VOL. 133 | NO. 106 | Monday, May 28, 2018
Memphis Real Estate Recap
Sleep Out Louie Returns, Tennessee Brewery Preps for Phase II
By Patrick Lantrip
150 Peabody Place, Memphis, TN 38103: After more than a decade, Sleep Out Louie, Memphis’ favorite fictional vagabond, is returning to the Bluff City.
Tenant: Sleep Out Louie’s
Landlord: Belz Enterprises
Details: For nearly 20 years, the popular neighborhood bar at 88 Union Ave. was a mainstay for Downtowners and tourists who enjoyed the casual atmosphere and vast collection of donated ties, until it closed in 2007 to make room for the Mesquite Chop House.
Now Sleep Out Louie’s has found a new home next to ServiceMaster’s headquarters at 150 Peabody Place. It hosted a public reopening celebration Tuesday, May 22.
As his company was scouting for a visible area with a lot of foot traffic, co-owner Preston Lamm of River City Management Group said he was contacted by the Belz family.
The new location hopes to draw heavily from the hundreds of workers who are in and out of ServiceMaster’s 320,000-square-foot headquarters in the old Peabody Place Mall. A direct back-door access point will be installed for the employees in addition to its main entrance on Second Street.
3366 Forest Hill Irene Road
Germantown, TN 38138
Permit Amount: $25 million
Owner: Germantown Municipal School District
Tenant: Germantown Elementary
Details: The Germantown Municipal School District has filed two building permit applications totaling $25 million to expand its Forest Hill-Irene Road campus.
A $21.3 million permit application is for a 110,000-square-foot new elementary school, gym and playground at 3366 Forest Hill-Irene Road, while the second is for a $3.7 million, one-story administration building at 3350 Forest Hill-Irene Road, according to the applications.
The new Germantown Elementary School is scheduled to open in the 2019-20 academic year with 400 to 500 students; the capacity of the school will be 850 students.
Germantown leaders held a groundbreaking for the new elementary school May 1.
495 Tennessee St.
Memphis, TN 38103
Permit Amount: $12.7 million
Owner: 495 TN Partners
Tenant: Bottle Shop
Architect: Shapiro & Co
Contractor: Patton & Taylor Enterprises
Details: Developers of the Tennessee Brewery redevelopment project have filed a $12.7 million building permit application with the Office of Construction Code Enforcement to move forward with phase two of their Brewery District plans.
The permit for “new construction” lists Patton & Taylor Enterprises as the contractor and Shapiro & Co. as the architect.
Last June, the Center City Revenue Finance Corp. awarded William Orgel, Jay Lindy and Adam Slovis, representing 495 TN Partners, a 20-year payment-in-lieu-of-taxes incentive to build an additional four-story building near the southwest corner of Butler Avenue and Tennessee Street. The building, which they estimated would cost around $12.3 million, includes 130 apartment units and 1,611 square feet of commercial space.
It is slated to be built on the northern section of the garage property, known as the Bottle Shop, which housed a furniture warehouse before it was demolished by the previous owners.
The former brewery was converted to a mixed-use building with 46 apartment units and 13,500 square feet of commercial and office space during phase one of the redevelopment project. The first phase also included construction of a new six-floor, 88-unit residential building as well as a four-story, 339-space public parking garage with 3,800 square feet of commercial space and 18 residential “flex” units.
7887 Wolf River Blvd.
Germantown, TN 38138
Permit Amount: $3.2 million
Project Cost: $30 million
Owner: Campbell Clinic
Tenant: Campbell Clinic
Engineer: The Reaves Firm
Contractor: Flintco Inc.
Details: Campbell Clinic has filed a $3.2 million building permit application with construction code enforcement officials to move forward with its $30 million campus expansion in Germantown. The permit to construct a four-story building at 7887 Wolf River Blvd. lists Flintco Inc. as the contractor and The Reaves Firm as the engineer.
The orthopedics clinic bought the 5-acre parcel in 1992 and held it for future expansion.
The new facility will house outpatient orthopedic clinical space, expanded physical therapy and imaging suites, and an ambulatory surgery center with eight operating rooms, among other features.
In January, Campbell Clinic was awarded an eight-year retention payment-in-lieu-of-taxes incentive from the Germantown Industrial Development Board for the 120,000-square-foot facility next to its current location, 1400 S. Germantown Road. It broke ground Thursday, May 24.
The project will result in the retention of 280 jobs, and over the next three years will create 185 new jobs with an average wage of more than $67,000, according to Campbell Clinic.
In addition to the new medical building, Campbell plans to renovate its existing orthopedic clinic, physical therapy building and surgery center.
138 Huling Ave.
Memphis, TN 38103
Owner: Museum Lofts LLC
Tenant: The Museum Lofts
Details: The Museum Lofts, a proposed 68-unit apartment complex Downtown located at 138 Huling Ave., received a unanimous green light from the Shelby County Board of Adjustment Wednesday, May 23, to move forward.
The Unified Development Code limits the maximum allowable density for new residential construction to 40 units per acre, so Museum Lofts LLC had to seek a variance from the board of adjustment to allow more units on the 0.6-acre lot.
The ground-up development is slated to fill one of the last remaining privately-owned parcels of land adjacent to the National Civil Rights Museum and hopes to tap into the growing demand for housing Downtown.