Fieldstone Apartments Prepares for Phase Three; International Paper Sells Three Mills
- Jun 01, 2012
Developers are preparing to break ground on Fieldstone Apartments’ third phase, reports The Memphis Daily News. Working under the name Fieldstone Apartments III Co., developers filed a $7.5 million building permit application with the city/county Office of Construction Code Enforcement.
Fieldstone’s third phase will consist of 102 garden-style apartments and detached garages at the intersection of Tournament Drive and Hacks Cross Road—at 7986 Tournament Drive Road—but working under the address 3333 Hacks Cross Road, same as the first two phases. Patton 7 Taylor Construction Co. will be general contractor for the project.
Fieldstone’s first two phases, currently operational, include three-story buildings of one-, two- and three-bedroom units.
In other news, International Paper has announced the sale of three container-board mills at a combined value of $470 million. One of the three facilities is the New Johnsonville mill in Tennessee, formerly a Temple-Inland mill. International Paper has entered a sale agreement with Hood Companies Inc. for the unit following a robust auction process. Two more facilities, located in Ontario, Calif. and Oxnard (Hueneme), Calif. are to be purchased by New-Indy Containerboard LLC, a newly formed joint venture of Schwarz Partners LP and The Kraft Group LLC.
Of its new acquisition, Hood Companies said it considers the Tennessee mill “an exceptional asset with an outstanding management team and employee group. We look forward to the long term opportunities that the facility creates for both Hood Companies and the employees of New Johnsonville.”
The sale was necessary due to a February 2012 settlement agreement between International Paper and the U.S. Department of Justice.
Located in Hattiesburg, Miss., Hood Companies, Inc. is a privately owned holding company and is the parent company to operating subsidiaries involved in the manufacture and distribution of forest and wood products, building and construction materials, and packaging products throughout North America.
Photo credit: Fieldstone Apartments’ Facebook profile