Downtown Historic Building Redeveloped into Mixed-Use Community

By Amalia Otet, Associate Editor Henry Turley Co. is preparing to deliver a new mixed-use complex, the latest addition to its 214-unit portfolio known as the Downtown Memphis Flats. Downtown Memphis Flats consists of five unique properties, all situated on or near [...]

Henry Turley Co. is preparing to deliver a new mixed-use complex, the latest addition to its 214-unit portfolio known as the Downtown Memphis Flats.

Downtown Memphis Flats consists of five unique properties, all situated on or near Downtown’s South Main Street: Barboro Flats, Cornerstone Flats, Main Street Flats, Radio Center Flats and Van Vleet Flats.

Van Vleet Flats sits on a piece of prime real estate at 122 Gayoso Ave., between Main St. and Second St., in the historic Van Vleet-Mansfield Drug Co. building. The nearly century-old warehouse that has served as a headquarters and distribution center for Fulmer Cos. for the last 30 years was redeveloped into a stylish mixed-use facility. The property will feature 60 loft apartments and 18,000 square feet of commercial space, according to the Daily News. Fulmer Cos. will continue to occupy space in the newly renovated building, on the ground floor and concourse level.

Van Veet’s lofts combine an optimum location with high-end finishes, including modern stainless steel kitchen appliances, stylish baths and original concrete flooring. The community has a mix of one- and two-bedroom units, ranging from 778 to 1,468 square feet. It is 20 percent pre-leased, with monthly rents ranging from $965 to $1,750.

Henry Turley Co. worked on the restoration of the seven-story building with architect LRK Inc. and general contractor Montgomery Martin Contractors LLC. The project is slated for completion by mid-December, with an official opening scheduled for January 1, 2012.

In other multi-housing news, the Memphis Business Journal reports that Willow Lake Apartments, an 836-unit apartment complex at 2774 Mendenhall, sold for $7.8 million or $9,330 per unit, to California-based New Life Core Willow Lake LLC.

Willow Lake features one-, two- and three-bedroom garden- and townhouse-style units, with an average unit size of 950 square feet. The community also boasts a 9.5-acre lake and canal flowing through the property.

The apartment community was 79 percent leased at the time of the acquisition.