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VOL. 132 | NO. 44 | Thursday, March 2, 2017

$12 Million Permit Filed For Hickman Building

By Patrick Lantrip

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240 Madison Ave.
Memphis, TN 38103

Permit Amount: $12 million

Project Cost: $16 million

Application Date: February 2016

Owner: Walk Off Properties

Anchor Tenant: SouthernSun Asset Management

Architect: Looney Ricks Kiss 

Contractor: Montgomery Martin Contractors

Details: 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 and Walk Off Properties is listed as the owner of the 240 Madison Ave. location.
“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, principal 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.”
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 garage.
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 redevelopment of this property is a big step toward filling the gaps between the medical district and Central Business District,” Memphis Medical District Collaborative president Tommy Pacello said. “The MMDC is excited about this project, and others along Madison that are bringing more people to the area and are key to our continuing efforts to create vital connections.”
SouthernSun currently is headquartered in the Triad Centre III building in East Memphis. Prior to its decision to relocate, the company said it facilitated a comprehensive research study of its employees and real estate options.
“Our growth required evaluation of our space,” Cook said. “Just as we perform intense due diligence for our equity investments, we followed an aligning approach for our own offices. Downtown checked all the boxes.” 

1407 Union Ave.
Memphis, TN 38104

Permit Amount: $140,000

Application Date: February 2016

Owner: Olymbec USA LLC

Tenant: “Tri-State Bank headquarters”

Architect: The Crump Firm Inc.

Details: A $140,000 building permit application that lists “Tri-State Bank headquarters” as the tenant has been filed with the city-county Office of Construction Code Enforcement.
The permit application for 1407 Union Ave. calls for “renovation of office space” and lists The Crump Firm as the architect.
Currently, Olymbec USA LLC owns the 416,424-square-foot building that sits on a little more than an acre at the corner of Union Avenue and Cleveland Street, according to the Shelby County Assessor of Property.
In January 2016, the historic, minority-owned Tri-State Bank sold its previous office at the corner of Main and Beale streets to Belz Investco GP for $3 million.
As terms of the deal, Tri-State agreed to lease the building from Belz for up to 18 months while it relocated its headquarters and main branch operations.
A request for confirmation on whether the bank had found its new permanent headquarters was not returned by press time.
As for the Beale Street location, next-door neighbor Hard Rock Cafe International’s president and CEO Hamish Dobbs told The Daily News in 2016 that a hotel would be a “natural extension” for the restaurant. 

3292 E. Holmes Road
Memphis, TN 38118

Permit Amount: $2.1 million

Application Date: February 2016

Owner: Martha Warren 

Tenant: Southern Elegance Event Center

Contractor: Zellner Construction Services

Details: A $2.1 million building permit application has been filed for a new event center near Tchulahoma and East Holmes roads.
Southern Elegance Event Center will be an upscale, 10,000-square-foot venue for weddings and business meetings.
“The owner’s intent is to have a venue patterned after Tara, for lack of a better term, from ‘Gone with the Wind,’ thus the name Southern Elegance Event Center,” Zellner Construction Services senior estimator Rob Wallace said.
The venue will feature a full-service commercial kitchen; multiple gathering spaces, both inside and out; and two pergolas for outdoor weddings.
Wallace said the event center will be fitted with audio-visual technology for corporate functions as well.
Once construction crews break ground, Wallace said the project should take roughly seven months to complete.
The permit application with the city-county Office of Construction Code Enforcement for 3292 E. Holmes Road lists Martha Warren as the owner and Zellner Construction Services LLC as the contractor.
The Shelby County Assessor’s website lists the property as vacant. The 83.3-acre parcel was last appraised for $558,400 in 2016.  

PROPERTY SALES 61 61 6,453
MORTGAGES 46 46 4,081
BUILDING PERMITS 113 113 15,474
BANKRUPTCIES 19 19 3,289