South Main building to be redeveloped into affordable community; Joint venture buys Cordova multifamily for $21.9 million
- Jan 02, 2012
Minneapolis-based Artspace, a national nonprofit group thatworks to create, foster and preserve affordable live/work space for artists and arts organizations in cities across the country, has chosen Memphis for its latest project. The organization plans to buy and redevelop an old South Main building owned by Phil Woodard, a downtown developer. If the project comes to fruition, the 65,000-square-foot former United Warehouse building at 138 St. Paul will be refurbished and transformed into an affordable community to cater to local artists. The development is believed to play an important part in the revitalization of the South Main Historic Arts District.
LRK architectural firm is designing the project, and construction is expected to start in late 2013, as soon as the organization gathers the required funding to cover the redevelopment costs. The complex is slated to open late 2014 or early 2015, according to the Memphis Business Journal.
In other multi-housing news, Stonebridge Apartments in Cordova sold for $21.9 million. The property was purchased by joint venture between Wynnewood, Pa.-based Merion Realty Partners and an affiliate of AllianceBernstein U.S. Real Estate Partners LP of New York, from CMS Stonebridge LLC.
As part of the deal, the newly formed entity called AB Merion Stonebridge LLC, took over CMS Stonebridge’s $18.5 million loan through Fannie Mae, as reported by the Daily News.
The residential complex is located at 9135 Morning Ridge Road and consists of 500 Class B apartments spread on three parcels totaling 32.3 acres. The first parcel includes 200 units, built in 1994; the second has 230 units, built in 1995; and the third features 70 units, built in 1994.
The purchase is part of a plan the venture had announced earlier this year that included the acquisition of a portfolio encompassing 4,900 units in 20 properties across several Southeastern states.