Friday, March 28, 2014

March 28 - New Office For EPE

Elvis Presley Enterprises has filed a $670,000 permit application with the city-county Office of Construction Code Enforcement to build a new studio building on land north of Graceland. The permit, which lists Flintco Inc. as the general contractor, comes about four months after New York-based Authentic Brands Group – the company that owns Elvis Presley’s intellectual property and the rights to operate Graceland – announced plans for upgrades around the mansion.

The property at 3674 Elvis Presley Blvd., which served as a car lot in the past, is among several parcels Elvis Presley Enterprises bought in 2006, just before the onset of the national economic downturn. Several apartment complexes on both sides of Elvis Presley Boulevard were also purchased and the units later demolished as CKX Inc., which at that time owned 85 percent of EPE, announced plans for a $250 million overhaul that would leave the mansion intact but create a resort-style area of entertainment, hotels and restaurants around it.

That plan stalled, and CKX sold its majority ownership of Elvis Presley Enterprises to Apollo Global Management, which rebranded its efforts as CORE Media. Authentic Brands Group bought the assets in November, and executives immediately announced general plans for the area around the mansion similar to the CKX plan. The scale of the plan still isn’t known, with Authentic Brands executives saying they could release more details in August.

(Source: Memphis Daily News / ElvisMatters)