VOL. 133 | NO. 46 | Monday, March 5, 2018
Memphis Real Estate Recap
Lake District, Raleigh Springs Town Center Moving Forward with Transformative Projects
By Patrick Lantrip
3536 Canada Road
Lakeland, TN 38002
Tenant: The Stock Market
Landlord: Gilad Development
Landlord’s Agents: Shawn Massey, The Shopping Center Group; Maggie Gallagher, Gilad Development
Details: On the same day that the last piece of the old Lakeland Factory Outlet Mall was torn down, the city’s 160-plus-acre mixed-use Lake District project celebrated another milestone – its first tenant.
Known as The Stock Market, the upscale grocery store will be operated by independent retailer Jeff Burkhead, who is also the owner of Cash Saver East Memphis.
“We’ve had a desire for a long time to do a project out here,” Burkhead told crowd that was gathered Thursday, March 1, to watch the mall’s last remaining wall come down. “In this market, we lack a supermarket that can provide you … a great variety of specialty and upscale products, but also provide you with those traditional staples every household wants to have.”
In addition to having a wide-variety of goods, Burkhead said The Stock Market would excel at the “basics” of being clean, fresh, friendly, adequately stocked, and competitively priced.
The Shopping Center Group partner Shawn Massey, who is the retail leasing agent for the Lake District, worked directly with landlord Gilad Development’s Maggie Gallagher to bring The Stock Market to Lakeland.
“We wanted a supermarket that would reflect the overall experience of the Lake District,” Massey said. “Working to create that took the work of a team who had to think outside of the box.”
Moving forward, Gallagher, Gilad’s director of development, said she expects vertical construction to be seen by mid-2019.
“We have, moving forward now, about a half million cubic yards of dirt to move after this wall comes down, so that’s going to take a little bit of time,” Gallagher said.
3384 Austin Peay Highway
Memphis, TN 38128
Permit Amount: $25 million
Application Date: Feb. 28
Owner: The city of Memphis
Tenant: Raleigh Springs Town Center
Architect: Tom Marshall, O.T. Marshall Architects
Contractor: Zellner Construction Services
Details: The city of Memphis has filed $25 million in building permit applications to move ahead with its Raleigh Springs Town Center plans.
The city submitted plans to the Office of Construction Code Enforcement for an $18.2 million new police precinct, a $6.1 million new library and an $800,000 skate park at the site of the now-demolished Raleigh Springs Mall.
Zellner Construction Services was listed as the contractor on all three permits.
The multimillion-dollar project design was approved in late 2013, and designed by Raleigh native, Tom Marshall of O.T. Marshall Architects.
The project will include an 11-acre lake with a fountain surrounded by a one-mile walking trail.
2903 Sprankel Ave.
Memphis, TN 38118
Permit Amount: $7.8 million
Application Date: Feb. 23
Owner: FedEx Corp.
Tenant: FedEx Express
Details: FedEx Express has filed a $7.8 million building permit application with the Office of Construction Code Enforcement for a “mezzanine and conveyor system” for the FedEx SuperHub, 2903 Sprankel Drive.
Memphis-based planning and design firm A2H is listed as the project’s architect.
Fives Intralogistics Corp. is also mentioned in the permit. The Louisville, Kentucky-based company, which is part of the international industrial engineering group Fives, “designs and supplies machines, process equipment and production lines for the world’s largest industrials including the aluminum, steel, glass, automotive, aerospace, logistics, cement and minerals, energy and sugar sectors,” according to the company’s website.
21 N. Humphreys Blvd.
Memphis, TN 38166
Project Cost: $9 million-$10 million
Completion: End of 2018
Owner: High Point Climbing and Fitness
Architect: Patrick Ryan, PV Design Inc.
Contractor: EMJ Special Projects
Details: By the end of the year, a parking lot just off Walnut Grove Road and North Humphreys Boulevard will be replaced with an outdoor climbing wall – one of the signature design elements of High Point Climbing and Fitness, which just began construction of its first ground-up facility in Memphis.
The 32,000-square-foot gym is being built east of Christian Brothers High School on a 2.7-acre, wedge-shaped tract of land at 21 N. Humphreys Blvd., which the company purchased for $1.9 million in August from BIC H Partnership, a Boyle Investment Co. subsidiary.
John Wiygul and partner John O’Brien opened their first High Point Climbing and Fitness in downtown Chattanooga in 2013, followed by a second Chattanooga location, then a third in Birmingham, Alabama.
Memphis-based Fisher Arnold served as land development consultants and engineers for High Point’s Memphis gym, handling the land development and city approval process.
To bring the project down in scale, the bottom of the facility will be masonry with a vegetative screen, and the 40-foot outdoor climbing wall will start from the second story facing Shelby Farms, said Patrick Ryan with Chattanooga-based PV Design Inc., lead architect for the project.
Memphis-based EMJ Special Projects has been hired to do the build-out of the climbing gym and will use local subcontractors. The entire project will cost between $9 million and $10 million, Wiygul said.
Inside, climbers will have access to 52 feet of vertical climbing with different wall angles, designs and colors specific to the Memphis gym. High Point Memphis also will feature a kids zone, a bouldering zone, yoga and weights, and party rooms that can be rented for special events.
Wiygul said he expects to hire 30 to 40 employees for the Memphis gym and to have about 1,000 members within the first year.