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VOL. 110 | NO. 56 | Wednesday, March 20, 1996

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03-20 CHG Goodlett $10 million in office construction underway at Goodlett Farms By CAMILLE H. GAMBLE The Daily News Construction started last week on two major office projects at Goodlett Farms, a 300-acre office park south of I-40 near Whitten Road. Construction on a one-story, 90,000-square-foot office building for Hohenberg Brothers Co. is underway. The company will move from its 60,000-square-foot building Downtown in mid-November, when the project is scheduled to be completed. Linkous Construction Co. Inc. is the contractor for the $4.8 million project. Gary Taylor, senior vice president of Hohenberg Brothers, said the company bought the 10.5-acre lot at Goodlett Farms for about $1.2 million. Allenberg Cotton Co., which built a 115,000-square-foot office and cotton-classing building on 21 acres at Goodlett Farms about four years ago, will now build and lease an office building and laboratory for ICI Acrylics. Rentenbach Constructors Inc. is the contractor for the $4.56 million project, according to a building permit filed in Shelby County last week. "Theres a total of about 300 acres at Goodlett Farms, and its all under very restrictive covenants," said Sam Reaves, who is trustee for about one-half of the property. There are requirements that include keeping trees in the medians and along Goodlett Farms Parkway, he said. Other covenants require every building to be fully bricked, which would make building expensive for industrial-type uses. "Its basically been developed for office use, although industrial uses are allowed," Reaves said. Appling Associates and Goodlett Farms Associates, two Belz Enterprises companies, along with Reaves own the land. "We recognized a long time ago that there was a need for this campus-like setting to offer to major users who did not have that option five years ago," said Morris Thomas, Belz Enterprises vice president and director of brokerage. "We wanted to make sure that how the building was constructed was restrictive enough so that when a company bought the property they could feel comfortable that something that would go up next door would be comparable to what they were doing," he said. Other companies at Goodlett Farms include Union Planters Bank, which has completed a 225,000-square-foot administrative office building on its 61 acres in the park. Reaves said UP Bank has plans to develop more of its property at Goodlett Farms in the future. Reaves said there are about 5 acres of property currently under contract for a company that will build a 60,000-square-foot office building in the park. He said construction on the project should begin in about six months. Reaves would not disclose the name of the company. Thomas said there is property available at Goodlett Farms for sale or for lease. Belzs original intent was to sell the property to companies who would build and occupy their own buildings, but Thomas said Belz also has heard proposals from companies looking for a long-term lease agreement.
PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225