Inked: Final step for Butler Row development, apartments coming to Raymond James Tower
Welcome to Inked, a column that notes some of the week’s commercial real estate transactions and updates in the greater Memphis area that may have gone unnoticed.
Final step for Butler Row development
A street closure permit for Hadden Street Downtown was filed with the Memphis and Shelby County Division of Planning and Development on June 9.
The proposed street closure between G.E. Patterson Avenue and South Third Street in the South Main district is the last step in the entitlement process for the proposed Butler Row development project, according to the application filed by Scott Kern of KRN Development.
KRN Development’s $65 million mixed-use project was approved for a density variance by the Memphis and Shelby County Board of Adjustments in March.
The developer plans to replace a vacant warehouse on B.B. King Boulevard with 285 apartments, a 300-vehicle parking garage and 10,000 square feet of commercial space.
Butler Row, the mixed-use development planned for South Main, will include 285 apartments, a 300-vehicle parking garage and 10,000 square feet of commercial space. (Courtesy of cnct. design)
The street closure on Hadden Street is part of the project’s pedestrian-friendly layout. It is expected to be the “market” and commercial and retail hub of the new development.
The application is on the upcoming Memphis and Shelby County Land Use Control Board agenda for its July 14 meeting.
Home2 Suites in Downtown set for 2023 opening
A new four-story, 112-room Home2 Suites Hotel is scheduled to open in the third quarter of 2023. Hotel developer Nimesh Patel of Baywood Hotels confirmed the project timeline via email.
Patel bought the property at 139 Vance Ave. in March for $15,277,200 under Vance Holdings LLC, according to the Shelby County Register of Deeds.
Construction on the property site is already underway.
Last week, the Memphis and Shelby County Land Use Control Board approved plans for a separate project from Patel, an AC Hotel development in East Memphis.
First commercial tenants at The Altana in Midtown
Overtown Nutrition has opened on the first floor of The Altana at 569 N. McLean Blvd.
The business held its grand opening on Monday, June 6. Overtown Nutrition is the first commercial tenant inside The Altana.
Developer Eduardo Sanchez began construction on the site in 2020.
The initial plans were to renovate a near-century old building on the site before Sanchez opted to demo the building and build new.
The Altana is a seven-unit apartment complex with 1,000 square feet of commercial space on the ground floor. The complex opened in April.
Overtown Nutrition co-owner Arely Torres said the Midtown location is the second location for the business joining its sister operation, B-Town Nutrition in Bartlett.
A permit application was filed to convert a few floors of the Raymond James Tower to apartment. (The Daily Memphian file)
Apartments coming to the Raymond James Tower
A developer plans to convert floors 12 to 21 of the Raymond James building, located at 50 N. Front St., into apartments.
A permit application was filed by Troy Hougman of Patton & Taylor Enterprises in Germantown with the Memphis and Shelby County Division of Planning and Development on Friday, June 10.
The proposed development plans are from 50 N. Front St. LLC. The company is managed by New York-based investor Jacob Sofer who bought the tower for $20 million in 2015.
The proposed redevelopment project is being called 50 N. Front St. Apartments, according to the application filed.
The Daily Memphian previously reported on plans for a residential conversion for the former office building in September 2021.
The building was developed in 1984 and was previously the headquarters for Raymond James and Associates. The company bought the building in 2012 from Memphis-based Morgan Keegan & Co.
The site was developed in 1925 as the Hotel King Cotton before it was demolished, and the Morgan Keegan Tower was built on site.
Estate Sale at Howard Hall
Memphis Heritage is hosting an estate sale at the historic Howard Hall at 2282 Madison Ave.
The sale, which is open to the public, features antique furniture, art and several items unique to Memphis, the Mid-South and a few items imported from France.
“Proceeds from our estate sale will go to help efforts to preserve neighborhoods such as Orange Mound, to working with community leaders and developers on a multitude of exciting projects for our city,” Memphis Heritage CEO Leah Fox-Greenberg said in a statement.
A ticketed preview party is being held Friday, June 17 at 6 p.m. Public entry is open from noon to 4 p.m., Saturday, June 18 and Sunday, June 19.
Topics
inked Commercial Real Estate Butler Row Raymond James Tower Downtown Memphis Midtown Memphis Heritage Subscriber OnlyAre you enjoying your subscription?
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Neil Strebig
Neil Strebig is a chef turned journalist covering economic development and commercial real estate for The Daily Memphian. He grew up in Pennsylvania and has worked at media outlets including the York Daily Record/USA Today Network and most recently as Report for America Corps Member with Lookout Santa Cruz. He is a graduate of Point Park University in Pittsburgh.
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