View Full Version : Memphis Development News
May 14th, 2005, 03:54 AM
I've posted about 2 or 3 of these projects in the past month or so, but this is a complete list of residential projects going on in the South End of downtown Memphis.
There are other residential projects going on elsewhere downtown--the 28 story Vue on Main, the proposed 25 story One Beale, the Court Place project, and others, but imho, the South End is the most interesting and historical part of downtown.
"Residential growth in the South End of Downtown continues at remarkable speed. To date, seventeen residential projects, totaling $246 million, are either under construction or in the
Combined, these projects will bring nearly 900 new residential units to this area within the next two years.
Following is an overview of the projects with a corresponding map."
Renderings of four of the projects:
June 2nd, 2005, 05:15 PM
I saw an article today in the Memphis Commercial Appeal that further talks about the ongoing residential development at South End. Here's a link to the article, which also has pictures of the various developments.
South End continues trend toward 'New Urbanism'
By Carla Underwood
June 1, 2005
A ground-breaking $285 million project is picking up steam along Downtown's southern edge in one of the city's most aggressive pushes yet toward "New Urbanism."
Dubbed South End, the 30-acre project -- pieces of which are already under construction -- will consist of 1,177 apartments, condominiums and townhomes ranging in size from 600 to 3,500 square feet.
The units will sell for $110,000 to nearly $500,000, and rental rates will begin at $800 per month.
"As far as I know, nothing of this magnitude has ever been done in Memphis," said Terry Lynch, managing partner of Southland Development Partners of Memphis, the lead developer in the project.
Several national developers are involved in the project, and local companies involved include Henry Turley, Chamberlain McCreery & Rice and Faxon-Gillis.
The project will surround the South Bluff area and be bordered by G.E. Patterson to the north, the railroad tracks south of Georgia to the south, Front Street to the east and the river to the west.
Southland Development estimates that within five years the site will house 3,000 to 4,000 people. It is being developed at a density level unprecedented in the area: 40 units per acre (compared with 14 units per acre in Harbor Town), which is a hallmark of New Urbanism.
New Urbanism, the subject of a recent conference held in Memphis, combines commerce with housing while accommodating both auto and pedestrian traffic.
New Urbanism features various-sized and various-priced homes built more closely together, and closer to streets, than those in typical subdivisions.
The housing density and small lot sizes of New Urbanism projects allow space for parks and common areas and scenic, carefully designed streets. There also is room for a "commercial core" of storefronts, with shops and restaurants -- all within walking distance.
This concept, supporters say, creates an insular community that is relatively self-sufficient. South Bluffs and Harbor Town are existing models, but neither has tackled the approach at such a high concentration.
"This is the type of construction that works in today's market," Lynch said.
Combining high concentration with a wide price range creates a higher sales velocity, thus making it possible to develop whole communities quickly, he said.
South End's first residents are expected to begin moving in within the month.
The project was made possible by city and county zoning ordinances specifically designed to promote construction offering a variety of residential and commercial options, Lynch said.
South End will officially be mixed-use, but Lynch says only about 5 percent will be commercial.
Gary Garland of The Bryan Co., which is developing the 350-unit Riverside Towers that will be at Riverside and Channel 3 Drive, said the overall design and goal of the project makes good business sense.
"In my opinion, it's what you call good urban development, which is the opposite of suburban sprawl," Garland said. "This is smart growth. The demand is tremendous and no one has any idea just how deep the market is."
Center City Commission president Jeff Sanford said projects such as this are a natural progression in the city's Downtown housing boom. The Downtown residential growth rate is 10.3 percent, compared with about 1 percent for the rest of Memphis.
Lynch says it is important to offer options for people of all income levels. The South End project is able to do just that because of the urbanist buyer's appreciation for diversity.
"You could have a $109,000 unit, and the person next door to you could be in a $500,000 one," he said. "When you get into suburbia, you'd never be able to pull that off."
Lynch says that the realization of South End centered around what he refers to as "place making," or creating synergy through housing, commerce, and accessibility.
An example of this is the $30 million Art House Apartments that will consist of 250 living units, six interior courtyards, a five-level garage and several retailers.
The design makes it ideal for the resident who wants to shop close to home and the retailer who wants to cash in on a concentrated group of potential customers.
Architecturally, South End was designed with an urban, contemporary flair that still fits in with the existing skyline.
For Jeff Blackedge, lead designer for the 12-unit Rooftops townhome building, that was the challenge.
"Memphis is a fairly conventional area as a whole, but people Downtown seem to be looking for something a little more contemporary and a little more open," he said. "It was a conscious effort to offer that, but to not be too aggressive so that it turned the market off."
