MEMPHIS | Development News

[Johnny Ryall]

Speaking of music festivals.

Mempho prepares for 19K attendees with new app, local food vendors, rideshare area
By Corey Davis – Staff Reporter, Memphis Business Journal

For the third straight year, the Mempho Music Festival will be bringing a lineup of well-known and local artists to the stage at Shelby Farms Park. The two-day music festival, taking place on Saturday, Oct. 19, and Sunday, Oct. 20, will be headlined by the Raconteurs, Brandi Carlile, and Wu-Tang Clan. Last year's festival drew more than 19,000 attendees and organizers expect this year's attendance to be similar. First Tennessee Bank and AutoZone are both stage sponsors.

Story - https://www.bizjournals.com/memphis/...h-new-app.html

photo GREG AKERS | MBJ

photo GREG AKERS | MBJ

Story - https://www.bizjournals.com/memphis/...h-new-app.html

[Johnny Ryall]

Here's what's happening with the Cordova Target and Alleson Athletic in Raleigh
By Jacob Steimer – Staff Reporter, Memphis Business Journal

A Houston-based investor wants to convert vacant, big-box buildings in Raleigh and Cordova into climate-controlled, Class A self storage. In a pair of Sept. 24 transactions, LLCs managed by Chris Catania bought the former Target at 475 N. Germantown Parkway for $3.5 million and 4875 Stage Road for $2.1 million...

Story - https://www.bizjournals.com/memphis/...arget-and.html

image COURTESY MEMPHIS & SHELBY COUNTY LAND USE CONTROL BOARD

image COURTESY MEMPHIS & SHELBY COUNTY LAND USE CONTROL BOARD

Story - https://www.bizjournals.com/memphis/...arget-and.html

[Johnny Ryall]

$212M permit pulled for mammoth new FedEx sorting facility
By Meagan Nichols – Associate Editor, Memphis Business Journal

Story - https://www.bizjournals.com/memphis/...x-sorting.html

The Memphis-based shipping and logistics company announced in March 2018 its plans to update the FedEx World Hub at Memphis International Airport via a $1 billion investment. In August of this year, that total was bumped up to $1.5 billion... According to the permit description, the new package sorting facility will be a 1.3 million-square-foot, four-level building with two bridges that connect to other buildings. The exterior of the building will include metal wall panels, a glass curtain wall, and translucent panels. The space will also house 77,000 square feet of office space, maintenance shops, a cafeteria, and other support functions. The permit said the foundations were under construction.

Story - https://www.bizjournals.com/memphis/...x-sorting.html

[Johnny Ryall]

Presidents Island rail upgrade chugging along
By Wayne Risher/ The Daily Memphian

Story - https://dailymemphian.com/section/bu...chugging-along

A $1.9 million rail expansion designed to boost the Port of Memphis’ appeal to new industries is moving slower than anticipated, but is on track to be done by May 31, 2020. Nearly a mile of new railroad track will be added to the port’s 51-acre public terminal on Presidents Island so it can handle tenants that want combined access to rail, water and roads. The Port Commission on Wednesday, Oct. 16, approved three items clearing the way for engineering, bidding and construction on about 4,900 feet of rail and four new switches. The terminal’s rail capacity will be expanded by about 70 rail cars, enabling it to handle unit trains of 100-plus cars... As part of the terminal improvement project, the commission approved an amendment to Jet Infrastructure’s lease that will reduce it to less than 1 acre and make another 8 acres available to the terminal rail yard... Watco has been working on developing new business lines for the terminal. The commission and Watco are planning a long-range redevelopment of the 1951 terminal. Officials hope the rail project will spur construction of a new dock, warehouse and liquid tank farm... The island receives rail service under a reciprocal agreement with Canadian National, Burlington Northern Santa Fe and Union Pacific railroads. Port officials believe the rail project will make Presidents Island more attractive for companies that need rail connections to East and West coasts and companies that transfer bulk products from rail to barge.

Story - https://dailymemphian.com/section/bu...chugging-along

[memphisborn]

Originally Posted by Johnny Ryall

EDGE board to vote on implementing TIF district in Raleigh
By Omer Yusuf/ The Daily Memphian



Story - https://dailymemphian.com/section/ne...ing-tif-distri

rendering (Courtesy OT Marshall Architects)

rendering (Courtesy OT Marshall Architects)

Story - https://dailymemphian.com/section/ne...ing-tif-distri

Love the skate park. That looks like a competition park. Long overdue IMO

[DRG901]

DEVCON to expand and put headquarters in Memphis with $2.4M investment
By Sam Stockard/Daily Memphian

"Cybersecurity software company DEVCON will invest $2.4 million and create 161 jobs in Memphis, expanding its operating and locating its headquarters in the city, officials announced Thursday.

