SHORT TAKES : Cybill Shepherd Builds at Home

MEMPHIS, Tenn. — Cybill Shepherd is building a house in her hometown near the co-op that rejected her two years ago.

The actress bought a downtown lot on a bluff overlooking the Mississippi River for $140,000, said her secretary, Warren Ashley.

The lot, in a former railroad yard, is near the Riverbluff Co-op. Its resident board in 1988 rejected Shepherd’s application, citing fears that she would be away much of the time and that other people might use her place.

Shepherd’s new house has yet to be designed but probably will cost about $300,000, Ashley said.