-- Carla Underwood: 529-2481
Homes for 4,000
South End, a $285 million project covering 30 acres Downtown, could attract more than 4,000 residents to the area within five years. A variety of condos, townhouses and apartments are being built:
Riverside Towers, $100 million, 350 condos
648 Riverside, $20 million, 66 condos
Carolina Lofts, $15 million, 72 condos/townhouses
Hoover Building, $10 million, 42 condos
State Place, $50 million, 202 condos
Rooftops, $5 million, 12 townhouses
City Commons, $10 million, 44 condos
City Commons Too, $4 million, 11 townhouses
629 S. Front, $8 million, 18 townhouses
City House, $12 million, 40 condos
8 West G.E. Patterson, $3.5 million, 20 condos
Art House Apartments, $30 million, 250 apartments
Nettleton, $10 million, 24 condos
456 Tennessee, $8 million, 26 condos
Cost effective development
A Smart Growth comparison done by Southland Development Partners of Memphis shows that an identical development in the suburbs would actually cost local government more than $5.8 million, whereas the South End project would generate $5.8 million in tax revenue over a 30 year period.
"Of course it's an estimation, but you can clearly see that it is more cost effective to build within the city limits," said Southland managing partner Terry Lynch.
Being able to house more people within a smaller radius, he said, reduces needs such as additional schools, public safety facilities and roadways.
December 3rd, 2005, 03:12 PM
Downtown Memphis' Horizons Expand
MEMPHIS, Tennessee - An upscale high-rise condominium development, The Horizon Riverside, will change the skyline of Downtown Memphis for the first time in 20 years, since the Morgan Keegan building was erected in 1985.
The project will encompass two 16-story towers built on Riverside Drive adjacent to The Rivermark. "Residents will have a never-ending panoramic view each and every day," says Developer Steve Bryan. "It will be absolutely incredible."
The grand opening was October 27 from 5-8 p.m. in a 3,500-square-foot sales center with a full-scale model unit. At the grand opening, a virtual tour of the home interiors, lobby design and amenities will be available for viewing. Guests can enjoy wine tasting, hors d'oeuvres, and music underneath a party tent after viewing the model unit. To register to attend the event, visit www.horizonriverside.com.
The development is projected to have 350 units within approximately 500,000 square feet,. Units will range from 800 to 3,000 square feet and prices could range from $200,000 to $1 million.
Features and amenities include:
24-hour doorman and concierge
wine tastings and climate-controlled storage cellar available
beautifully landscaped putting green
private movie theater
rooftop patio with stunning downtown and river views
expansive outdoor pool
fully equipped state-of-the-art fitness center
business tech center
large social party/activity room with fireplace
lighted tennis court (with city approval)
his and hers spacious closets
designer kitchens with granite countertops
pre-wiring for Smart House and cable TV
Bryan expects a continued influx of people wanting to get in on the ground floor of The Horizon because no other upscale ownership opportunities for high-rise condominiums will be available on the River. Residents will be able to enjoy amenities like no other property downtown.
Bryan is confident in the venture as residential demand is high and interest in purchasing condominiums downtown is projected to continue rising. Empty nesters and executives moving to the area are just some of the many prospects who have shown interest in living in the luxurious downtown property.
"We are thrilled to be in the South End area as it continues to develop as one of the most desirable places to live in Memphis," Bryan says.
The Horizon Riverside will be across Riverside Drive from Georgia Ave. Residents will be among some of Downtown's newest cultural amenities.
"It's surrounded by some of the city's best art galleries, restaurants, bars and retail shops, Bryan adds. "Plus, the River Walk provides access from Martyrs Park to Tom Lee Park and the riverfront - that's quite a back yard."
December 3rd, 2005, 05:48 PM
Since I still have Beale saved in my cut n' paste .... let's start there!
New Buildings on Beale
To counter public demand, Performa Entertainment Real Estate, Inc., president John Elkington will soon petition to the city to build two new buildings on Beale.
Elkington says the buildings could be built on the east side of Beale, one 5,000-square-foot building behind Pat O'Brien's and one next to The Funny Bone comedy club. The district needs a Mexican restaurant, he says, and Performa is "close to finding one."
** this meeting is scheduled for December 8th.
Who's Negotiating with Performa Management?
Fado Irish Pub
King Biscuit Moves to Memphis
Beale Street developer and landlord Performa Entertainment Real Estate Inc. has reached an agreement with New York-based King Biscuit Entertainment Group Inc. to host a fall music festival -- tentatively titled the King Biscuit Music Festival.
Performa and King Biscuit Entertainment are also cooking up a cafe that will operate on Beale Street under the King Biscuit banner and would like the "King Biscuit Flower Hour" radio show to broadcast from Beale as well.
The restaurant and bar is a venture between Joe Weiss, former president of Back Yard Burgers, University of Memphis basketball coach John Calipari and assistant Milt Wagner, Memphis Grizzly Mike Miller and professional golfer John Daly.
One Beale Street Place
Carlisle, the Wendy's restaurant magnate of the Mid-South, is poised to develop the first phase of One Beale, a 27-story, $150 million condo/luxury hotel development that will redefine the Memphis skyline and Downtown living.
"Being at the foot of Beale Street and right on the river, it's the best spot in the city," said Andy Kitsinger, director of planning and development at the Center City Commission. "They'll have a free ticket to the Beale Street Music festival every year."
Ground Zero Blues
Ground Zero Blues Club is owned by Clarksdale businessman, Bill Luckett, Hollywood actor and local resident, Morgan Freeman, and Clarksdale native, Howard Stovall. For those who are looking for a true Delta Blues experience at its very best, Ground Zero Blues Club is the place to go.
