VOL. 130 | NO. 234 | Wednesday, December 02, 2015
Bids Are In For Sam Cooper Real Estate
By Madeline Faber
Bids came due Monday, Nov. 30, for eight acres adjacent to Sam Cooper Boulevard and owned by the Tennessee Department of Transportation.
(Duncan Associates | Ferrell Madden associates)
Loeb Properties has been in talks with TDOT about purchasing the undeveloped land since 2011 with plans to turn it into single-family and multifamily homes.
The winning bid will be made known within 45 days, said David Robertson, director of communications with the Tennessee Department of General Services.
“For Sale” signs first started popping up near Sam Cooper in early November.
The eight acres are across four noncontiguous parcels, the largest being 4.75 acres on the south side of Sam Cooper bordered by U.S. 70 and Autumn Avenue.
Robertson added that surplus land is only advertised for sale when a buyer expresses interest.
Matt Prince, Loeb’s senior vice president of brokerage and development, said that TDOT has known of Loeb’s interest in the land for four years.
“Frankly, we were looking at it from the prospective of Broad Avenue and how Broad Avenue was completely changing,” he said. “We were looking to continue the development and growth in that area.”
Prince added that Loeb is interested in building single-family and multifamily homes on the land, which is currently zoned single family with a historic district overlay.
Design, development and community meetings would begin shortly after winning the bid.
Prince added that Loeb was motivated to build residential in the area based on a design charrette commissioned in 2006 by the city of Memphis and Shelby County.
The Broad Avenue Corridor Planning Initiative document states that the surplus right-of-way parcels along Sam Cooper should be used for multifamily purposes.
“There is a substantial opportunity for new infill residential development – both multifamily and townhouse – along Sam Cooper,” the document states. “Pulling the development closer to the street will also signal drivers that they are entering an urban area and should slow down.”
Among the suggestions is building apartment complexes as high as five stories adjacent to the western end of Sam Cooper.
The north and south end of Sam Cooper would be well suited for two- to three-story townhouses. The excess right-of-way immediately north of the single-family homes along Autumn should bear single-family detached residences in line with the surrounding area, the document continues.
According to promotional materials released by the state, the Binghampton area will be more densely populated within five years.
The most dramatic change predicted by the ESRI Demographic and Income Profile is in median income.
In 2014, the average household income was $49,218 with the median income at $29,257. By 2019, the average income is expected to increase 17.9 percent to $58,032 with the median household income projected at $35,423.
Prince said that Loeb could not comment on whether the residential units will be in line with the current median income of the area.
The number of households is anticipated to increase from the 2014 figure of 7,094 to 7,199 by 2019.
By 2019, owner-occupied units are anticipated to increase from 3,004 to 3,073 with renter-occupied units increasing from 4,090 to 4,126.
These numbers would be compounded with the new development Loeb would bring.
Loeb has purchased land from TDOT before, Prince said. Last year, it bought 2.5 acres south of Autumn Avenue adjacent to the advertised land. Also in 2014, it bought an adjoining lot from an individual and another acre from the National Learning School and Homeschool Resource Center.
All of the lots are zoned residential.