Makowski Ringel Starts $24.6M Apartment Project in Traditional-Style Master-Planned Community
By Eliza Theiss, Associate Editor
Shilling Farms, the 443-acre Collierville master-planned development of Boyle Investment Co., is about to become one apartment complex richer. According to The Memphis Daily News, Makowsky Ringel Greenberg LLC (MRG), one of the city’s most prominent property developers and managers, has broken ground on a new luxury multifamily development.
Dubbed The Signature, the $24.6 million luxury apartment community will be developed on 18-acre lot on the North Side of Winchester Blvd. and to the west of Shilling Blvd. MRG has owned the property since 2008 but has been waiting for market conditions to stabilize before beginning development on its high-end project. The Signature is set to feature a total of 251 residences. Units will include one-, two- and three-bedroom apartments, all with larger than average floor plans. The Fleming/Associates/Architects designed development is set to wrap up in spring 2014.
MRG is funding development with a $24.6 million construction loan filed through First Tennessee Bank NA.
According to an earlier press release, The Signature was to cost $27 million to develop and would have featured 253 units comprised of one-, two- and three-bedroom apartments, as well as townhomes. Among the amenities to be featured at The Signature was a fitness center, pool, green space as well as garages and balconies.
The project is the first apartment complex to be built inside Shilling farms in the past 12 years. Existing multifamily communities at the location include The Madison at Schillings Farms apartment community, the $13 million The Carrington, a five-acre neighborhood corner consisting of apartments, lofts and townhomes and street-level retail currently under development, as well as the $24 million 368-unit Legacy Farm.
The master-planned Shilling Farms community aims to offer the charm, sense of community and walkability of a small southern town. Its developments and neighborhoods are executed in historic Collierville-inspired architecture. The property features both single and multifamily residential properties, as well as commercial space, such as retail, restaurant, office, educational and medical.
Image courtesy of Boyle Investment Co.