** this is the real thing ...... the substance of what "The House of Blues" has ripped off.
The Westin Hotel
Financing for the planned $40 million Westin Beale Street Hotel -- one of the largest Downtown projects announced last year, located between Second and Third streets directly across from FedExForum -- has been secured.
Are words necessary?
The Daily Grill
The Daily Grill is a throw back to the classic American grills of yesterday. They serve classic American grill fare in a comfortable, sophisticated atmosphere, featuring hearty portions of freshly preparedsignature dishes.
The Funny Bone
Beale Street's only comedy club. Enjoy a night full of laughs in a cozy, fun, friendly environment.
Alley Cat's Gifts
Upscale gifts and shopping you won't find anywhere around time, except for Beale Street.
Beale Street Blues Gifts
Cresent City Beignets
The appeal of Crescent City rests on the art of providing beignets and café au lait, Creole dishes and New Orleans style Po-boys along with other food products consistent with the traditions of New Orleans and the French Quarter. Our intent is to recreate the experience of a traditional New Orleans coffee house and café, and in the process, create a memorable New Orleans tradition for those who have strayed too far from the French Quarter.
Best o' Memphis
Come play fifties songs on our old jukebox and see the folk art dolls created by Magee. Try some of the home made southern jams and jellies while seeing all the unusual souvenirs in the shop nearest the FedEx Forum.
ESPN Radio 730
The local ESPN affiliate has moved it's broadcast studios to Beale.
The Blues Alley
This stretch will be between Beale Street and FedExForum/Westin. Each restaurant and bar will extend their openings to include outdoor patios with access.
The Shake Shack
A throwback to the old Mississippi Delta blues shacks. A gritty ol' place.....
December 3rd, 2005, 09:12 PM
Can't wait to see them built. :)
December 3rd, 2005, 11:12 PM
memphis seems like a nice place to me. it's nice to see the city is not just building skyscrapers and condos, but also strengthening the nightlife and city life in general with bars, restaurants, and other things to do.
p.s. you should pm a moderator and have them rename the thread "memphis development news" and ask them if they can pin it.
December 3rd, 2005, 11:36 PM
p.s. you should pm a moderator and have them rename the thread "memphis development news" and ask them if they can pin it.
@ repoman: post all projects and development threads in this forum, not the general southeast forum. i moved all your other threads.
btw, welcome to the forum. :)
December 4th, 2005, 12:48 AM
Repo Man--thanks for the updates.
Haven't seen you in quite a while over on SSP.
Weren't you living in the Claridge House Apartments in downtown Memphis? How are the bums treating you? :)
December 4th, 2005, 04:10 AM
This is gonna look friggin sweet.
Beale is booming!
December 4th, 2005, 04:44 PM
Here's some interesting news I found regarding the future of the old Sears Crosstown building north of Downtown.
A 'city' at Sears Crosstown?
Mixed-use complex planned; sale possible in December
By Amos Maki
November 30, 2005
One of the city's biggest eyesores could be getting a makeover.
An investor group has plans to buy the 1.3 million-square-foot Sears Crosstown building and transform it into a mixed-use development featuring retail, office and residential space.
The group, which consists of local and out-of-town investors, is called DBS LLC 2 and plans to buy the 18-acre site in December. The group will appear before the Memphis and Shelby County Land Use Control Board in January with its rehab plan.
"We feel like the financing is pretty much in place," said Guy Payne, president of Guy Payne and Associates Architects, who is handling architecture and site planning for the buyers. "We're within two weeks of closing on the purchase.
"The most important thing for us is the purchase of the building, and the rest is a matter of timing," Payne said.
The site is zoned for light industrial use, which prohibits residential development. The developers will seek a planned development recommendation from the LUCB, which would allow for residential development on the upper floors of the building, before heading to the City Council for final approval.
"We have some pretty concrete possibilities for residential, office and some big-box retail," Payne said. "It would probably be like a city to itself."
The owner of the site, Memtech LLC, bought the property from Sears in 2000 for $1.25 million.
"Everybody is pretty excited about the project," said Don Jones of the Office of Planning and Development. "It's such a big old boy, it will take some real effort and real creativity (to fix it.)
"Of course, it's not the first time something has been proposed at the site, so we are guardedly optimistic," he said.
Opened in 1927, the Art Deco-style building near the intersection of Cleveland and North Parkway has been an empty shell for years.
The Crosstown building was the home to the Mid-South regional office of Sears, Roebuck and Co., the company's catalog merchandise distribution center and its Credit Central operation.
In its heyday, people from across the Mid-South traveled to Memphis to shop at Sears Crosstown.
But times changed and the retail Sears store closed in 1983. The building has been vacant, except for the pigeons that roost there and the occasional vagrant, since its catalog distribution center closed in 1993.
Since then, a number of projects have been proposed at the site, but none of them has come to fruition.
The city talked with retail giant Target about the site, and even had discussions with Crichton College about possible uses, said Robert Lipscomb, chief financial officer for the city and director of Housing and Community Development.
