VOL. 123 | NO. 171 | Tuesday, September 2, 2008
Real Estate Recap
Barboro Alley Flats Construction to Begin Oct. 1
100 S. Main St.
Memphis, TN 38103
Permit Amount: $5.5 Million
Project Cost: $18.2 million
Permit Date: Applied August 2008
Owner: 100 South Main Partners
Contractor: Montgomery Martin Contractors LLC
Architect: Looney Ricks Kiss Architects Inc.
Details: The infamous giant hole at 100 S. Main St. finally has a purpose and someone to fulfill it – or, as the case may be, to fill it.
The entity 100 South Main Partners, a partnership between Henry Turley and Greenhat Partners LLC, next month will begin construction of Barboro Alley Flats, a five-story mixed-use residential and commercial building. Barboro Alley Flats will contain 96 apartments, 7,000 square feet of ground floor commercial space and 215 public parking spaces, according to plans filed last month with and approved by the Center City Revenue Finance Corp. The project’s contractor, Montgomery Martin Contractors LLC, last week filed a $5.5 million building permit with the city-county Department of Construction Code Enforcement to begin the first of two phases of the project, which the application states is for “retail space and parking garage.”
Richard Meena of Montgomery Martin said groundbreaking is slated for Oct. 1, with completion expected in 16 to 18 months. The site, which has long sat vacant, is bordered by November 6th Street, Barboro Alley, Gayoso Avenue and South Main. The project will serve as a centerpiece of what has been known as New Main and the Demonstration Block, a two-block stretch of Main Street that extends south from Union Avenue to Gayoso Avenue.
6019 Walnut Grove Road
Memphis, TN 38120
Permit Amount: $10.1 Million
Project Cost: $10.1 million
Permit Date: Applied August 2008
Completion: March 2010
Owner: Baptist Memorial Health Care Corp.
Tenant: Baptist Memorial Health Care Corp.
Contractor: Flintco Inc.
Architect: Earl Swensson Associates Inc.
Details: Baptist Memorial Hospital-Memphis has filed a $10.1 million building permit with the city-county Department of Construction Code Enforcement to expand and renovate its emergency department. The hospital broke ground last week and is slated to complete the project by March 2010, said Gary Fowler, director of facility services for Baptist Memorial Health Care Corp. The three-phase, 19-month project was created to accommodate growth at the hospital. It begins with an increase in emergency room parking and shifting of the emergency room’s driveway farther west to accommodate the expansion in phase two. That second phase calls for the addition of 21,000 square feet of floor space to the emergency department, which includes the construction of a second floor that will be reserved for future expansion. “We’re improving the flow in the patient areas and we’re increasing the waiting room area, which is much too small right now to accommodate the traffic that we have,” Fowler said. The third phase is the renovation of existing emergency department space, roughly 20,000 square feet. Once complete, the emergency department will have all private rooms, plus new CT and MRI services. The state of Tennessee in March approved the renovation and expansion. The emergency department will remain open and will be fully operational during construction, Fowler said.
1740 Bender Road
Memphis, TN 38116
Sale Amount: $1.2 Million
Sale Date: Aug. 19, 2008
Buyer: AFI Properties LLC
Seller: Par Investments LLC
Loan Amount: $1.5 million
Loan Date: Aug. 19, 2008
Maturity Date: N/A
Lender: Par Investments LLC
Details: The Southwinds apartment complex in Whitehaven has its third owner in fewer than nine months, now that AFI Properties LLC has acquired the multifamily complex from Par Investments. It’s another chapter in the revolving ownership saga of the multifamily property that sits on 5.48 acres at the southwest corner of Millbranch Road and Shelby Drive near Interstate 55. Par Investments had acquired the property for $500,000 in a foreclosure sale from Victor Thompson, who defaulted on his December loan through Par. Thompson had obtained the property from Par Investments last year after the previous owner, DPG Southwinds LLC, defaulted on its loan. DPG Southwinds had bought the property in 2005 from Southwind Properties LLC. The 119-unit, 14,960-square-foot complex was built in 1973. The Shelby County Assessor of Property’s 2008 appraisal is $1.2 million.