Mixed-use property developments are rapidly growing in popularity throughout Memphis, according to the latest reports. Memphis Business Journals recently reported the purchase of almost 19 acres by McNeill Commercial Real Estate.
The property, located in Germantown, was purchased at a price of $150 million and will be the location for a mixed-used development known as Thornwood. Featuring 500 condo units, the development will also include 55,000 square feet of retail space along with a four-story Hampton Inn & Suites.
Germantown is not the only area in Memphis that will soon see the construction of a mixed-use development property. The latest report also indicates that a new mixed-use facility will be constructed in Downtown Memphis in the neighborhood of South Main. The property in question was purchased by a development team for just under $18 million. Upon completion, it will include a 145-unit complex along with restaurant, entertainment and bar space in three separate buildings. An outdoor courtyard will link the buildings for easy access. Most of the apartments at 266 Memphis Lofts will be comprised of one-bedroom apartments to appeal to a younger and unmarried generation looking to take advantage of the bustling downtown area. Before construction can commence on the project, the developer will need to demolish the one-story office building that is currently located on the 1.7-acre site.
Memphis News adds that development has been proceeding at a hectic pace in the South Main neighborhood of Memphis, with a number of projects either already under construction or at least in the design phase. To date, there are more than $174 million in developments in the neighborhood's pipeline.
Not unlike many other cities around the country, developers in Memphis have quickly learned that mixed-use development is a hot commodity at the moment. With Millennials fleeing the suburbs and looking to settle down in urban areas, mixed-use developments are high in demand. Such properties offer young professionals the opportunity to enjoy an array of amenities within the same properties where they live and/or work. As a result, there is no need to travel a significant distance to find a great place to dine, shop, or simply relax with friends. Mixed-use developments provide an ideal solution for people who want to have it all.
In many instances, developers interested in building mixed-use properties also provide a welcome solution for abandoned office complexes and shuttered shopping centers. By purchasing those properties and converting them into attractive mixed-use properties offering both residential and commercial space, developers are often able to boost the local economy.
For Memphis, the plethora of mixed-use developments dotting the city has also proven to be just the shot in the arm needed for revitalization. The South Main area of downtown Memphis was recently ranked among the top 10 "undercover stylish" neighborhoods in the country. While the historical neighborhood has certainly seen its share of activity recently, developers have taken great care to ensure that the character of the neighborhood has remained unchanged.
About the author: Vincent Clarke is a contributing writer at Realty Biz News