"You don't dismiss anything when you're dealing with this building," Lipscomb said.
Earlier this year, the Crosstown building made the "Ten in Tennessee" list of the state's most endangered historical treasures compiled by the Tennessee Preservation Trust. The list, based on nominations from the public, is intended to generate public support for saving threatened historical sites.
Bill Bullock, president of the Evergreen Historic District Association, has heard proposals to redevelop the site before.
Bullock, citing the presence of Home Depot in Midtown and a 30-unit planned development south of the Sears building at Claybrook and Larkin, said he thinks the tide could be turning for the old site.
"Whether or not it is this specific project, I believe something will be happening with the Sears building, and based on the trend of development in the neighborhoods around it, it will be sooner rather than later," he said.
Retailers could find the inner-city location very appealing, according to a report from the Initiative for a Competitive Inner City.
Because of population density, inner-city neighborhoods in the United States have eight times more spending power than the neighborhoods that surround them, the report said.
In a letter to the OPD, SR Consulting LLC, a Memphis-based planning, zoning and civil engineering firm, said the potential developers plan to keep much of the building intact.
"The exterior of the building will not be changed or drastically altered," the letter said. "Our plans are to update the outer shell with new windows, etc. The immediate plans are to update the exterior and then work on build-to-suit interior changes."
March 3rd, 2006, 04:47 AM
You guys need a tall one. These 200-300 footers are just a big "yawwwwn" for most cities.
Having said that, what you lack in height, you make up for in style. Sterrick and Lincoln American are both archtectural masterpieces. I visited Memphis a couple years ago and couldn't stop staring at Sterrick.
March 3rd, 2006, 06:38 PM
16 stories to "change the skyline?" OK.
March 4th, 2006, 12:17 AM
Yeah, I'd like to see Memphis build a new tallest. :) Something in the 600 to 700 ft. range would be nice. :D
But, yeah, this is still good news.
March 8th, 2006, 04:48 AM
2 W GE Patterson 19
420 S Front 36
456 Tennessee 26
92-96 S Main 18
Front Bluff 34
Front Street Condos 12
Hoover Building 42
Hunt Phelan Phase 2 24
Machine Shop Condos 14
Metal Museum 30
One Beale 160
Pinch Place 64
River Crest 11
The 444 42
The ForeFront 26
The Horizon 350
The Nettleton 34
The Phoenix 8
130 Keel 6
496 S Main 3
648 Riverside 66
83 S Main 3
85-95 S Main 17
Carolina Lofts 72
City Commons 42
City House 36
Gardens of South Main 7
Goodwyn Institute 8
Harbor Lights 24
Main St Flats 36
State Place 204
The Lawrence Building 8
378 S Main 8
415 Front 20
493 S Main 2
Barton Flats 20
Bellevue Terrace 16
Bryton Tower 124
Candy Factory 9
Central Station Lofts 24
Chickasaw Bluff 12
DT Porter Condos 18
Fogelman YMCA 24
Front Row Condos 14
GE 5 5
Harbor Town Centre 4
Hayes Building 2
Hotline Lofts 15
Hunt Phelan 12
Paper Works 62
Potter’s Lofts 28
River Bluff Place 37
River Row 25
Roof Tops 12
St Marten’s Place 21
Talbot Square (complete) 8
The Beacon 20
The Cottages 12
The Gallery 16
The Regatta 36
Timpani Building 4
Turning Pointe 8
Union Commons 12
Waterford Plaza 100
William Farrington 17
Vance Station 6
Conversions In Progress
River Tower 153
The Lofts 115
The Residences 15
April 3rd, 2006, 08:51 PM
Landmark in the making
8-story condo tower part of mixed-use plan
Memphis Business Journal - March 31, 2006
by Carolyne Park
A group of out-of-town investors is working to transform an underutilized stretch in Downtown's core with a massive landmark multi-use development initially valued at up to $200 million.
Cascade Development Partners has five properties under contract in the block just east of Fourth Street between Union and Gayoso. While the project's design is still evolving, initial plans are to build an eight-story structure with street-level retail and seven stories of residential. It's a project envisioned as a "gateway" to Downtown that would fill a major gap in the sports and entertainment district.
"We think the location is one of the best in the city," says partner Steve Aste. "We just see a lot of potential for that area."
Amy Batson, Downtown specialist with ReMax on the River, says the project would create a much-needed link between AutoZone Park, Beale Street, Peabody Place and FedExForum.
"It's literally going to change the entrance to Downtown," Batson says.
It's an area that has drawn interest from numerous developers, according to Jeff Sanford, president of the Center City Commission.
"The south side of Union, east of DoubleTree (Hotel) and up to Danny Thomas, is ripe for redevelopment," he says. "Slowly but surely, we will see that area redeveloped."
Aste and partners Melvin Heath, Robert Kendrick and Todd Ellsworth make up Cascade Development Partners with offices in California and Utah. Ellsworth and Aste first heard of Downtown Memphis' rejuvenation last year, and came to see it for themselves in April 2005.
"We fell in love with the city immediately," Aste says.
