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VOL. 124 | NO. 62 | Tuesday, March 31, 2009

Transformation of 109-Year-Old Downtown Building Moves Forward

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59 S. Main St.
Memphis, TN 38103
Permit Amount: $1.5 Million

Project Cost: $2 million
Permit Date: Applied March 2009
Completion: Varies
Owner: Frix Properties
Tenant: Mixed (Frix-Jennings Clinic, coffee shop, apartments)
Contractor: Frix Properties

Details: Dr. Carey Frix of the Frix-Jennings Clinic in Henderson, Tenn., has filed a $1.5 million permit application with the Office of Construction Code Enforcement to build four apartments at 59 S. Main St. Frix is renovating the building into a multiuse property with a medical office, coffee shop and apartments.

Frix Properties bought the 13,242-square-foot, three-story property for $425,000 in April 2007, later quitclaiming it to the Memphis Center City Revenue Finance Corp. as part of Memphis’ payment-in-lieu-of-taxes (PILOT) program.

Frix Properties and the clinic are partnerships between Dr. Carey Frix and his wife, Dr. Nicole Jennings. The South Main Street property will be their second clinic location following the Henderson locale.

Todd Henderson, who serves as chief operating officer for the project, said the building, constructed in 1900, will have a coffee shop in front, facing South Main Street, with the clinic behind it. Four condominium-style apartments will be on the floors above.

The clinic should open in about eight weeks, while the coffee shop – called Besso’s after Jennings’ grandmother – and the apartments should be ready by summertime.

The team has completed an overhaul of all interior systems, including electrical, and the building has a new elevator, fire stairway, upstairs floors and roof.

4930 Pleasant Hill Road
Memphis, TN 38118
Permit Amount: $3.2 Million

Project Cost: $3.2 million
Permit Date: Applied March 2009
Completion: TBA
Owner: City of Memphis
Tenant: City of Memphis
Contractor: Wagner General Contractors Inc.

Details: The City of Memphis has filed a $3.2 million permit application to build a fire station at 4930 Pleasant Hill Road in Oakhaven, south of the intersection at Shelby Drive and Lamar Avenue. Construction was slated to begin last week.

A representative from the project’s general contractor, Wagner General Contractors Inc., said the company is still “in the fledgling state.”

A $2.5 million building permit on the property was filed in June and listed Allan & Hoshall as the architect for the project. A bid notice was sent out in November, asking for a Request for Qualifications for the “construction of new fire station No. 57” on Pleasant Hill Road, according to public records.

1407 Union Ave.
Memphis, TN 38104
Permit Amount: $501,000

Project Cost: $501,000
Permit Date: Applied March 2009
Completion: 2009
Owner: DRA Advisors and Investec Realty Services Inc.
Tenant: UT Medical Group Inc.
Architect: TRO Jung/Brannen

Details: Investec Realty Services Inc., manager of the 1407 Union Ave. building in Midtown, has filed a $501,000 permit application to renovate 80,000 square feet on seven floors of the building for UT Medical Group Inc.

UT Medical Group, the nonprofit, private practice arm of the University of Tennessee Health Science Center, is moving its administrative offices to the building, formerly known as the Mid-Memphis Tower.

UT Medical Group will employ 300 workers at the building once the move is complete. The organization is consolidating five office locations: 66 and 70 N. Pauline St., 1910 Nonconnah Ave., and 930 and 1399 Madison Ave., according to a press release.

The 16-story tower is co-owned by Investec and DRA Advisors of New York. The group paid $14 million in February 2006 for the 416,424-square-foot facility, which includes an attached seven-story parking garage.

The building sits on 1.15 acres at the southeast corner of Union Avenue and Pine Street.

4546 Millbranch Road
Memphis, TN 38116
Permit Amount: $485,000

Project Cost: $485,000
Permit Date: Applied March 2009
Completion: July 1, 2009
Owner: Ware Properties LLC
Tenant: Dollar General Corp.
Contractor: MTE

Details: Coldwater, Miss.-based Ware Properties LLC has filed a $485,000 permit application to build a Dollar General store at 4546 Millbranch Road in Whitehaven. The 9,014-square-foot store will sit on 1.15 acres along the east side of Millbranch, north of East Shelby Drive.

Ware Properties in February bought the land for $185,000 from Southland Development Partners of Memphis. The company subsequently filed a $784,000 construction loan on the property through Sycamore Bank.

The company has broken ground and the “turnover” date is scheduled for Sept. 1, although Ware Properties president Sam Ware said the store should be ready two months ahead of schedule, around July 1. Ware Properties will retain ownership of the land and building, leasing the facility back to Dollar General.

Ware Properties is the exclusive developer of Dollar General stores in West Tennessee and North Mississippi. This is one of a few stores that Ware Properties is currently building for Goodlettsville, Tenn.-based Dollar General Corp., Ware added.

Ware said the company has recently completed one on Frayser Boulevard and Dollar General is stocking that shop now. Ware Properties is building a store on U.S. 61 (South Third Street), which should be delivered April 20, and another on East Shelby Drive near Tchulahoma Road, which should be delivered Sept. 1.

All the new buildings are 9,014 square feet, Ware said, adding that MTE of Memphis is the contractor for all of Ware Properties’ Dollar General projects.

Dollar General has nine stores in Memphis, according to the company’s Web site. Emily Weiss, spokeswoman for Dollar General, confirmed the company had signed a lease to build a new store on Millbranch Road. Dollar General is looking to add as many as 450 new stores in the coming year and renovate other locations as part of a corporate growth strategy.

PROPERTY SALES 89 339 12,708
MORTGAGES 42 227 7,982
BUILDING PERMITS 171 518 29,639
BANKRUPTCIES 32 129 6,029