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VOL. 132 | NO. 225 | Monday, November 13, 2017

Shelby Farms Draws $142 Million, 71-Acre Development

By Patrick Lantrip

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Elmington Capital Group has submitted plans for a 71-acre senior housing, apartment and single-family development next to Shelby Farms Park. Dwell at Shelby Farms is a new $142 million development to be located on the north side of Raleigh-LaGrange Road near the intersections of Trinity and Fischer Steel roads.

524 Raleigh LaGrange Road
Cordova, TN 38018 (et al.)

Project Cost: $142 million

524 Raleigh LaGrange Road, Cordova, TN (Map data ©2017 Google)

Owner: Crews Investment Holdings, Elmington Capital Group

Engineer: Kimley-Horn

Architect: Shapiro & Co.

Landscape Architect: Dalhoff Thomas Design Studio

Details: In a joint venture with Charles Crews of Crews Investment Holdings, Nashville-based Elmington Capital Group has submitted plans to the Office of Planning and Development for a 71-acre senior housing, apartment and single-family development next to Shelby Farms Park.

Dwell at Shelby Farms, as it will be named, is a new $142 million development to be located on the north side of Raleigh-LaGrange Road near the intersections of Trinity and Fischer Steel roads.

According to Elmington Capital, the plans call for 979 residential units that will be spread across three- and four-story multifamily buildings, townhouses, single-family detached homes and senior living units.

The developers said plans also call for a new public road named Dwell Parkway, which will begin where Fischer Steel Road currently ends and create a connection from Germantown Parkway to Raleigh-LaGrange Road. There will be a 10-foot-wide public urban greenway that will connect the greenline and Shelby Farms Park.

Since the property is currently zoned heavy industrial, Elmington is seeking approval from the Land Use Control Board to rezone the property to primarily residential.

While only residential plans were submitted to the OPD, the developers indicated that other commercial uses have not been ruled out.

In addition to Elmington and Crews, the development team consists of urban planner and landscape architects Dalhoff Thomas Design Studio, civil and traffic engineers Kimley-Horn, and architects Shapiro & Co.

The proposed project will be located roughly two miles from the Parkside at Shelby Farms, an unrelated 50-plus-acre, $200 million development that will include a 130-room hotel, Class A apartments, townhouses, senior living, offices and retail tenants across 18 mid-rise buildings and at least three towers.

Plans for the Parkside at Shelby Farms project were approved by the Land Use Control Board in August.

40 N. Front St.
Memphis, TN 38103

Project Cost: $3 million

Completion: Early 2018

Owner: Summit Management Corp.

Tenant: Moxy Memphis Downtown

Architect: Bounds and Gillespie Architects, Manuel Zeitlin Architects

Details: Summit Management Corp., owner of the Sleep Inn at Court Square, announced it will convert the Sleep Inn at 40 N. Front St. into a Moxy hotel – a Marriott International Inc. “experiential” hotel brand.

Moxy Memphis Downtown, which is set to open in early 2018, will undergo a complete renovation this winter that is expected to cost around $3 million.

Once open, the 118-room hotel designed by Bounds and Gillespie Architects and Manuel Zeitlin Architects will offer in-room internet TV featuring Netflix, YouTube, Hulu, Bluetooth streaming, Pandora and Crackle, ample power and USB outlets, and free Wi-Fi.

Originally launched in Milan, Italy, in 2014, there are currently 16 Moxy hotels in Europe, North America and Asia.

Moxy is also expected to open hotels in Amsterdam, Chicago, Minneapolis, Tokyo, Washington, D.C., and Nashville in 2018.

Summit Management Corp. said it is seeking an exterior improvement grant from the Downtown Memphis Commission for the project.

2130 Exeter Road
Germantown, TN 38138 (et al.)

Application Date: Nov. 7, 2017

Owner: 2130 Exeter Holdings

Architects: Blair Parker Design

Details: At its Tuesday, Nov. 7, meeting, the Germantown Planning Commission advanced a trio of developments that included a revised final site plan for the Germantown Collection Shopping Center and a 310-unit multifamily development.

Headlining the agenda was 2130 Exeter Holdings’ final site plan request for the old Kroger building at the eponymous address.

The new developers only submitted minor facade and spacing changes to the shopping center and its 7,000-square-foot outparcel.

At one point, this location was supposed to be the new home of a highly anticipated Trader Joe’s, but the on-again, off-again project most recently came to a halt when the previous developers, Centennial American Properties, pulled out in late 2016.

While no specific tenants were named, Germantown Economic and Community Development director Cameron Ross said the new developers are recruiting tenants who will offer a significant reduction in the number of daily grocery deliveries received at the store.

While the timetable has been pushed back several times, Trader Joe’s still lists the 2130 Exeter Road location as “coming soon” on its website.

Meanwhile, Thompson Thrift Development’s plans for a multifamily residential development also were approved by the commission.

Known as the Watermark at Forest Hill Heights, the 310-unit complex is slated for a 17.7-acre site on the north side of Crestwyn Hills Drive east of Tyndale Drive.

The projects go before the Germantown Board of Mayor and Aldermen on Monday, Nov. 13.

5270 Poplar Ave.
Memphis, TN 38119

Lease Size: 2,790 square feet

Tenant: ZenStudio Fitness

Landlord: ZenStudio Fitness

Landlord’s Agent: Aaron Petree

Details: An Arkansas-based fitness boutique is building out its first Memphis location, with plans to open early next year.

ZenStudio Fitness is under construction in 2,790 square feet at 5270 Poplar Ave., on the north side of Poplar east of South White Station Road. The full-service studio offers indoor cycling, barre, yoga, pilates, bounce and interval training classes in a boutique setting.

Landlord Loeb Properties was represented by Aaron Petree in the deal.

ZenStudio currently operates four Arkansas locations: two in Little Rock, and one each in Jonesboro and Fayetteville.

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