Elmington Capital buys downtown parking garage for $7M

The L&C Garage at 144 Fifth Ave. N. has been sold to Elmington Capital Group for about $7 million.

The Tennessean reports that Elmington bought the 305-spot garage from Armand Lasky, a minority owner of L&C Tower.

Elmington has been busy in Nashville recently. It is currently pursuing a mixed-use development in Midtown, and it bought the office space atop downtown’s Renaissance Hotel last year.

Tony Giarratana’s Premier Parking will manage the L&C Garage, according to The Tennessean.

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The M on Madison developer is planning another affordable housing complex downtown

City officials last week got their first look at plans for an affordable housing complex proposed for the west side of downtown — and it will be similar to another successful housing project nearby.

The Baltimore Development Corp. has agreed to sell city-owned land to Columbia developer Wally Scruggs, the principal of Housing Trust of America and the developer of M on Madison. Scruggs told the Urban Design and Architecture Review Panel that he wants to replicate the success of M on Madison, which…

Power 100: Bob Druten

Bob Druten retired from Hallmark Cards Inc. in 2006 after 12 years as CFO and executive vice president. But he hasn’t stopped using his 30-plus years of finance and leadership experience. Druten is chairman of two Kansas City public companies and director for five others, including the owner of the No. 3 coal producer in the eastern U.S.

He learned the ropes from powerful mentors, including Irv Hockaday, former CEO of Kansas City Southern Railway Co. and Hallmark. In 1978, he hired Druten to an…

Power 100: Greg Graves

Greg Graves is on the top tier of Kansas City’s power elite. The personable CEO of Burns & McDonnell has overseen a period in which one of the firm’s biggest challenges has been keeping up with the demand for more space for its employees.

Graves’ style is exemplified in the Big 5 initiative that the Greater Kansas City Chamber of Commerce rolled out under his chairmanship. The list of audacious goals, which many civic leaders wouldn’t dare touch, came about after a long series of meetings that elicited…

United States may have reached peak oil production

Oil production in the United States has been significantly increasing every year since 2008, and that increase has contributed to an international supply glut.

The Wall Street Journal reports the country might have finally reached peak production, according to recent data.

Rapid increases in supply have contributed to plummeting oil prices, and the low prices have led producers to slow drilling activity. The WSJ report says that according to the U.S. Department of Energy, two of the nation’s largest…