VOL. 132 | NO. 210 | Monday, October 23, 2017
Memphis Real Estate Recap
U of M Files $33.5M Permit for Land Bridge
By Patrick Lantrip
570 Houston St.
Memphis, TN 38111
Permit Amount: $33.5 million
Owner: University of Memphis
Details: The University of Memphis has filed a $33.5 million building permit application with the Office of Construction Code Enforcement to move forward with a parking garage and a long-awaited land bridge over the Southern Avenue railroad track.
Finalized plans for the project were announced at the university’s board of trustees meeting early this month, along with a revised plan for the new recreation center, now pegged to cost $30 million.
In February, university president David Rudd sent an email stating that the increase in student fees to pay for the new recreation center did not generate as much revenue as expected and that the project will be delayed 18 months. Costs for the project at one point grew to $60 million, while student fees only generated $15 million.
However, it was announced at the time that plans for the five-story parking garage and land bridge were still moving forward.
18 S. Main St.
Memphis, TN 38103
Project Cost: $710,000
RFP Date: Wednesday, Oct. 18
Deadline: January 2018
Owner: Steve Mitchell
Tenant: Murray’s Clothing
Details: Members of the Center City Development Corp. have approved an option contract to purchase a 29,000-square-foot building at 18 S. Main St. with the hopes issuing an RFP (request for proposal) to prospective developers interested in buying and renovating the property.
“Like missing teeth in a smile, we think that’s where we should prioritize our work,” Downtown Memphis Commission vice president of planning and development Brett Roler told the CCDC board at its Wednesday, Oct. 18, meeting. “(We’re) going into areas that are otherwise vibrant and healthy and remedy those vacant or blighted buildings.”
Per terms of the option contract, the CCDC will buy the property for $710,000 in the event the RFP process yields a viable development plan. Upon approval, the selected developer would pay a development fee of $500,000 in exchange for the property, and the CCDC would fund the $210,000 difference between the purchase price and the development fee.
4594 Cayce Road
Byhalia, MS 38611
Project Cost: $40 million
Completion: Wednesday, Oct. 18
Owner: Chickasaw Trail Industrial Park
Details: Acoustic ceiling panel manufacturer Rockfon opened its $40 million, 30,000-square-foot manufacturing facility in Marshall County, Mississippi, on Wednesday, Oct. 18.
Located on a 100-acre site at 4594 Cayce Road in the Chickasaw Trail Industrial Park, the new manufacturing facility is the company’s first in North America.
Rockfon’s new plant is next to affiliated company Roxul’s stone wool insulation production facility, which opened in Chickasaw Trail in 2014.
Parent company Rockwool Group’s CEO Jens Birgersson, Rockfon president of the Americas, John Medio, Roxul president Trent Ogilvie and Mississippi Gov. Phil Bryant all attended the official opening.
105 S. Germantown Parkway
Cordova, TN 38018
Project Cost: $6 million
Owner: Agricenter International
Tenant: Agricenter International
Architects: Fleming Architects, Evans Taylor Foster Childress Architects
Contractors: F&F Construction, Jaycon Development Corp.
Details: Agricenter International has begun a $6 million renovation of the ShowPlace Arena’s warm-up barn and interior main arena.
The two project are separately funded and contracted. The warm-up area is being funded by a grant from the state of Tennessee.
The interior renovations are funded by grants from both the state and Shelby County government. Those renovations include seating, concessions and restrooms.
The warm-up barn work is being designed by Fleming Architects with construction by F&F Construction.
The interior renovations are being designed by Evans Taylor Foster Childress Architects with construction by Jaycon Development Corp., with county commission approval expected soon.
As work at the facility, built in the 1980s, gets underway, Agricenter is engaged in master planning for the rest of its campus in East Memphis.
4500 Malone Road
Memphis, TN 38118
Project Cost: $500,000
Application Date: Wednesday, Oct. 18
Owner: Highline Aftermarket
Details: Highline Aftermarket, a manufacturer and distributor of automotive chemicals, lubricants, parts, tools and related accessories, is expanding its presence and headquarters in Memphis.
Highline officials and Tennessee Economic and Community Development Commissioner Bob Rolfe announced the $500,000 investment Wednesday, Oct. 18. The expansion and investment will bring 91 new jobs that include a consolidation of operations and new equipment at Highline’s Memphis site.
“We are thrilled to relocate to the Memphis area. With the growth happening in the city, we are excited to be a part of the city’s current renaissance,” said Highline president and CEO Darcy Curran in a statement.
Highline Aftermarket was formed when The Sterling Group, a Houston, Texas-based private equity investment firm, simultaneously acquired DYK Automotive and Auto Aftermarket Holdings Corp. in April 2016.
Highline’s current facility at 4500 Malone Road is 352,000 square feet. The company has more than 10,000 domestic and international customers and distributes 12 brands, including Superior Automotive, AP Auto, Twinco Romax and Prime Automotive Warehouse. Highline house brands include PolyGuard, Prime Blend, Storm Shield, Sport Grip and AutoTech.
The company has 15 distribution centers in the U.S. and Canada. Along with the Memphis location, the closest ones are in Kansas City, Missouri, and Fort Wayne, Indiana.