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sleepy

Memphis' Shrine Building project

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In 1981, the 1923 Shrine Building was the first old skyscraper converted into downtown Memphis apartments. It became a symbol for downtown's rebirth, and is now becoming upscale condominiums, not that it was ever cheap.

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From:

http://www.commercialappeal.com/mca/busine...3800845,00.html

"Shrine Building is going condo

$5.5 million project will transform Downtown building into 74 residential units

When Henry Turley bought the Shrine Building in the 1970s, he worried about the success of an apartment project that didn't have balconies or outdoor space. He also might have worried about the potential of the tattered neighborhood when the renovated building opened in 1981, the same year The Peabody reopened.

It's Turley's last step in a tower that's come to symbolize the residential rebirth of Downtown.

Within 18 months, the 81-unit apartment building will be transformed into 74 condos.

Prices will range from $100,000 for 451-square-foot studios to $675,000 for a two-story, 2,450-square-foot townhouse with granite countertops, spiral staircase, soaring windows and a penthouse view. Maintenance fees will be 33 cents per square foot per month."

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That's a gorgeous building. This will add even more people to the street. I look for Memphis to become (if not already) a model for what can be done. Pretty soon, Birmingham will be nipping at its toes when the success of City Federal becomes really evident. Nashville has some old buildings like the Stahlman and Nashville Trust which are undergoing rebirth right now, but we'll run out of these beauties in a hurry. And that's too bad.

423 sq ft for a hundred grand seems a bit tight to me. My kitchen and master bedroom are bigger than that, and the price is more than twice what I owe on my whole house. I'd better stay put...and save money.

I need to win the Powerball tomorrow, I'll buy a condo EVERYWHERE!

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That's a gorgeous building. This will add even more people to the street. I look for Memphis to become (if not already) a model for what can be done. Pretty soon, Birmingham will be nipping at its toes when the success of City Federal becomes really evident. Nashville has some old buildings like the Stahlman and Nashville Trust which are undergoing rebirth right now, but we'll run out of these beauties in a hurry. And that's too bad.

423 sq ft for a hundred grand seems a bit tight to me. My kitchen and master bedroom are bigger than that, and the price is more than twice what I owe on my whole house. I'd better stay put...and save money.

I need to win the Powerball tomorrow, I'll buy a condo EVERYWHERE!

<{POST_SNAPBACK}>

It will actually reduce the number of people on the street.

It's been an 81 unit apartment building since for 24 years since 1981 and is now becoming a 74 unit condo unit.

What's happening is that these old downtown buildings got tax freezes/preferences 15 or 20 years ago which applied only to rental property. Those rebates are now expiring and everything's being sold as condos or turned into hotels. The 15 story William Len went from apartments to a Marriott last year. Same with the old 18 story Claridge building which became apartments in 1985 and condos last year.

The only building left is the Sterick Building.

According to downtownmemphis.com, there are over 11,000 residents in downtown and 60% have household incomes above $76,000. It's also growing at 10.5% per year which beats out DeSoto County in growth, so I guess people will pay $100,000 for a small studio, although I wouldn't. At $675,000, that penthouse seems a steal though. lol

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