VOL. 132 | NO. 230 | Monday, November 20, 2017
Memphis Real Estate Recap
Banks Behind Lakeland Residential Developments
By Patrick Lantrip
4501 Chambers Chapel Road,
Lakeland, TN 38002 (et. al)
Application Date: Nov. 16, 2017
4501 Chambers Chapel Road, Lakeland, TN 38002 (Map data ©2017 Google)
Owner: Evolve Bank & Trust
Details: Plans for more than 225 acres of residential development in Lakeland were presented to the city’s joint Municipal Planning and Design Review Commission on Thursday, Nov. 16.
The larger of the two projects, known as Chapel Woods, is a 214-lot, 126.4-acre residential development being planned by Evolve Bank & Trust.
Located on the west side of Chambers Chapel Road, east of the Grove and Oakwood subdivisions and south of the Oakwood Grove subdivision, Chapel Woods will offer lots ranging from 10,519 to 25,304 square feet, according to the Arkansas lender’s application.
In addition to the 214 lots, the subdivision will set aside 34.2 acres, or 27 percent of the total development, for common open space.
A new street running east and west would be constructed to connect Lakeland Trace to Chambers Chapel Road while the former is extended to the south for future connectivity. A new segment to remove the two 90-degree turns along Chambers Chapel Road is also proposed in the planned development.
Meanwhile, the Bank of Bartlett submitted a preliminary site plan for The Estates at Chambers
Chapel, a separate 100-acre residential development.
Located west of the Oakwood Planned Development, plans for the Estates at Chambers Chapel call for 70 “upscale” lots that range from 24,200 to 76,000 square feet.
William D. Porter of W.H. Porter Consultants said in a letter of intent the project could begin construction as early as 2018 after Bank of Bartlett finds a developer to implement the approved construction plans. The initial phase of construction will be for 32 lots on 50 acres.
Approximately 23 percent of the development will be set aside for common space, including an eight-foot-wide walking trail. Both projects will go before the Lakeland Board of Commissioners in December.
3292 E. Holmes Road
Memphis, TN 38118
Project Cost: $72 million
Owner: IDI Gazeley
Architect: Macgregor Associates Architects
Contractor: Tricore Builders Inc.
Details: Atlanta-based developer IDI Gazeley has submitted its first building permit application to construction code officials for Amazon’s proposed receive center at 3292 Holmes Road in southeast Memphis.
Tricore Builders Inc. is listed as contractor on the $2 million permit for “footing and foundation” work, while Macgregor Associates Architects is listed as the architect.
In October, Amazon confirmed that it was planning a $72 million, 615,440-square-foot receive center in Memphis that would employ 600 workers.
Later that month, the online retailer was awarded a 15-year payment-in-lieu-of-taxes incentive by the Economic Development Growth Engine for Memphis and Shelby County to construct the facility.
Over the term of the abatement, EDGE officials estimate the project will generate almost $37 million in local tax revenue while saving Amazon $15 million, for a cost-to-benefit ratio of 2.43.
335 Stiles Drive
Memphis, TN 38127
Project Cost: $9.6 million
Application Date: Nov. 15, 2017
Owner: City of Memphis
Details: Philadelphia, Pennsylvania-based chemical manufacturer Peroxychem was awarded a seven-year jobs PILOT (payment-in-lieu-of-taxes) to construct a 108,000-square-foot facility at the M.C. Stiles Wastewater Treatment Plant by the Economic Development Growth Engine for Memphis and Shelby County.
In total, Peroxychem is planning to invest $9.6 million to build a ground-up peracetic acid production plant at 335 Stiles Drive that includes $2.7 million in construction costs and $4.3 million to purchase manufacturing equipment and other personal property.
Since the wastewater treatment plant sits on more than 100 acres of city-owned land at the confluence of the Mississippi and Wolf rivers just north of Harbor Town, Peroxychem will lease an unused portion of the site’s northeastern corner to construct its facility.
EDGE estimates that the project will generate $788,868 in local tax revenues, while saving the applicant $692,253 for a 1.14 cost-to-benefit ratio.
Additionally, Peroxychem will create 15 net new jobs with an average annual salary of $56,667 excluding benefits. Of those 15 jobs, Peroxychem is looking to hire two supervisors who will average $80,000 per year, two lead operators and five driver/technicians averaging $60,000 a year, and six operators averaging $45,000.
Currently, Peroxychem employs more than 500 people in the U.S., Canada, Mexico, Spain, Germany, Thailand, China and the Philippines . It manufactures hydrogen peroxide, peracetic acid and persulfates for environmental, food safety, paper products, and other uses.
404 Beale St.
Memphis, TN 38103
Application Date: Dec. 14, 2017
Owner: KNM Development Group LLC
Tenant: Best Western Vib
Details: The developers of a five-story, 101-room Best Western Vib hotel on Beale Street have changed their plans for the project.
Developers Amil and Kamlesh Patel of Hernando, Mississippi-based KNM Development Group LLC are seeking to modify their special-use permit for 404 Beale St. to add a parking lot fronting Beale and reorient the hotel to the Gayoso Avenue side of the two-acre site. That’s according to a Nov. 1 application filed with the Memphis and Shelby County Office of Planning and Development.
The original plan had called for a five-story parking garage on the Gayoso frontage portion of the site and an 80-foot setback from Beale Street for the hotel, with no surface parking lot in front of the hotel.
The application goes to the Land Use Control Board on Dec. 14 seeking approval for the change in plans.
Best Western bills the Vib brand as a “stylish urban boutique hotel concept designed for today’s connected traveler.”