Memphis Business Journal
Jan 27, 2014, 3:13pm CST
The 172 units created in a $14 million second phase of the Crescent Bluff Apartments development in Downtown Memphis could begin coming online by the end of 2014.
The new development, which I reported on recently, is underway near the 72-unit first phase on the northeast corner of Virginia and Florida near the South Main Historic District. Construction should take 14 months, a release today said.
Magna Bank and Metropolitan Bank are jointly financing the rent-restricted project, whose developer is Nashville-based Elmington Capital Group. Shapiro & Co. is the architect Patton & Taylor Enterprises is the contractor.
Depending on the size of the units, which range from 500 to 1,000 square feet, rents will be $450, $550 or $665 per month for residents who meet the income requirements set by the state Housing Development Authority.
“Demand for phase I of the project was very high, with each building leasing up well before construction completion,” Cary Rosenblum, CEO of Elmington, said in a statement. “We were overwhelmed with how much interest we received, and we feel confident that Phase II will be in high demand as well.”
Ryan Poe covers commercial real estate; transportation and logistics; construction; and Downtown Memphis. Contact him at firstname.lastname@example.org.