VOL. 118 | NO. 97 | Thursday, June 3, 2004
The Living is Easy Downtown
In Downtown Memphis, the Living is Easy
Myriad housing options bring more residents Downtown
The Daily News
It wasnt all that long ago that when someone asked, Whats
available in Downtown living? the answer was quickly ticked off on less than 10
In the beginning. Memphis
in large part can thank development firm Henry Turley Co. and partner Bologna
and Associates for launching a residential boom in the least likely place: an
abandoned Downtown core.
In the early 80s, the two partnered to transform the Shrine
Building into Downtowns first residential conversion project with a
ridiculously small budget (What signing institution would finance such a risky
endeavor?), no model from which to work and an unsupported visionary belief
that people would want to live in a deserted city with incredibly few
The project was a roaring success and became the forerunner
of a steady stream of residential projects Downtown that run the gamut from SoHo loft-style warehouse conversions to nationally acclaimed,
suburban-style urban neighborhoods. And residential development isnt over, not
by a long shot.
Today. Thousands of
apartments and loft units join hundreds of condominiums and single-family
dwellings within Downtowns 6.5-square-mile area, home to more than 23,500
The building boon is the largest in Downtowns history,
valued at about $2 billion, according to the Center City Commission. The resultant
diverse residential neighborhoods are loosely divided into five
characteristically unique districts: Downtown Core, South Side, Mud Island,
Medical District and Uptown.
Following is a run-down of just some of the residential
development projects either under construction or in the design/planning phase,
according to the CCC. Many other projects are under way that
combine mixed-use commercial and residential space.
Downtown core. Chisca Plaza, an $83 million project developed by Group One
Productions Inc., comprises four square blocks from Linden to Vance avenues between
Main and Second streets. The historic rehabilitation converts the Chisca Hotel into new residential
and commercial space.
Gayoso Place, a $42 million
project at 110-114 S. Main developed by The Nashoba
Group, entails construction of a 20-floor tower with 7,500 square feet of
ground-floor retail space, a 441-space public garage and 282 apartments.
Court Square Center, a $29 million project at 66 N. Main,
110 Court Street and 60 N. Main developed by CGI & Partners Court Square
Center LLC, features mixed-use development in three historically significant
buildings with residential, commercial and retail space.
The Lawrence Building, a $6.2 million project at 60-62 S.
Main developed by Downtown Developers LLC, entails renovation of a 66,000-square-foot,
five-story building to include 31 apartments, eight live/work spaces, a new
roof deck and underground parking.
Hunt Phelan Inn, a $5.1 million project at 533 Beale St., is
under way by Bill Day. Eight buildings surrounding the historic centerpiece of
a unique mixed-use hotel/residential project will contain 130 condo units
ranging in price from $175,000 to $232,000.
Gupta Stewart Building Complex, a $4 million project at 82-94
S. Main by developer R & M Enterprises, includes the renovation of two
historic buildings into about 25 apartments and 15,000 square feet of first-floor
retail space. And 92-96 S. Main, a $1.5 million project by developer Nelson
Inc., entails redevelopment of a historic building into 12 luxury condos and first-floor
South side. South
Bluffs, a $100 million project at Riverside Drive at Calhoun Avenue by Henry
Turley Co. and Belz Enterprises, includes continued development of 450
residential units, both apartments and single-family homes.
South End Apartments, a $21 million project at Carolina Avenue
and Florida Street by Southland Development Partners of Memphis, includes construction
of 310 market-rate apartments.
Memphis Import Building, a $15 million renovation project at
648 Riverside Drive by developer Shelby Group Realty, will house 68 condos priced
between $150,000 and $450,000. CityHouse, a $12 million project at 2 G.E. Patterson by Architectural CustomWorks, entails construction of 40 loft-style condos and
3,000 square feet of first-floor commercial space.
Butler Square/River Bluff Houses, a $12 million project north
of the Tennessee Brewery by Henry Turley Co., includes 16 new single-family
homes. Founders Pointe, a $12 million project along the Mississippi River by
Founders Pointe Limited Partnership, entails continued development of 52
Wiggly Lofts, an $8 million project at 435 S. Front St. by
developer Gary Garland, includes 35 historic residential condos. And Potters
Lofts, a $3.8 million project at 485-495 S. Front by developer FaxonGillis Homes, features 24 units plus four townhomes.
Mud Island. Harbor
Town, a $150 million project by Island Property Associates, Henry Turley Co.
and Belz Enterprises, entails the continued development of single-family homes
Harbor Town Landing, a $13.7 million project at 688 and 718
Harbor Bend by Island Property Associates, Henry Turley Co. and Belz
Enterprises, includes 89 condominiums in four complexes: The Cottages, 12 townhomes; The Regatta, 36 condos; The Beacon, 20 loft
condos; and Portico, 21 condos.
Island Point, a $15 million project on North Mud Island by
developer Jeff Bronze, includes the development of 150 moderately priced homes.
And Island View: Phase II, a $10.6 million project on North Mud Island by Jeff
Bronze, includes 132 moderately priced single-family homes.
Development Plan, a $150 million project by developers Henry Turley Co., Belz
Enterprises and the Memphis Housing Authority, is a 100-block neighborhood
revival, including renovation of public housing and construction of new infill
housing at a variety of income levels.
Uptown Square Apartments will consist of 347 newly renovated
units. And Greenlaw Place Apartments is an 88-unit
new construction project.
Medical Center. In Victorian
Village, a Center City Commission, Memphis Biotech Foundation and city-county
Office of Planning and Development joint effort is under way to restructure and
revive the 24-block area between Poplar and Union avenues and Danny Thomas Boulevard
and Manassas Street. The project will include 50 new homes.
The next article in the Downtown Multifamily series will
discuss how residential growth is impacting and driving new business