VOL. 129 | NO. 203 | Friday, October 17, 2014
Developer Focuses on Midtown Corner
By Amos Maki
Developer Charles S. Ryan is looking to expand his Midtown real estate holdings. For several years Ryan has held discussions with property owners around the intersection of Cooper Street and Central Avenue.
Earlier this year, Ryan acquired the Toad Hall Antiques property at the southwest corner of Central and Cooper for $460,000. Ryan has approached Haizlip Studio adjacent to the Toad Hall space and is in discussions with the owners of the Albert Cook Plumbing Co.
Reb Haizlip, owner of Haizlip Studio, said Ryan approached him.
“I would never close the door on the possibility of selling,” said Haizlip “I just had too much going on with business to really think hard about moving at that point.”
Bobby Cook, one of the owners of Albert Cook Plumbing Co. provided few details about his dealings with Ryan or if he was entertaining the idea.
“I can’t comment,” said Cook.
Ryan provided few details on what he’s planning.
“I’m working on possibilities and that’s all I can say,” said Ryan. “Obviously, mixed-use would make sense there.
“I think Midtown is very viable. Midtown and Cooper-Young have never been stronger.”
Now that Loeb Properties Inc. has largely rejuvenated Overton Square, the Memphis-based company is now exploring adding new residential development and retail to the area.
Robert E. Loeb, president of Loeb Properties, said there is an opportunity for a small condominium development on Diana Street and a new retail development at the northwest corner of Diana and Union Avenue. Last year, Loeb Properties paid $1.4 million for the IHOP restaurant at 2060 Union Ave. in Midtown near Overton Square and Loeb said this week the company had acquired several more parcels in the vicinity. In addition, Loeb said there is enough room on a lot north of the new Hattiloo Theatre to build a roughly 100-unit apartment community.
“To have 24-7 action you need to have people living there,” said Loeb, adding the company would soon begin holding a series of community information meetings on the company’s plans.
In other news, 1709 Kirby Parkway has traded hands.
Attorney Ray Beliles sold the 4,904-square-foot office building just off Poplar Avenue to Dr. Felicia Knowles for $445,000.
Frazier Baker and Will Barden of Colliers International Memphis handled the transaction.