Since then, the partners have been working to assemble the properties, which include the CCL Label Co., King's Court Motel, Rent 1 Luxury Car Rental, Powerhouse Motors and A Memphis Tattoos Off Beale. It's a long and ongoing process, but Aste says they have about 5 acres under contract now and are looking at adding additional property on the west side of Fourth.
"We'd like to end up with 10 acres," he says.
Tentative plans for the first phase of the development include 520,000 square feet with 309 condominium units ranging from 800-2,500 square feet and street-level retail space. The design includes elements such as greenery and fountains on the street level to make it attractive and walkable.
"This will be a very pedestrian-friendly development," Aste says.
The lower levels of the building would have a brick facade with a traditional design matching existing architecture in the area. Phase one costs are projected at $125 million-$200 million.
Local architecture firm Looney Ricks Kiss has been working on the design in conjunction with Standard Architects of New York. Robert Norcross, principal with Looney Ricks Kiss, says the project's initial plans include two levels of underground parking and four adjacent buildings creating four quadrants to the project, with two on either side of Fourth.
The idea is to link the buildings with brick paving on Fourth, and have a pedestrian alley bisect the buildings east to west. There would be about 83,000 square feet of commercial/retail space on the ground level, and 398,000 square feet of residential in the first phase.
Aste says those plans continue to change as the project evolves. Cascade Development Partners has hired the consulting firm Economic Research Associates to conduct a market study to determine the best mix of uses for the development. In addition to condominiums on the upper levels, the partners are considering apartments, as well as a hotel and high-rise component.
"How it's actually going to be laid out is yet to be determined," Aste says.
The partners have teamed up with Memphian Manish Patel, now associate partner on the project, and are working with Batson and Elizabeth Webster of ReMax On the River to assemble the properties. Aste says the Center City Commission and Carlee McCullough, who works in contract compliance with the City, have been extremely helpful.
"We've been very pleased with the reception we've gotten from the city," he says. "They really want us there and want the project to be successful."
Cascade hopes to break ground on the project by spring 2007.
email@example.com | 259-1732
April 12th, 2006, 08:21 PM
Developer turning former Union Planters headquarters into apartments and condos....
Vintage project gets tax break
Developer to create housing in landmark
By Amos Maki
April 12, 2006
The plan to redevelop a long vacant Downtown landmark into an upscale apartment building gained steam Tuesday when a Dallas-based development group received a tax freeze for the project.
EFO Residential Partners LP won a 15-year payment-in-lieu-of-tax freeze from the Center City Revenue Finance Corp. for its $27.9 million plan to transform the old Union Planters building at 67 Madison into an apartment building with 157 luxury apartments.
"Memphis has a great thing going on with its Downtown," said Craig 'Kip' Platt of EFO. "We decided that with all the action going on with condos there was a void in the market for apartments. We don't want to slug it out with everybody and we think there is a demand."
The PILOT will save EFO $4.7 million.
As part of the PILOT agreement, 32 apartments will be classified as affordable, reserved for tenants who earn 80 percent or less of the area's median income.
The 12-story, 258,000-square-foot building will also have 18,0000 square feet of ground floor retail. The developers are also considering using about 12,000 square feet on the mezzanine level for office space.
Mack Browder and Bud Worsham of Crye-Leike Commercial represented the building's owner in the transaction. EFO has hired Memphis-based Hnedak Bobo Group for architecture.
EFO Partners is also under contract to purchase the parking and office facility owned by AutoZone Parts Inc. at 61 Madison.
Platt said EFO will invest $7 million to purchase and renovate the building to create more parking spaces. EFO will turn the office space on the top floors into additional parking, bringing the total number of spaces to 400. The two buildings are linked by an underground parking garage.
EFO plans to close on the properties in May. Renovation and construction should be completed by November 2007.
Originally built by architecture firm McKim, Mead and White in 1923, the building was formerly the headquarters of Union Planters National Bank.
A number of developers have expressed interest in the building over the years but nothing panned out until now.
"I don't know how many people we've had come down here and talk to us about that building," said Jeff Sanford, Center City Commission president.
"It's a unique piece of property and an important piece of property," said board member Lee Askew III.
The area of Downtown bounded by Jefferson on the north, Second on the east and Monroe on the south has been getting a lot of attention lately.
Sen. Bill Frist, R-Tenn., University of Memphis president Shirley Raines and U.S. postmaster general John E. Potter announced earlier this year that they had reached a deal in principle to move the university's law school to the old Customs House and Post Office building on Front Street.
The deal would locate law students and faculty in the Downtown post office building on Front Street within walking distance of local, state and federal courts and many of the city's top law firms.
It is contingent on efforts to raise the $5.3 million asking price. A $42 million renovation would require state approval. The U of M hopes to have the building renovated and ready for occupancy by the fall of 2009.
"We kind of got lucky in the fact that the law school happened while we were under contract on the buildings," Platt said. "And it really is a beautiful old building."
-- Amos Maki: 529-2351
Copyright 2006, commercialappeal.com - Memphis, TN. All Rights Reserved.
