Architects Convert Church, Apartment Developers Eye New Project in Downtown
- Feb 10, 2014
The Memphis apartment market has been doing quite well recently, coming off its fourth consecutive year of positive demand.
According to Hendricks-Berkadia, 1,690 apartments were absorbed in 2013 in the market, which experienced an overall rent growth of 1.5 percent. With rents expected to increase a further 1.8 percent, leasing activity outpacing deliveries, and over 10,000 new jobs to be created in 2014 in metro Memphis, more investors want a piece of the Bluff City’s apartment market.
Among them is Memphis-based architecture firm Archimania, which partnered with Memphis-based general contractors Patton & Taylor Enterprises to redevelop a Midtown church into a seven-unit apartment project. According to the Memphis Business Journal, Archimania will expand the 5,800-square-foot First Congregational Memphis church on South Watkins to 7,400 square feet. The $750,000 development will feature seven apartments ranging from 1,300 to 1,800 square feet and a design that will retain the pulpit and baptism area. The architecture firm purchased the property in 2006 with the intent of turning into a condo project, but the market crash postponed the redevelopment. Apartments will be marketed at young professionals and medical students attending the area’s universities.
According to the Memphis Business Journal, Patton & Taylor Enterprises is involved in another apartment project, this time in Downtown Memphis. The general contractor, along with Shapiro & Co. Architects Inc., has been reportedly contracted by an Elmington Capital Group affiliate to develop a 64-unit, two-building apartment project on Second Street vacant site, in the area known as South Forum or SoFo, just a few blocks’ distance from the $259 million FedExForum.
According to information obtained by the Memphis Business Journal, the project will comprise a four-story and a three-story building and feature 1,642 square feet of either retail or office space. Elmington Capital Group, Shapiro & Co. Architects and Patton & Taylor Enterprises are also working on the recently announced 172-unit Phase II of Crescent Bluff Apartments. Details about the projects here.
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