VOL. 123 | NO. 240 | Tuesday, December 9, 2008
Real Estate Recap
Highland Street Church of Christ Files Loan for New Campus
40 acres off Houston Levee Road
Memphis, TN 38018
Loan Amount: $8.5 Million
Loan Date: Dec. 3, 2008
Maturity Date: Dec. 10, 2010
Borrower: Highland Street Church of Christ of Memphis
Lender: BancorpSouth Bank
Details: The Highland Street Church of Christ of Memphis has filed an $8.5 million construction loan through BancorpSouth Bank to build its multibuilding church campus along Houston Levee Road, northeast of the Walnut Grove and Houston Levee roads intersection.
The church held a groundbreaking ceremony Nov. 30 and site work is under way for the project. Construction should begin in about two months and will take roughly 18 months, said the church’s interim administrator Allen Hewitt.
“We’ve been working on it for sometime and I think people are getting more excited since we had the groundbreaking,” Hewitt said.
The project includes a sanctuary that seats 1,000 people, plus buildings that will house the church’s Sunday school classrooms and a day school. All told, the church campus will comprise 67,000 square feet. Highland Street Church of Christ owns about 40 acres and will develop on about half that land, Hewitt said. Plans call for walking trails on the property as well.
Linkous Construction Co. Inc. is the general contractor for the project and Renaissance Group is the architect.
Highland Street Church of Christ departed its former site at 443 S. Highland St. and currently meets at Harding Academy on Cherry Road. Its church office is at 5565 Shelby Oaks Drive.
1115 E. Getwell Loop
Memphis, TN 38152
Permit Amount: $2.7 Million
Project Cost: $3 million
Permit Date: Applied December 2008
Completion: End of 2009
Owner: University of Memphis
Tenant: University of Memphis
Architect: Evans Taylor Foster Childress Architects
Details: The University of Memphis last week filed a $2.7 million permit application with the city-county Office of Construction Code Enforcement to renovate its baseball stadium on the school’s Park Avenue Campus, at the southeast corner of Getwell Road and Park Avenue. Formerly called Nat Buring Stadium, the new facility will be named after FedEx, which donated $3 million for improvements and additions to the 37-year-old baseball complex. The official name has not yet been confirmed. Construction is slated to begin in January and should take about 10-12 months, said U of M associate athletic director for development Bill Lansden. General contractor bids went out and should be in within the next two weeks; the architect is Evans Taylor Foster Childress Architects. The renovation calls for “a new dressing facility, dugouts, grandstands, concession areas, press box and private suites,” according to a university press release. “The dressing facility will include locker rooms for both Tiger coaches and players, office and meeting space, indoor pitching and batting cages, as well as a direct entrance into the Tiger dugout and field at game time. The dressing facility will be along the third base line.” The baseball team will play its 2009 season home games at three local parks – Millington’s USA Stadium, AutoZone Park and Snowden Grove Park in Southaven – while the ballpark is being renovated. Lansden said a modern, state-of-the-art baseball stadium will aid Memphis coach Daron Schoenrock in his efforts to recruit talented players to the university and keep the program competitive nationally. “Daron has done a wonderful job, but we need to provide him the resources to continue to improve the program, and this will do that,” Lansden said. “He’s now going to have a facility that he can walk into any home on a recruiting basis and be on a level playing field.”
Collierville, TN 38017
Sale Amount: $438,712
Sale Date: Nov. 25, 2008
Buyer: SDK Properties LLC
Seller: W.T. Price LP
Loan Amount: $1.8 million
Loan Date: Nov. 25, 2008
Maturity Date: Dec. 1, 2014
Lender: First Tennessee Bank NA
Details: The owners of Kid Tech child care center will bring their second facility to Collierville in the Price Farm Planned Development. SDK Properties LLC has filed a $1.8 million construction loan through First Tennessee Bank NA to build a 12,500-square-foot child care center on 1.6 acres along Shea Road in Collierville. The property is north of Tenn. 385, east of Houston Levee Road and west of Shea Road. The site was chosen for its “traffic generation and ease of access without being on a main thoroughfare,” said SDK Properties principal and Kid Tech owner Steve Kimes. SDK Properties – whose other principal is Kimes’ wife, Debra – bought the lot for $438,712 from W.T. Price LP. The total project cost for the new Kid Tech is about $2.3 million, Steve Kimes said. Construction is slated to begin before the end of the year, with completion targeted for August. The company is using an in-house architect and is in final negotiations with a general contractor. Kimes said this Kid Tech location will employ 35 people, the same as its current facility, doubling the company’s size. Kid Tech’s original location is at 105 Crescent Drive in Collierville.