over 100 Fortune 500 companies that operate out of Memphis. The city also piques the interest of Millennials looking for a place to call home. And, St. Jude Children's Research Hospital is attracting Gen Z-ers by the bucketload. Rental Property in MemphisMillennials are not abandoning the idea of owning a home, but according to a new survey from Freddie Mac, 82 percent of renters say renting is more affordable than owning. At this time, the median rent in Memphis is $950 per month. Rentals in Memphis are almost 25 percent lower than the metro area and nearly 30 percent lower than the national average. These numbers bode well for the possibility of continued rent increases. The highest rents are in Downtown Memphis, Mud Island, and River Oaks, where the average is between $1,184 and $1,325. House Affordability in MemphisReal estate investors rely on two basic metrics. They are the affordability index and the historic price changes. The FHFA 2019 Q2 House Price index results in this reality:
Memphis' Quality of Life ScoreCBS News said this about the cost of living in Memphis: Memphis' COL is 14.3 percent lower than the national average. Not only are there numerous places to see and visit (the zoo, museums, theaters, and fabulous shopping) but the average two-bedroom, two-bath apartment rents for approximately $726 a month. Reedy and CompanyOur company manages rental properties for local and foreign investors. We offer more services to property investors than most other companies in this industry, including in-house maintenance, leasing, collecting, sales, and acquisitions. Our team is committed to tending to your tenants while guarding the interests of our owners. Discover more about us and our services at Reedy and Company.
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