The jobs are to be created over the next five years by DEVCON, which provides edge security for corporate enterprise banks, ecommerce and major brands. The company touts itself as the first to offer real-time security solutions to avert data breaches, Magecart attacks, malware and exploitation of third-party JavaScript.
DEVCON said it selected Memphis for its headquarters because of the city’s passion for entrepreneurship. The city was named one of the top five for women entrepreneurs, according to magnifymoney.com."

https://dailymemphian.com/article/82...arters-in-memp

[Johnny Ryall]

Originally Posted by memphisborn

Love the skate park. That looks like a competition park. Long overdue IMO

No doubt, looks great. So glad to see this development finally get underway. I hated to drive through and see the old Raleigh Springs Mall shuttered. U-Haul taking over the nearby Kmart building was an important adaptive reuse as well. Stabilization efforts are important to get out in front of issues 1st ring annexation areas have seen in Raleigh & Hickory Hill. It stems from "super-thoroughfare" zoning the city made long ago that causes massive retail collapses when the next hot development pops up a mile down the road.

[Johnny Ryall]

Pandrol eyes construction of Memphis HQ
By The Daily Memphian Staff

Pandrol USA has filed a building permit to remodel its existing office in Memphis and upgrade its manufacturing facility at 611 Winchester Road, according to public records. The $3 million permit calls for the installation of injection modeling machines in addition to a remodeling of its offices... Pandrol plans to invest $9.3 million at the Winchester site and create 73 jobs as part of the move of its North American headquarters from New Jersey to Memphis.

Story - https://dailymemphian.com/article/82...-of-Memphis-HQ

[Johnny Ryall]

Details of Memphis Fairgrounds Planned Development revealed
By Elle Perry/ The Daily Memphian

The public got a closer look at the city’s future 227,000-square-foot indoor sports and event complex that will support a 700,000-square-foot, private mixed-use development there... The city plans to break ground on the development in January 2020, with the sports complex and a hotel opening in June 2021 and initial retail tenants opening in November 2021. The maximum height proposed is 180 feet on the main campus and 120 feet on the mixed-use development. Lower buildings would be located along Central Avenue and the taller buildings would be located closer to Liberty Bowl Memorial Stadium... The multi-purpose sports building would have two separate venues. Borys said that on the side for sports like basketball and volleyball there would not be a lot of fixed seating, but on the other side there would be 2,700 fixed, elevated seats, making it suitable for high school graduations and other events.

Story - https://dailymemphian.com/section/ne...planned-develo

[Johnny Ryall]

Midtown apartments keep coming.

Midtown residents lose appeal on design of Peabody Falls apartments
By Wayne Risher/ The Daily Memphian

The Downtown Memphis Commission voted 6-3 on Friday, Oct. 18, to uphold a design approved by its Design Review Board for a 3-story, 30-unit apartment building in the rear of 2009 Peabody... Developers won a tax abatement from one of the commission’s affiliate boards for a $7 million project to renovate the existing, 28-unit Peabody Falls, which fronts on Peabody, and to build a detached apartment building in the rear.

Story - https://dailymemphian.com/section/bu...n-design-of-pe

rendering (LRK)
image (Design Review Board)
rendering (LRK)

Story - https://dailymemphian.com/section/bu...n-design-of-pe

[TheKernel91]

Glad to see companies making the move to Memphis for HQ locations. Never know how big they'll be in the future.

Also how do y'all feel about Mid towners having a say so in the design of that Peabody apartment announcement?

[Johnny Ryall]

Touchy subject concerning Raymond James, but it appears to be a best case scenario for the city as they consolidate & grow into the East Memphis financial district. Also, more coverage of the Raleigh TIF & Raleigh Springs Town Center development.

EDGE board approves Raymond James tax incentives, Raleigh TIF
By Omer Yusuf/ The Daily Memphian

Raymond James was seeking the Jobs PILOT (payment-in-lieu-of-taxes) to create 100 net new jobs and invest $23.6 million as it moves most of its offices from Downtown to East Memphis... Raymond James plans to vacate its Downtown location, at 50 Front St., and consolidate all Memphis offices at 1100 Ridgeway Loop and 889 Ridge Lake Blvd. in the Ridgeway Center office campus. The company currently employs 863 people in the Memphis market.

In other business, the EDGE board took the first step in creating a proposed Raleigh TIF district that would encompass a stretch of Austin Peay Highway between Fairhaven Road to the south and Lakehurst on the north. The TIF district surrounds the 65-acre new Raleigh Springs Town Center, which is located at the site of the old Raleigh Springs Mall... City officials are hopeful the Raleigh TIF will spur private development in the area surrounding the new development. The city has set aside 20 acres for private development near the town center... Part of the economic impact plan for the proposed 20-year TIF district is to make Austin Peay a “main street” for Raleigh. The city wants to attract mixed-use developments there with office and retail, and also have apartments and single-family housing within the district.

Story - https://dailymemphian.com/section/bu...es-tax-incenti

photo (Jim Weber/Daily Memphian)

photo (Jim Weber/Daily Memphian)

Story - https://dailymemphian.com/section/bu...es-tax-incenti

[Johnny Ryall]

Originally Posted by TheKernel91

Also how do y'all feel about Mid towners having a say so in the design of that Peabody apartment announcement?