June 23rd, 2006, 06:40 PM
Upscale development planned across from AutoZone Park
By Amos Maki
June 23, 2006
An out-of-town development group is planning a hotel, retail and residential project that could change the face of Downtown.
Cascade Development Partners, which has offices in Utah and California, wants to transform the block east of Fourth Street between Union and Gayoso into a world-class, mixed-use project that could top $200 million in value.
"We're bringing some really exciting components to the city," said Steve Aste, managing partner. "We want to bring some things to Memphis that have never been done before."
Aste said Cascade is in discussions with several boutique hotel operators about the planned 250-room hotel that would also include "substantial residential" units.
"It will be a well-known hotel group," said Aste. "We believe that we have such a dynamic project that (the hotel companies) are fighting amongst themselves to get into our project."
Aste said the project would also include 100,000 square feet of ground level retail space and a total of 300 to 350 residential units of different sizes and prices.
Cascade is targeting upscale retailers new to Memphis.
Overall, it will include plenty of open spaces with water features and seating.
The residential component will feature private swimming pools, exercise rooms, media centers and multiple "green" rooftop patios.
"It's an urban village," Aste said.
Downtown officials expect Cascade could kick-start more mixed-use development.
"Their plans are exciting to say the least, and could very well signal a new chapter in Downtown mixed-use development," said Jeff Sanford, Center City Commission president.
Cascade is under contract to purchase about five acres along the south side of Union -- directly across from AutoZone Park -- that is currently home to several small businesses.
It expects to close on the properties in January and begin construction in spring 2007.
Cascade's proposed development would provide a much-needed boost to that side of Union -- the city's "gateway" entrance into Downtown -- and the area as a whole.
Memphis-based Looney Ricks Kiss and Standard Architects of New York are handling architecture.
Memphian Manish Patel is an associate partner with Cascade.
Aste said Carlee McCullough in the city's Office of Contract Compliance sold Cascade on Memphis.
"She was absolutely fantastic," he said.
Elizabeth Webster and Amy Batson of ReMax on the River have helped Cascade assemble property.
"It will transform the entrance to Downtown completely," said Batson. "Instead of going through rundown buildings, we'll have a mecca right in the heart of Downtown."
-- Amos Maki: 529-2351
Cascade Development Partners is planning a hotel, retail and residential project on the block east of Fourth Street between Union and Gayoso.
Plans include a 250-room hotel, around 300 residential units and retail space.
Managing partner: Steve Aste
Web site: cascadedev.com (http://www.cascadedev.com/portfolio/projects.php)
Copyright 2006, commercialappeal.com - Memphis, TN. All Rights Reserved.
June 30th, 2006, 12:28 AM
City rebirth moves to Crump
Developers to fashion lofts from old warehouse complex
By Amos Maki
June 29, 2006
Just off the south side of Crump Boulevard, a little removed from Downtown's beaten path, California-based developers are turning an old United Warehouse complex into a $24 million loft development.
Santa Monica-based developers Marvin Smith, Andrew Marks and Fred Powers are turning the old 127,000-square-foot warehouse complex at 900 Pennsylvania into an amenity-packed lofts project containing up to 40 units.
"We really intend for this project to redefine what people are doing in Downtown Memphis," said Smith, whose group is calling the project Sky Lofts of Memphis. "What we're trying to do is design a lifestyle."
An upscale lifestyle at that.
The developers are offering a wide range of unit sizes, from 1,400 square feet to 10,000 square feet.
"They can have as many square feet as they want or as few," Smith said.
The project includes an indoor swimming pool and tennis court.
Sky Lofts will also offer a putting green on a nearly acre-size park within the development.
The project also includes indoor, secured parking and 26 parking spaces for guests.
Each unit will have an industrial-style kitchen outfitted with the latest Viking equipment and custom granite countertops.
Each unit has 16-foot ceilings and 60 to 80 feet of windows that will bathe each loft in natural light.
Most first-floor units will have green patios, and the project will have a 10,000-square-foot rooftop garden.
Rooftop and residential gardens are becoming more popular with developers.
The eight-story, $40 million Mirabella project on Front Street is making use of gardens.
Mirabella's first residential floor will be modeled on garden terrace apartments found in more mature markets. Each unit on that level will have its own rooftop yard with real grass that will be landscape-ready. That level will also feature a large open-air garden open to all residents.
ReMax on the River will handle listings for Sky Lofts of Memphis and owners Allen Everitt, Carol Lott and Stan Holmes put the deal together.
The project is the first major residential project to be announced on Crump.
Downtown officials welcomed the news and expect Crump to see more activity in the future.
"We've been seeing a lot of speculative interest along Crump from Florida east to Danny Thomas for the last couple of years," said Jeff Sanford, Center City Commission president. "I think development to Crump and along Crump is inevitable."
The Sky Lofts development group joins a growing list of out-of-state developers doing projects in Downtown Memphis.
Cascade Development Partners, which has offices in Utah and California, are planning a $200 million hotel, retail and residential project along Union Avenue.
Christine Wimbish-Diatta, a retired CPA from Oakland, Calif., is building a $3.9 million Microtel Inn & Suites at 362 S. Second, between Vance and Butler.
