Two heavyweights of the Memphis business world are looking to develop a new multifamily project in The Bluff City’s South Main submarket. Henry Turley, founder and chief executive of real estate development company Henry Turley Co. and Billy Orgel, cell phone tower development company Tower Ventures LLC president, are planning a 197-unit apartment project at the corner of West Carolina Avenue and Florida Street, reported the Memphis Business Journal.
The duo, acting as development group South Junction Partners, plans to develop the Arts District project dubbed South Junction Apartments on 5.58 acres. The site is composed of two parcels purchased in 2012 from Renasant Bank and Merchants & Farmers Bank for a combined price of $1.35 million. Initial designs of the project, signed by Memphis-based architecture firm LRK Inc., call for 178,678 square feet of rentable area split into two separate three-story structures. The project will also offer 264 parking spaces.
The community reportedly will feature art in its public spaces, such as illuminated suspended sculptures in its 12 open staircases. Each structure will also boast a 30-foot high illuminated sculpture at its main entrance.
The development group is planning a July groundbreaking. Until then, however, the project still has to several board approvals to clear. South Junction Partners is seeking tax abatements for the project, which is still in the process of assessing construction costs. According to The Memphis Daily News, the developers have applied for a PILOT incentive through the Memphis Center City Revenue Finance Corp. for the project as an urban infill multifamily residential development. South Junction partners have received term sheets from potential lenders.
LRK’s previous urban infill project designs include the 361-unit Echelon at the Ballpark, located in Downtown Memphis’ Ballpark neighborhood, the 144-unit Gables Upper Kirby in Houston and the 465-unit Dallas project The Belmont pictured above.
Image courtesy of LRK’s Facebook page