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204 new Downtown Memphis condos announced

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In addition to two sixteen story buildings--the Riverside Towers--with 350 condo units announced a few weeks ago, another project was announced today for the same general area on the southside of downtown Memphis--"The State at SouthEnd".

No renderings unfortunately. Excerpts from:

http://commercialappeal.com/mca/business/a...3704380,00.html

"New condos fuel Downtown

Growth catches attention of developers seeking to cash in on housing demand

By Mark Watson

April 16, 2005

Atlanta-based Beazer Homes is building a $49 million, 204-unit condo and town home complex Downtown on the site of a former cold-storage warehouse at Georgia and Florida.

Dubbed The State at South End, the project includes two 48-unit condo buildings, standing five stories tall, surrounded by 108 town homes, standing three and four stories tall. It will sit on five acres.

"The Memphis Downtown market has had such a high sales rate, more than anywhere else in the Memphis area, and the city has done a great job of redeveloping the Downtown area," said Pete Canalia, president of Beazer's Memphis Division. "It's just a place where young and old alike want to be living right now."

It's second in value and number of units only to the Riverside Towers project among condo and town home projects in the planning stages on the Center City Commission's Web site.

The Bryan Co. and The Garland Co. envision the $90 million Riverside Towers as two 16-story towers providing 290 condos in all, accompanied by 60 town homes.

The condos will range in size from 800 to 1,400 square feet, and the town homes will range in size from 1,200 to 1,800 square feet. The condos will range from $125,000 to about $250,000, Canalia said, and the town homes will range from $180,000 to about $290,000.

Beazer hopes to break ground around May 15, start preselling in August and deliver the first units in October or November. Construction should end in late 2007.

Bloodgood Sharp Buster, a Chicago-based architectural firm, is designing the project.

Can the Downtown housing market absorb 350 units in the Riverside Towers project and 204 in The State project?

A recent market study commissioned by the CCC showed the Downtown population increasing to 38,000 by 2014.

The area has a population of about 25,000 now.

Downtown's population is growing at a 4.3 percent annual rate, compared to 1.1 percent for the rest of Memphis.

But three Downtown "high-growth areas" -- Mud Island, the South Main District and Downtown Core -- are growing at a 10.3 percent clip.

Memphis developers Jack Belz and Henry Turley had originally envisioned a Downtown that was open 24 hours, and these projects contribute to that vision.

"I say the more, the merrier," Belz said."

--------IMHO, the population figures of 25,000 for downtown Memphis are exaggerated. They include the medical district a mile east of downtown, and no one in Memphis--aside from Chamber of Commerce touts--considers that downtown. Real figures are probably about 15,000.

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any idea how tall these buildings are?

<{POST_SNAPBACK}>

The article says "two 48-unit condo buildings, standing five stories tall, surrounded by 108 town homes, standing three and four stories tall."

The other next-door project announced a couple weeks ago--the Riverside Towers--is two 16 story towers.

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Good news, Memphis urban boom is moving right along. Its also great to see that prices will start at $125k.

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It is good to see the prices starting lower than many of the recent downtown announcements. It always seem that the well-heeled are the ones who can make the jump to downtown living the quickest.

I'm hoping our cities will do more actual apartment building with rents closer in line and competitive with the suburban sprawlplexes. Seems they would do well with the people who want to be close to work and play based in such a location convenient to so many things. That would sure help create the mass that would put people on the streets.

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