VOL. 121 | NO. 234 | Tuesday, December 5, 2006
Memphis Real Estate Recap
In Uptown, The Third Phase is the Charm
41 lots in
Uptown Phase Three
Loan Amount: $2.8 million; $1.2 million
Loan Date: Nov. 7, 2006 (for both)
Maturity Date: n/a; Nov. 7, 2007
Borrower: Uptown Homes LLC
Lender: First Tennessee Bank NA; First Alliance Bank
Details: Construction loans for 41 properties in phase three of the Uptown community. The first loan is for 29 lots in Uptown, with addresses on North Main, North Second, North Third, North Fourth and North Fifth streets and Looney, Keel, Mill and Greenlaw avenues. The second is for 12 lots on Bethel Avenue and Woodlawn, McDavitt and Manassas streets. In addition to the loans through First Tennessee and First Alliance, two Hope VI loans totaling more than $2.4 million were made through Memphis Housing Authority.
Construction work has begun on phase three of the Uptown project, which is being completed through a public-private partnership between the city of Memphis, Memphis Housing Authority and private developer Uptown Partnership, a Belz-Turley Community Development Co.
"We are about three weeks into the construction period," said Alexandra Mobley, asset manager for Uptown Partnership. "We have builders out here pouring slabs and putting frames up every day on these phase three houses."
Phase three will comprise a total of 137 houses, she added. Of those, 100 will be sold (41 through the HOPE VI program) and 37 will be offered for rent.
The single-family homes will have two-, three- and four-bedroom floor plans.
"This is really an opportunity for people who are sick of paying rent, but just aren't quite there to get the condo or the other choice of going to Cordova and getting a townhouse."
Mobley said the partnership also is planting trees, putting in street lights and completing other infrastructure work that has to be done in the neighborhood.
The residential portion of the project should be finished by the end of April 2007. Once the residential portion is complete, Mobley said work will begin on the commercial part of the project.
The developers plan to build a mixed-use center on nine acres at the intersection of Auction Avenue and Danny Thomas Boulevard. The mixed-use center will include retail, some residential and possibly some office space.
But work cannot begin on the commercial project until the realignment of Jackson Avenue is complete, "because where we're going to be building is a road at that moment," Mobley said. "Our commercial and retail development cannot begin until the Jackson, Auction (Avenue) and North Parkway realignment is done by the state."
Work is slated to begin on the realignment in February.
"So, we're looking at next fall before we can get started on that (commercial/retail development)."
Some of the tenants for the retail center will include a grocery store, a drug store and a family-style restaurant, Mobley said.
"We have a lot to do even though it sounds like we're at the end," she said.