There's been a groundswell of big & small apartment developments in Midtown that are well-documented in this thread. Also, Midtown is becoming increasingly expensive. A lot of people long for the old sleepy vibe, but there's no stopping the inevitable growth. Still plenty of affordable neighborhoods with good housing stock surrounding Midtown. One might have to put up with more property crime for time being, but many will hedge their bets to get in at an affordable price.

[DRG901]

Memphis remains one of the top US markets for real estate investors
Frank Lanigan/Daily Memphian

"The city landed in the fifth spot for investment home flipping behind Tampa, Miami, Birmingham and St. Louis, according to a recent report from Realtor.com that ranked U.S. markets. The report cited both older, lower-priced homes and a strong rental market as beacons for investors."

“The city has been part of a broader, national trend over the past decade of urban revitalization,” Ratiu said. “Not only have downtown cores seen a renaissance, but so have the suburbs, through an increase in mixed-use developments, providing live-work-play options to younger professionals and families alike.”

Large investments in the city core such as the One Beale or Union Row mixed-use projects are excellent signals to smaller real estate investors, says Brad Reedy of Reedy and Co., a property management group in Memphis.

“If guys like that are willing to take on a $200 million project, then someone on the fence might make a move," Reedy said. "They see someone taking all this risk with massive multifamily projects, and now their own four-plex or eight-plex seems worth the risk.”

https://dailymemphian.com/section/bu...us-markets-for

[Johnny Ryall]

$11M hotel in Wolfchase set to open in November
By Corey Davis – Staff Reporter, Memphis Business Journal

Home2 Suites by Hilton is set to open in late November at 2809 New Brunswick Rd., according to hotel's general manager, Porceanna Brounson. The hotel's website is accepting reservations for Dec. 13 and after. The 67,000-square-foot hotel consists of 105 rooms and is being developed by franchisee Goodwill Partnership and managed by Southaven-based PGC Management Inc.

Story - https://www.bizjournals.com/memphis/...-november.html

[Johnny Ryall]

More coverage of the Binghampton Revival.

Binghampton's Promise
Razing relic apartments gives hope to a historic and forgotten neighborhood
By David Waters/ The Daily Memphian

"We have a chance for Memphis to change the national narrative that gentrification and displacement are necessary in order to have neighborhood revitalization,” said Paul Young, director of Housing & Community Development for Memphis. “What's happening in Binghampton today is a big deal for this community. It's a big deal for the future of this city."

Story - https://dailymemphian.com/section/sp...mptons-promise

[DRG901]

Originally Posted by Johnny Ryall

More coverage of the Binghampton Revival.

Binghampton's Promise
Razing relic apartments gives hope to a historic and forgotten neighborhood
By David Waters/ The Daily Memphian



Story - https://dailymemphian.com/section/sp...mptons-promise

Speaking of Binghampton:

Loeb revives Broad Ave. project with new developer and design

https://dailymemphian.com/section/bu...with-new-devel

[Johnny Ryall]

U of M's success spurs student housing project on Southern Ave.
By Jacob Steimer – Staff Reporter, Memphis Business Journal

Banerjee and Firoozabadi are partnering with local architect and developer Austin Magruder to renovate 78 vacant apartments at 3341 and 3427 Southern Ave., which are located two blocks from each other... The redevelopment is the third housing project announced recently that will be south of the tracks, joining 38 apartments being developed at 3637 Park Ave. and 20 townhomes that are planned near South Highland Street's intersection with Spottswood Avenue.

Story - https://www.bizjournals.com/memphis/...roject-on.html

photo JACOB STEIMER | MBJ

photo JACOB STEIMER | MBJ

Story - https://www.bizjournals.com/memphis/...roject-on.html

[DRG901]

New York developer seeks incentives for $104 million in Downtown development
Wayne Risher/ Daily Memphian.

Developer of the Dream Hotel revealed plans for 4 additional buildings in the South Main Area... sorry, pics are in the article and I'm not sure how to post them here but all look great, including 2 new buildings from the ground up. Also this is the same developer that has bought several parcels for redevelopment in the Pinch District.


"Plans call for 107 S. Main to be renovated for office and retail space in a $7 million project.

Another $7 million project would renovate 311 S. Main for a mix of commercial uses.

18 Main proposes to spend $6 million to build 24 apartments and ground-floor retail space at 386 S. Main, a vacant lot where a building was previously removed. The new building is projected to be completed by August 2021.

The project at 316-324 S. Front calls for 165 apartment units, ground-floor retail and a 120-space parking garage. The timeline for full occupancy is April 2023."

https://dailymemphian.com/section/bu...ntives-for-104

[MidTenn1]

Pictures and captions are from the Daily Memphian article.


The upper right picture is identified as the 107 South Main building.

The Dream Hotel proposal...