Fogelman Properties has completed the total lease-up of the first phase of The Tennessee Brewery, a converted mixed-use development in downtown Memphis, Tenn. With the project’s 150 units currently 100 percent occupied, developer 495 TN Partners has already revealed plans for the second phase of the adaptive reuse development. Space conversion has become a popular trend in neighborhood revitalization efforts across the U.S.
Located at 495 Tennessee St., the original brewery was constructed in the 1870s and closed in 1954. The property has been vacant since 1981 and several investors attempted to transform the historic building over the years, but plans remained unsuccessful. According to public records, developer Billy Orgel of 495 TN Partners acquired the property for $825,000 in November 2014 and commenced seeking incentives for the transformation of the former brewery.
Groundbreaking around the corner
Construction on phase two is slated to break ground in July, with an estimated completion date set for the summer of 2019. The second installment of the Brewery is projected to add 121 units to the mixed-use project that will also feature office and retail space upon full completion.
The first phase of the project came online in December 2017 and provides community amenities including a private courtyard, fitness facility and a 351-space covered parking garage. Residences feature 9- to 10-foot ceilings, washer and dryer, stainless steel appliances and fixtures, as well as balconies.
“Billy and his team took an old, dilapidated building and radically transformed it into an incredibly vibrant development with marketable rents and exceptional features,” Mark Fogelman, president of Fogelman Properties, said in a prepared statement. “We look forward to continued excitement and demand around the project as we improve the retail mix of the neighborhood and transform a key area in downtown Memphis,” added Orgel.
Images courtesy 495 TN Partners