VOL. 131 | NO. 130 | Thursday, June 30, 2016
Memphis Real Estate Recap
South End Gets a $15 Million Apartment Complex
By Madeline Faber
250 E. G.E. Patterson Ave.
Memphis, TN 38126
Permit Amount: $14.6 million
Owner: Elmington Capital Group
Architect: Shapiro & Co. Architects Inc.
Details: A multifamily development in Downtown’s South End is moving forward.
Elmington Capital Group, doing business as ECG Patterson Development LLC, recently filed a $14.6 million building permit to construct Patterson Flats, a 175-unit apartment complex at 250 E. G.E. Patterson Ave. The permit includes demolishing an existing building; new grading; new utilities; the addition of a parking lot; and construction of four buildings, including a leasing and fitness room.
In February, the Nashville-based developer gained approval from both the Board of Adjustment and the Land Use Control Board of the Memphis-Shelby County Office of Planning and Development for the project.
According to its February application with the Board of Adjustment, Elmington Capital plans to build four, three-story buildings totaling 206,845 square feet. On-site parking includes 125 spaces between the buildings and 35 spaces on the north side of Butler in a separate lot.
At its February meeting, the board of adjustments granted the developer a density variance. South Downtown residential zoning allows 135 units, or 40 units per acre, on a proposed lot. Patterson Flats calls for 52 units per acre.
The lot for Patterson Flats is bordered by G.E. Patterson Avenue to the south, Butler Avenue to the north and Hernando and Abel streets to the east and west. The development cobbles together many parcels, but most of the development would be built on land owned by Mount Olivet Baptist Church and St. Andrew AME Church, with the board of trustees’ co-chair of St. Andrew signing as property owner of record. Both churches have been involved in developing affordable housing across the city.
Hunter Nelson, principal of Elmington Capital, is listed as the applicant in the Board of Adjustment application. According to Elmington’s website, Nelson leads the company’s affordable housing portfolio, which is 4 percent bond financed and 9 percent financed with low-income tax credits. Nelson is responsible for sourcing new construction and leading strategic direction related to affordable housing.
Local firm Shapiro & Co. Architects Inc. and engineering, architecture and consulting firm Fisher Arnold Inc. also are working on the development.
1501 N. Main St.
Warrington, Pa. 18976
Buyer: Poag Shopping Centers
Details: Memphis-based Poag Shopping Centers has purchased The Shops at Valley Square, located in Bucks County, Pa., for an undisclosed amount.
Poag will handle management and leasing of the property in partnership with real estate funds managed by Ares Management.
The shopping center holds 204,000 square feet of first-floor retail space and 89,000 square feet of second-floor office space in the suburbs of Philadelphia.
“There has been tremendous population growth in this area during the past 10 years, and we are pleased to expand our presence here and throughout the Northeast region,” said Josh Poag, president and CEO of Poag Shopping Centers.
The shopping center, which is anchored by Wegmans Supermarket, is part of a larger master planned development that includes an exercise center and 200 townhouses.
387 Highland St.
Memphis, TN 381111
Tenant: The Casual Pint
Landlord: Poag Shopping Centers
Details: In addition to its recent announcement about buying a Philadelphia-area shopping center, Memphis-based Poag Shopping Centers said a new market store and bar called The Casual Pint will open on Highland Row near the University of Memphis this fall.
Focused on craft beer, The Casual Pint will be located at 387 Highland St., suite 200.
“We expect The Casual Pint to have an excellent following as Memphis has a burgeoning scene for craft beers,” said Josh Poag, president and CEO of Poag Shopping Centers. “Craft beers have taken off over the past few years across the country. We are excited to provide a venue to embrace this cultural shift.”
The father-and-son team operating the new establishment, Nathan and Jon Robinette, opened their first location in Knoxville’s Bearden neighborhood in 2011. A year later they opened a second location on Union Avenue in downtown Knoxville, and in 2014 the store was franchised.
Other restaurants opening this fall in the mixed-use Highland Row development include Char Restaurant and Newk’s Eatery.