VOL. 132 | NO. 6 | Monday, January 9, 2017
Parkside Developers Finish Acquiring Land for Shelby Farms Urban Village
By Patrick Lantrip
Developers of Parkside at Shelby Farms, a proposed mixed-use project, took another step forward with the purchase nearly 40 acres of vacant property adjacent to Shelby Farms.
Since the developers of Parkside at Shelby Farms have acquired the necessary land to move forward, they now plan on refining the final design before wrapping up the administrative approvals.
Two parcels totaling 39.8 acres were sold to the developers of the project by the Debra Loskovitz Spousal Trust for $1.5 million in a Jan. 3 warranty deed.
This is the latest step to convert a vacant tract of heavily wooded land near the intersection of Whitten and Mullins Station roads into a mixed-use urban village, which would include Class A apartments, townhouses, senior living, offices and retail tenants across 18 mid-rise buildings and at least three towers.
In April, the Memphis City Council approved Parkside’s 50-plus-acre, $200 million proposal by DB Development Co. for the land, which sits on the northern border of Shelby Farms Park.
Now that all of the roughly 55 acres has been acquired, Parkside developer Bob Turner said they are moving forward with the project.
The next step is to refine the final design, which will take about four months. Turner plans to work with the Shelby Farms Park Conservancy board, neighbors and city and county officials on the final plan.
“Then we’ll go back to the Land Use Control Board and go through the final site-plan approval process, which will take 60 to 90 days,” Turner said. “We’re in the process of doing a TIF on it, too, which will be going on simultaneously with this.”
A tax increment financing designation, or TIF, is where new tax growth is used to finance public projects in the district. If approved by the state, it would be used for infrastructure and roadway improvements in the area if granted.
In July, The Daily News reported that the 56 acres of vacant land only generated $10,396 in property taxes in 2015, and when Parkside is completed within the next 10 years, it will bring nearly 1,200 living units and more than $6 million to the property tax rolls.
After these steps, Turner said they will finish acquiring administrative approvals before moving on to the construction phase.
“About a year from now we’ll be ready to maybe break dirt,” Turner said.
When asked about what impact the proposed development could have on the neighboring Shelby Farms, Jen Andrews, executive director of the Shelby Farms Park Conservancy said: "We believe that the Parkside development has the potential to complement Shelby Farms Park's mission while enhancing the communities north of the park, but only if it is designed, built and operated well. We’ve hired experts to help us independently vet the plans to ensure both feasibility and good design. While we have no financial stake in the project, we believe that a public park has a big responsibility to its citizens. Over the years, we’ve carefully studied the positive impacts of smart development near major urban parks. A good design, thoughtfully planned, can and should lift neighborhoods."
The development team for the final planning, design, architecture and engineering of the Parkside of Shelby Farms includes Bob Dalhoff and Dean Thomas from Dalhoff Thomas Design Studio; Scott Fleming of Fleming and Associates; Brenda Solomito Basar of Solomito Land Planning; Byron Harris and Joe Wiseman of Byron Harris Surveying; Robert Cochran of Allen & Hoshall Engineering; James Collins and John Perry of Kimley-Horn Traffic Engineering; Dexter Muller of Pinnacle Planning Advisors; Martin Edwards of Edwards Management; Shawn Massey with The Shopping Center Group; and Rob Vogt of Vogt Insights.