BusinessTN

Even with the strange tides turning in an especially volatile economy, Memphis-based Locally Global Investments (LGI) has managed to weather the market by focusing on areas across the country with specific real estate potential. Although his company is in the middle of three major projects in Florida, Idaho and Arkansas, LGI cofounder J. Kevin Adams says the entire industry is grappling with a slowdown.

"There's no one doing anything right now. There's no capital available; banks are not lending money for new construction," says Adams, who is also CEO of CB Richard Ellis in Memphis. "We're just trying to deal with what we've got and wait for this economy to change."

LGI's current projects add new twists to the mixed-use concept. Located in Santa Rosa, Fla., Redfish Village is a small community of 80 condos set along a lake near the state's panhandle, with boutique shops and restaurants mixed in throughout. Sweetwater, located just outside of Sun Valley in nearby Hailey, Idaho, capitalizes on the large mountain space, offering 431 condos and townhouses, as well as retail options. Fayetteville, Ark.'s Ruskin Heights is going to be set on 28 acres and will cultivate a small-village feel, with housing organized around a central square. Despite this activity, Adams has seen other projects stall. One example was Coastal Renaissance Co., Adams' joint venture with Memphis developer Henry Turley. Combining Turley's expertise in residential work and Adams' own background with successful commercial developments, the project aimed to redevelop hurricane-ravaged Gulfport, Miss. Despite a considerable amount of time and money spent in the early stages, the city decided to halt the project.