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VOL. 118 | NO. 97 | Thursday, June 3, 2004

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The Living is Easy Downtown

In Downtown Memphis, the Living is Easy

Myriad housing options bring more residents Downtown

TERRE GORHAM

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 fingertips.

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 amenities.

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 people.

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 retail space.

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 single-family homes.

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 and condos.

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.

Uptown. Uptown 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 development.

 

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 0 8,303 8,303
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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