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VOL. 132 | NO. 42 | Tuesday, February 28, 2017

$12 Million Permit Filed for Hickman Building

By Patrick Lantrip

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Montgomery Martin Contractors has filed a $12 million building permit application with the city-county Office of Construction Code Enforcement to renovate the historic Hickman Building into a mixed-use development that will include the new headquarters of Memphis-based investment firm, SouthernSun Asset Management.

Looney Ricks Kiss is listed as the architect on the permit and Walk Off Properties is listed as the owner of the 240 Madison Ave. location.

In addition to the new headquarters of SouthernSun, the $16 million project will include 40 apartments, 5,000 square feet of street-level retail and a connected parking structure.

Formerly known as the Medical Arts Building, the nine-story structure across the street from the Fogelman Downtown YMCA and AutoZone Park has been dormant since 1971.

In 2015, a group spearheaded by SouthernSun Asset Management CEO Michael Cook purchased the Hickman Building and its garage for $1 million. The company, Walk-Off Properties LLC, also bought an adjacent former American Legion Building for $130,000.

“The building’s unique Gothic Revival design is among the most architecturally significant properties in Memphis and we look forward to seeing it thrive again,” Frank Ricks of LRK said in a release announcing SouthernSun’s move into the building. “We have worked very hard to maintain the character and integrity of the property while also adapting it to modern uses.”

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 140 207 19,653
MORTGAGES 128 196 22,629
FORECLOSURE NOTICES 8 13 2,935
BUILDING PERMITS 166 367 40,371
BANKRUPTCIES 40 102 12,588
BUSINESS LICENSES 16 33 6,407
UTILITY CONNECTIONS 31 81 7,476
MARRIAGE LICENSES 24 47 4,500