VOL. 127 | NO. 182 | Tuesday, September 18, 2012
Memphis Real Estate Recap
LeMoyne-Owen to Begin Work on $13.5 Million Residence Hall
By Kate Simone
869 Saxon Ave.
Memphis, TN 38126
869 Saxon Ave. • Memphis, TN 38126
Permit Cost: $9 million
Permit Date: Applied September 2012
Project Cost: $13.5 million
Owner/Tenant: LeMoyne-Owen College
Architect: Chasm Architecture LLC
Contractor: W.G. Yates & Sons Construction Co.
Details: LeMoyne-Owen College is moving ahead with construction of its 336-room residence hall at the northwest corner of Saxon Avenue and Neptune Street, filing a $9 million building permit application for the four-story dormitory.
A groundbreaking ceremony is scheduled for Thursday, Sept. 20, at 10 a.m.
W.G. Yates & Sons Construction Co. is the contractor for the project, according to the application filed with the city-county Office of Construction Code Enforcement.
The residence hall, which will also house a computer center, game room, two lounges and four laundry rooms, is financed with a $13.5 million loan from the U.S. Department of Education through the department’s financing program for historically black colleges and universities.
LeMoyne-Owen College president Johnnie B. Watson said the loans are not easy to obtain and have rigorous standards.
“That speaks volumes for the fiscal health of this college,” Watson said of the loan.
Construction of the 87,000 square foot building begins as LeMoyne-Owen marks the 150th anniversary of the institution’s founding as a school for freedmen during the Civil War.
The dorm is part of the school’s effort to build more of a campus community for a college where most students commute to classes daily or live in the surrounding neighborhood. In recent years, a third of LeMoyne-Owen’s student body has lived on campus.
“That’s going to attract more students when the students see that facility going up when they come on campus,” Watson said. “We will be in that facility when school opens next year.”
400 Mahannah Ave.
Memphis, TN 38107
Permit Costs: $18 million, $14 million and $1.5 million
Project Cost: $316 million
Permit Date: Applied September 2012
Owner/Tenant: KTG USA
Contractor: AMEC Kamtech Inc.
Details: Kruger Products’ KTG USA is continuing the $316 million expansion of its tissue manufacturing plant north of Downtown, filing more than $33 million in building permit applications for the property’s converting and tissue machine buildings.
The permits come at the same time as a KTG hiring push; the company held a Memphis job fair Monday, Sept. 10, and is holding similar fairs in Southaven and Olive Branch Tuesday, Sept. 11.
The applications include $18 million for the tissue machine building’s process piping, $14 million for the same building’s electrical work and $1.5 million for the converting building’s process piping, according to the city-county Office of Construction Code Enforcement.
AMEC Kamtech Inc. is the contractor for the project.
KTG USA parent company Kruger Inc., Canada’s leading tissue manufacturer, announced last August plans for major growth – including another building, a new tissue machine and conversion of other equipment – at its 400 Mahannah Ave. facility, south of the Mississippi River between North Second and Thomas streets.
The company manufactures facial and bathroom tissue under the White Cloud brand and private labels. Its Memphis workforce totals more than 300 employees.
3461 Steve Road
Memphis, TN 38111
Sale Amount: $1.3 million
Sale Date: Aug. 13, 2012
Buyer: Dr. Harvard Stephens
Seller: Prescott Place Apartments LP
Details: Private investor Dr. Harvard Stephens has bought a 272-unit low-income housing complex near Memphis International Airport for $1.3 million, or $4,780 per unit.
Built in 1972, the Class D Prescott Place Apartments, 3461 Steve Road, has been owned by Alabama-based entity Prescott Place Apartments LP for seven years – when the company bought it for $5.3 million.
The complex is situated on 13.1 acres on the south side of Steve Road east of South Prescott Street, with the south end bordering Interstate 240.
Over the past several years, the Shelby County Assessor’s appraisal of the property, which uses the address 1747 Morlye St., has steadily decreased. Its latest appraisal is $2.8 million, down from $4.1 million five years ago.
4805 Winchester Road
Memphis, TN 38118
Loan Amount: $7.1 million
Loan Date: Sept. 6, 2012
Maturity Date: n/a
Borrower: Highland Pines Townhomes LLC
Lender: Wells Fargo Bank NA
Details: The New York-based owner of Twin Oaks Townhomes on Winchester Road has financed the property for $7.1 million. Highland Pines Townhomes LLC, which secured the multifamily loan through Wells Fargo Bank NA, bought the 253-unit, Class C complex in October 2010 for $4.6 million.
Twin Oaks – formerly branded Highland Pines Apartments – is situated on a 14.1-acre, L-shaped parcel at the southwest corner of Winchester and Outland roads in Winwood Commercial and Industrial Subdivision. The Shelby County Assessor of Property’s 2012 appraisal for the complex, which uses the address 3647 Outland, is $4.3 million.
Daily News senior reporter Bill Dries contributed to this report.