Dallas-based EFO Residential Partners LP are transforming the old Union Planters building at 67 Madison into a luxury apartment development.
"I would say that 95 percent of the developers we are working with these days are from out of town," said Sanford. "I think it simply validates Downtown as a development marketplace.
"It took the locals to be the pioneers but most of the developers we are working with are from out of town."
Marks said the reason the reason for their entrance into the Memphis market was simple.
"Growth brought us to Memphis," he said.
-- Amos Maki: 529-2351
Copyright 2006, commercialappeal.com - Memphis, TN. All Rights Reserved.
July 14th, 2006, 02:41 AM
28-story housing complex to rise near Uptown Square
By Amos Maki
July 13, 2006
St. Mary's Catholic Church is poised to sell part of its Downtown property to developers who plan to launch an $85 million, 28-story luxury housing complex on the site.
Developers Brian Thomson of Boston and Geoffrey LePlastrier of California have an option to buy the land for an undisclosed amount from the Catholic Diocese of Memphis.
The land -- about half a city block -- is adjacent to St. Mary's, which is at North Third and Market near the Memphis Cook Convention Center and Downtown Marriott.
The skyline-altering high rise would be the largest built Downtown since the 23-story Morgan Keegan tower in 1985. The tallest building Downtown is 100 N. Main at 37 stories.
The high-rise would include 200 housing units, and an additional low-rise building will include 40 units, according to a plan submitted to the Memphis and Shelby County Office of Planning and Development.
"We've invested a lot of time and money in this," Thomson said. "Our intention is for this to be a world-class, sustainable project that redefines the north end of Memphis."
Money raised from the land sale would be split between the Diocese and St. Mary's and could be invested in improvements to the church.
Bill Herbers, Diocese director of facilities and risk management, would not comment on possible church improvements.
However, the site plan specifies a "family life center," including a multi-purpose gymnasium, a music and performing arts center and a school library and resource center.
Plans for the residential development include 12,570 square feet of retail and 2,087 square feet of restaurant space on the ground floor. The project will have a total of 370,905 square feet of residential space.
"We were very impressed with (the developers') ideas and with them," Herbers said. "I think it could be wonderful for Downtown Memphis."
Developers expect the project will generate more than 300 jobs during two-plus years of construction and that sales tax on building material alone could generate nearly $3 million. They estimate that property tax revenues from the 240 units could mean $2 million a year to the city and county.
The developers, who work mainly in Boston and California, said they hope the upscale project will attract doctors and researchers from St. Jude Children's Research Hospital, which is in the midst of a $1 billion expansion.
The site is across the street from Uptown Square, the community that was formerly the Lauderdale Courts public housing complex.
Developers also want to attract Catholic buyers and affluent empty nesters looking for an urban lifestyle. Amenities will include a health club and swimming pool on the roof of the low-rise building. There will be a common room and terrace on the 27th floor of the 28-story tower.
On-site retail and entertainment will be "limited to those completely compatible with the Church's mission."
The project will also be environmentally friendly. Building materials will conform with the Green Building council's recommendations for sustainability. Waste streams and storm water will be reused for on-site irrigation.
Downtown officials said it is no surprise that developers are interested in the land.
"From a development perspective, it's another vote of confidence in near-North Memphis," said Jeff Sanford, president of the Center City Commission. "With St. Jude's expansion, the Uptown project and residential growth on Mud Island, I think development in this project area is inevitable."
-- Amos Maki: 529-2351
Copyright 2006, commercialappeal.com - Memphis, TN. All Rights Reserved.
July 28th, 2006, 08:17 AM
Bottom line: It ain't happening anytime soon :ohno:
Wanted: New developer for Vue on Main
Memphis Business Journal - 4:15 PM CDT Wednesdayby Andy AshbyStaff writer
The Nashoba Group LLC will not build the Vue on Main, a projected 28-story mixed-use tower, according to a company letter sent to the Downtown Parking Authority and Center City Commission on July 21.
CCC president Jeff Stanford read a portion of the letter at the Downtown Parking Authority board of directors Wednesday.
The Nashoba Group, a real estate development company that built the Nettleton condominiums in Downtown's South Main district, had plans for 264 apartments built on top of an approximately 400-space parking garage the DPA had proposed.
"It seems we have reached a point where it is unlikely we can finance the project as a predominantly rental housing development without any additional inducements," read the letter signed by Nashoba principals Scott Andrews and Keith Saunders. "More specifically, construction costs have considerably outpaced local rent growth, and as a result, our ability to attract the requisite financing has likely reached its end."
Initially, the Vue was scheduled to be completed in late 2006, according to Nashoba's Web site.
Now, the DPA will issue another Request For Proposal to find another developer for a project above the proposed parking garage. The board elected chairman John Elkington and board member David Harris to review the RFP before consideration by the full board. The RFP could be presented to the DPA for a full vote in 30 days, Stanford said.
The DPA has spent almost $2.5 million in acquiring the land and designing the parking garage. However, the DPA has received several calls from interested developer, Stanford said.
