VOL. 132 | NO. 201 | Tuesday, October 10, 2017
Outdoors Retailer REI Plans First Memphis Store
By Patrick Lantrip
In this week's Real Estate Recap, outdoors retailer REI eyes Ridgeway Trace for its first local store, Hilton Worldwide prepares to upgrade its Memphis campus, and several proposed Midtown projects seek financial incentives.
5895 Poplar Ave.
Memphis, TN 38119
Permit Amount: $900,000
Owner: Weingarten Realty
Details: Seattle, Washington-based sporting and camping goods retailer REI has filed a $900,000 building permit application for tenant improvement in the former Sports Authority building at 5895 Poplar Ave. in the Ridgeway Trace shopping center.
No contractor or architect is listed on the permit application filed with construction code officials. However, property owners Weingarten Realty sought a $1.2 million permit in August for façade and interior renovations at the same location that listed Metro Construction as the contractor.
REI, which stands for Recreational Equipment Inc., has stores in Nashville and Knoxville, but this will be the retailer’s first in Memphis.
The 16-acre Ridgeway Trace center, which is anchored by Target, was appraised at $24.6 million by the Shelby County Property Assessor this year.
3400 Players Club Parkway
Memphis, TN 38125
Landlord: Group RMC Corp.
Landlord’s Agents: Ron Kastner and Patrick Reilly, CBRE
Details: Group RMC Corp., the new owners of Southwind Office Center, have tapped CBRE’s Ron Kastner and Patrick Reilly to handle leasing services for the recently acquired asset.
In September, Group RMC purchased the seven-building office park, totaling 465,000 square feet, from Highwoods Properties Inc. in a $39 million deal. CBRE’s Johnny Lamberson and Terry Radford represented Highwoods in the transaction.
Additionally, Cushman & Wakefield/Commercial Advisors will provide property management services for the office park, which includes 3400 Players Club Parkway, 3340 Players Club Parkway, 3350 Players Club Parkway, 8245 Tournament Drive, 8275 Tournament Drive Building B, 8275 Tournament Drive Building C, and 8295 Tournament Drive.
Located near TPC Southwind golf course near the FedEx World Headquarters campus, available office space in the park will range from 500 to 75,000 square feet.
755 Crossover Lane
Memphis, TN 38117
Permit Amount: $2.7 million
Owner: Hilton Worldwide
Contractor: Grinder, Taber & Grinder Inc.
Details: Hilton Worldwide has filed a multimillion-dollar building permit application to renovate a portion of its Memphis operations center.
The Virginia-based company is planning a roughly $2.7 million renovation of Building C of its 755 Crossover Lane campus, according to the application filed with construction code officials.
Grinder, Taber & Grinder Inc. is listed as the contractor on the permit.
In addition to Building C, Hilton’s Memphis campus includes three other office buildings located on a 31-acre parcel near the intersection of Park Avenue and Perkins Road. The Shelby County Assessor’s 2017 combined appraisal of the four buildings is $24.2 million.
673 Cooper St., 663 Cooper St. Memphis, TN 38104
Project Cost: $2.87 million
Owner: filament LLC
Details: Plans for an office/residential mixed-use development located at 663 and 673 Cooper St. were submitted by filament LLC, the development wing of local architectural firm, archimania.
Plans for the mixed-use development include 11,000 square feet of renovated office space, six rental apartment units, shared amenities and on-site parking, according to its application.
The building at 663 Cooper, formerly the Sheet Metal Workers Union office, will be renovated to serve as the new headquarters for archimania, while the building at 673 Cooper, formerly an insurance office, will be renovated to attract a “creditworthy office tenant.”
New construction to the rear of the existing office space will also yield six rental apartments ranging in size from 425 to 590 square feet, according to the CCRFC staff report.
The project will cost around $2.87 million, and is expected to increase the amount of taxes received by the city and county from $22,169 to $33,486 during the term of the payment-in-lieu-of-taxes (PILOT).
999 Cooper St.
Memphis, TN 38104
Project Cost: $3.24 million
Owner: Focal Point Investments LLC
Details: Focal Point Investments LLC is seeking an 11-year tax abatement to construct a 25-unit studio apartment complex on a vacant lot at 999 S. Cooper.
This project is expected to cost the developers around $3.24 million and increase city and county taxes on the property from $2,345 to $18,780 during the term of the PILOT.
In August, Focal Point’s plans were approved by the Memphis & Shelby County Board of Adjustment.
Although the development garnered the support of the Cooper-Young Business Association, some nearby residents felt as though the 25-unit, 17,625-square-foot pair of buildings was too large for the 0.4-acre site and argued that the size of the development would only create more parking issues than the neighborhood has already.
Focal Point’s project includes a three-story, nine-unit building fronting South Cooper and a second, four-story, 16-unit building behind it.