VOL. 118 | NO. 205 | Wednesday, November 10, 2004
Winchester Road Office Growing
Winchester Grows as Office Corridor
Germantown leaders push for high-tech development
The Daily News
Shelby County has been growing by leaps and bounds in recent years, and not
just in population. Commercial growth along Winchester Road, specifically from Collierville
west to Riverdale Road in Memphis, has significantly changed the areas
of Hacks Cross and Winchester roads has seen the lions share of that growth,
from retail and restaurants to a FedEx mega corporate campus. But FedEx isnt
the areas only office development. Several businesses now have a presence
along the stretch that also includes the FedEx World Technology Center in
Forest Hill center. And more offices are on the way.
Chamberlain, McCreery & Rice LLC is taking advantage of the corridors
growth as an office market with a mixed-use office and retail development. Construction
has been completed on the first two buildings in the Forest Hill Business
Center, located at Forest Hill-Irene Road and Winchester.
project includes five lots, two of which front Winchester and are designated for
retail use. Three lots at the rear of the development are for general office use, and one already-built structure houses Christ the Rock
Christian Academys kindergarten facility.
went back and rezoned and got retail on the front, said Hank Rice, a partner
in the project. In exchange, we agreed to limit office to one story.
building has been constructed and is available for leasing. Tenants include a
nail salon and Pizza Hut.
building will be 12,000 square feet in size.
of Forest Hill Business Center began last year, and construction started earlier
this year. One lot in the rear has been sold to a developer who soon will begin
construction on the centers second office building.
In Germantown. The Forest Hill/Winchester area
has seen a large amount of office development in recent years, including
several projects in the Germantown city limits. And that has been a plus for
the municipality as it pushes to become a corporate community.
pleased with what has taken place down there, said Patrick Lawton, Germantown
city administrator. The development of that area south of Winchester was the
catalyst really for the city getting into the industrial development board
business and looking at the issuance of (payment-in-lieu-of-taxes) because we
saw the potential for corporate and regional office space development down
there are CTI, Orgill, First Tennessee Bank and the
Better Business Bureau.
now were thrilled to have FedEx in Germantown, Lawton said of the companys new
presence in a former SCB building. Its starting to take off.
Spurring development. The growth has been
encouraged by zoning.
created a new zoning classification as a result of the potential of what could
develop down in that area, Lawton said. What wed like to see is that area
used as high-tech office-type development that would house perhaps regional or
corporate office space.
that kind of corporate regional office space, Class A-type office space, it
gives us something we dont have in many other parts of our community. The fact
that theres a strong potential for it developing in this area means a lot to
the city in terms of our tax base and diversification of the tax base.
the city does not control the land, Lawton said the city has communicated its desire
to be involved in the areas development.
had discussions with ownership of the property down in that area and have
wanted to be involved with them as theyre developing and marketing that space
to try and attract that type of office development, he said.
In the area. Other projects in the area include Belz
Enterprises Champion Hills Office Park, which is adjacent to Windyke Country Club. It ultimately will include four
buildings to accompany the current 80,000-square-foot building.
to the most recent office occupancy numbers released by commercial real estate services
firm CB Richard Ellis, the 385 corridor had a 12.7 percent vacancy rate, below
the 15.8 percent rate for the Memphis area. The total amount of rentable space
is 3.1 million square feet, second only to the East submarkets 7.5 million
Commercial project. The partners of Chamberlain, McCreery
& Rice are involved in another commercial project in the area, located on
Hacks Cross Road south of Bill Morris Parkway. Owned by Hacks Cross Partners,
the 25,000-square-foot retail center is nearing completion.
getting a lot of interest, Rice said. Weve got some leases in place. Were
just starting tenant improvements, but the building is complete.
will include typical neighborhood center retailers, such as a barber shop, nail
salon and dry cleaner. Part of the property is reserved for outparcels.
have one parcel under contract with a national fast-food outfit, Rice said.
a busy period for Chamberlain, McCreery & Rice, as the group has 60,000 square
feet of space in the works right now.
McCreery & Rice a separate company from development firm Chamberlain
& McCreery is primarily involved in commercial construction, as well as
multifamily projects Downtown.