VOL. 132 | NO. 69 | Thursday, April 6, 2017
Memphis Real Estate Recap
Malco Moving Forward With Downtown Theater
By Patrick Lantrip
45 E. G.E. Patterson Ave.
Memphis, TN 38103
Permit Amount: $5 million
Project Cost: $55 million
Application Date: March 2017
Owner: Henry Turley Co.
Tenant: Malco Theatres
Details: Malco Theatres’ multimillion-dollar Downtown movie theater has taken another step toward completion.
A $5 million building permit application for the foundation of a new seven-screen movie theater was filed with the city-county Office of Construction Code Enforcement.
The Malco project will be located at 45 E. G.E. Patterson St., at the southeast corner of Front Street. It is part of the greater redevelopment of Central Station, which will include a boutique hotel, apartments, restaurants, retail and significant infrastructure and landscaping improvements to the surrounding South Main area spearheaded by Henry Turley Co. and Community Capital.
The iconic Powerhouse building, which was built more than 100 years ago to provide steam and electrical energy to Central Station, will be converted into a lobby and concessions area for the new theater. Vertical marquee signs are planned to light up the sides of the new building.
The $9 million theater will be a new product type for Malco, with a rooftop screen and lounge, and a two-story movie screen with balcony seating.
In August, the “high-impact” project was awarded a $125,000 grant by the Center City Development Corp. – an amount that was almost double the $65,500 Ghost River Brewing Co. was awarded for their new taproom, which was the largest grant the CCDC had approved prior to that point.
“It will restore the Powerhouse, which is one of the things, we being Downtown architects, have always wanted to see done,” Tony Bologna, whose firm Bologna Consultants is handling the project, told The Daily News at that time. “It’s always come up short to do it as a standalone building because it’s too small.”
949 S Shady Grove Road
Memphis, TN 38120
Permit Amount: $2.3 million
Project Cost: $20 million
Application Date: March 2017
Owner: Boyle Investment Co.
Tenant: Pinnacle Bank
Contractor: Linkous Construction Co.
Details: A major project that ended a decade-long speculative drought in Memphis has taken another step forward.
Pinnacle Bank, the anchor tenant in Boyle Investment Co.’s long-awaited office building in Ridgeway Center, filed a $2.3 million building permit application with the city-county Office of Construction Code Enforcement for interior tenant work. Linkous Construction Co. is the contractor.
The new $20 million, 155,000-square-foot office tower at 949 S. Shady Grove Road is significant because it is Memphis’ first substantial office project with speculative space in nearly 10 years.
In July 2016, The Daily News reported that Pinnacle Financial Partners agreed to take 35,000 square feet for its Memphis headquarters, making it an anchor tenant in the building. The plans also called for two remote drive-through banking lanes and a drive-up ATM.
The banking office expects to open this year.
When the building is completed, Boyle will own, lease and manage 15 office buildings totaling 1.5 million square feet in Ridgeway Center, an office park Boyle has cultivated since the early 1970s.
The 949 S. Shady Grove Road building represents the last available parcel of land in the center.
Mark Halperin, executive vice president at Boyle, told The Daily News in April 2016 he had one letter of intent signed and three others in negotiations for the six-story building.
At the time, he said most of the prospective tenants were Memphis companies that have outgrown their current headquarters. He said the building would rent for approximately $30 per square foot.
11 Huling Ave.
Memphis, TN 38103
Buyer: Doug Carpenter
Details: Doug Carpenter, founder and principal of the creative communications consulting firm DCA, has purchased a historic Downtown building he will convert into his company’s new office.
“From our efforts with projects from Tennessee Brewery’s Untapped and the Hickman Building to the reimagining of Loflin Yard, our engagement in Downtown’s transformation compelled me to own part of its history and its future,” Carpenter said.
The one-story building features 8,500 square feet of office space, 2,200 square feet of residential space, an outdoor courtyard and a rooftop deck with river views.
“I was enticed by the one-story office off the river with its original pine floors, exposed brick walls and beams, and roll-up garage doors; plus, a large private parking lot serves as a convenience to our East Memphis clientele who more and more frequently are drawn Downtown, as well,” he said.
The move will be completed by the end of the year. According to public records, Charles Woodliff sold the property for $1.48 million.
DCA recently added three new employees – account managers Elizabeth Ansbro and Abbie Gordon as well as public relations coordinator Henry Morris – to support its growing client roster.
“This is an investment in my business, an investment in Memphis; and I expect both investments will have a very high return,” Carpenter said.