"I'm sorry Nashoba was unable to do the project, but I'm optimistic about the project's future," he said.
firstname.lastname@example.org | 259-1732
August 20th, 2006, 04:40 AM
Some renderings are now up for the proposed condo tower development across from St. Mary's Catholic Church in uptown Memphis.
August 24th, 2006, 03:17 AM
Townhome development headed to Pinch District
Memphis Business Journal - August 18, 2006
by Andy Ashby
A group of investors has purchased 11,000 square feet of land in the Pinch District with plans to build a $4.8 million residential development with 22 townhomes of about 1,420 square feet each.
The project will be built at the southeast corner of Overton and Main. To be called 374 North Main, the structure will consist of 3,800 square feet of retail on the ground floor in front of a Main Street trolley station. Features will include one covered parking spot per unit, balconies and a courtyard entryway.
Developer Lloyd S. 'Buddy' Barnett of Barnett General Contractors LLC, architect Brian Thomson of Thomson Design Associates, Inc., in Wakefield, Mass., and developer Geoffrey Le Plastrier, president of Le Plastrier Development Consulting in Irvine, Calif., are focusing their efforts in a part of town they refer to as the St. Jude neighborhood, bordered by Front Street, Third, Interstate 40 and Auction.
"St. Jude is big economic engine that we believe creates the value for the Pinch," Thomson says. "It's to the benefit of St. Jude and everyone else in this neighborhood that this nine-block area be developed to the highest quality standards."
The 374 North Main project isn't the only development Barnett and Thomson are working on in the Pinch district. Barnett, who built the Harbor Lights condos at North Parkway and Front Street, and Thomson are in the preliminary stages of a mixed-use apartment building on Front between Jackson and Overton.
Barnett and Thomson are initially planning for a mix of 88 rental apartments and 12 for-sale townhouses. The amount of retail space hasn't been determined yet. Groundbreaking for the as-yet unnamed project could start in the first quarter 2007, with completion of the project expected to take 16 months.
Rental units should have one secured parking spot per unit in the basement, while townhouses should have two garaged parking spaces. The townhouses are planned to be three-bedroom units with 3 1/2 baths each.
Thomson and Le Plastrier are involved in another project called Trinity Tower and Townhomes. They have an option to buy 46,000 square feet of land on Second Street between Market and Exchange.
Currently, they plan to build an $85 million, 28-story residential development. The project includes 200 condo units, a two-story common room and roof terrace at the 27th floor looking down the river, and eight penthouse townhomes on the 27th and 28th floors, each with private rooftop terraces. The project will include arcade shopping and a restaurant on the ground floor. It will also feature 40 townhomes with a health club and rooftop swimming pool in separate six- and eight-story buildings connected to the main tower.
According to Thomson, Trinity Tower will be energy efficient with a double glass rainscreen facade and an elliptical floor plan that is aerodynamic. The east and west sides will be the shorter sides to minimize solar heat gain.
One aspect of the St. Jude neighborhood is the sight line along Overton, a three-block street that lines up directly with the Pyramid on the west side and a St. Jude entrance on the east side.
"So the statues of St. Jude and Ramses the Great face each other over a three-block stretch," Thomson says. "That's a pretty powerful and unique visual corridor."
For the 374 North Main project, Barnett and Thomson like the potential for pedestrian traffic, with a trolley stop connecting the building to the rest of Downtown and Overton running between St. Jude and the Pyramid.
"Even if something doesn't happen immediately (at the Pyramid), it will in the future and it will tend to be a draw on that street," Thomson says. "If it (Bass Pro Shop) does come, then it's as if you have a shopping mall set up with two anchors, one being St. Jude supplying the people and one being the Pyramid supplying the retail destination."
There are other draws to the neighborhood, including the Cannon Performing Arts Center and the Memphis Cook Convention Center. Barnett also points to nearby convenience stores, cleaners, gas stations, shops and restaurants as places residents can get to easily.
"We see, in our vision, a model walking neighborhood." he says. "With all the development we see, we know there's going to be even more of that in the future."
While there are many benefits to the neighborhood, the main advantage is the proximity to St. Jude, which is in the middle of a $1 billion expansion which will bring in more potential residents.
"Many of those people will probably be researchers with Ph.D.s and advanced degrees in medicine," Thomson says. "At the higher end of the residential market, there is very little housing close to the institution within walking distance. Many of these researchers and doctors come for three- and five-year stints from urbanized Europe, Asia and the United States, and they would like to have a quality in-town living experience near their labs."
374 North Main
Planned 22 townhomes with 3,800 square feet of retail space
Developers: Lloyd S. 'Buddy' Barnett and Brian Thomson
This is what Trinity Tower will look like when it's built:
September 25th, 2006, 04:01 AM
I was in Memphis for a job interview a couple weeks ago. I took some time driving around to get a feel of the city. In general, it's pretty cool, with nice culture and places to see.
Keep posting, people...
November 26th, 2006, 11:40 PM
Wow, that's thousands of downtown units... not half bad!
November 29th, 2006, 09:40 AM
Memphis is a very good major city with a good skyline :)
November 30th, 2006, 05:51 AM
Good to see some news out of Memphis. There's more going on there then I'd thought.