From the site:
American Studios was started in 1965 by Lincoln Wayne "Chips" Moman and Don Crews. Moman had left Stax in 1964 after a falling out (some say over lack of recognition) and opened the new studio where he assembled a group of very talented studio musicians. The studio quickly became well known and successful. The success convinced Elvis Presley to record in Memphis for the first time since 1955. But by 1972 Moman had closed American and sold the building. And like the original Stax Studio, the American building was demolished in 1990. Today, in its place is a parking lot. There's No plaque or marker to note what was there and still no official recognition for American or Chips Moman.