$56M mixed-use
development proposed
for Medical District
Article by: Tom Baily
Published by the Daily Memphian
|
A $55.7 million mixed-use development is proposed for nearly the entire block along Union, between Cleveland and Claybrook.
The 2.9-acre development would rise where First Horizon and IberiaBank branches now operate in the Medical District.
Called URBN on Union, the development comprises 270 apartment units, 17,500 square feet of ground floor retail and 411-space parking structure.
Developers are Scott Kern of KRN Development and Malcolm Wilson of Urban CRE.
Kern most recently was chief operating officer for Poag Shopping Centers, and he helped develop projects like Highland Row.
Wilson has more than 20 years experience in real estate, with involvement in more than 12 million square feet of commercial real estate deals.
They would enter in to 75-year ground lease with land owner First Horizon, with an option to extend to 100 years.
First Horizon plans to replace its existing branch bank on the site with a new branch in the URBN on Union development, according to documents.
Click here to read the full article from the Daily Memphian.
|
Derived from our extensive collection of Market Trends reports, and public record information from The Daily News, the "Pulse Report" offers you a comprehensive overview of residential and commercial sales activity, foreclosure analysis, new housing trends and mortgage activity.
This complimentary report is your monthly snapshot of the local real estate market.
|
|
Chandler Reports, a division of The Daily News and the most trusted source in real estate, releases the latest installment of the "Pulse Report", a publication to keep you informed of local market trends for Memphis and Shelby County.
|
January Real Estate Update
Home Sales
Shelby County home sale prices rose 13% this January to $192,645 compared to January 2020's average home sale prices of $171,029.
Sales activity for January was up as well with 1,409 home sales recorded compared to 1,282 home sales recorded in January 2020 amounting to a 10% increase.
The total sales volume for the county rose 24% to $271 million in January compared to last January with a total sales volume of $219 million.
The median sales price was $148,500, up 14% from last year.
36% of home sales recorded in January were valued under $100,000.
Home sales valued over $300,000 were up 36% in January with 268 sales recorded compared to 197 last year.
There were 9 home sales over $1M for the month and 5 sales over $1M recorded in January 2020.
Click here to download our Residential Market Conditions reports.
|
Commercial Sales (December)
Commercial sales for December were up 13% with 123 sales recorded for the month totaling $239M compared to 109 sales recorded in December 2019 totaling $285M.
|
The largest commercial transaction recorded in December was the $45M sale of an industrial warehouse building located at 5238 Lamar Avenue occupied by Jabil Ciruit Inc . The 1 story, 622,678sqft, industrial warehouse was built in 1999 and sits on 35.3 acres. The property sold on December 10th from Stag Industrial Holdings LLC to Bankers Commercial Corporation.
Click here to download our latest Commercial Market Conditions reports.
|
Residential Foreclosure Analysis
Foreclosure activity was down 69% in January with 29 foreclosures recorded for the month compared to 93 recorded in January 2020. With the current foreclosure moratorium in place, this downward trend in foreclosure activity is excepted to continue through at least the first quarter of 2021.
On the properties foreclosed this January, the average foreclosure amount was $58,171, and the average tax appraisal value for the properties was $64,990.
The City of Memphis recorded the most foreclosures for the month with 28 total averaging $64,579.
There were 33 foreclosure notices published in January, down 82% from
188 notices in January 2020.
Click here to download our Detailed Foreclosure Analysis reports.
|
New Housing & Builder Activity (December)
New home sales fell 6% in December with 73 sales recorded for the month compared to 78 sales in December 2019.
Average new home sales prices were up 20% for the month to $430,767 compared to $359,040 in December 2019.
D.R. Horton had the most new home sales for December with 12 sales.
New home starts for December 2020 jumped to 104 permits filed for the month averaging $402,932 compared to 57 filed in December 2019 averaging $325,355.
The Collierville area (38017) claimed the most new home permits with 43 recorded averaging $590,645.
David and Keith Grant were the top builders for December with 15 new home permits recorded for the month.
Click here to download our New Housing Inventory & Analysis reports.
|
Mortgage Trends & Lending Analysis
Residential mortgages filed at the time of sale were up 12% in January with 866 loans recorded for the month compared to 776 recorded in
January 2020.
The average mortgage amount was $213,592, with an average sales price of $241,847, making the average loan to value ratio 88%.
The Cordova North area (38016) had the most residential loans recorded at the time of sale with 58 mortgages averaging $228,994.
The top lenders for January based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp. with 75 loans, Mortgage Investors Group with 36 loans and Pinnacle Bank with 35 loans.
Click here to download our Residential Lender Analysis reports.
|
Fayette & Tipton County Market Trends
Fayette County home sales activity was up 30% in January with 83 home sales recorded for the month compared to 64 recorded in January 2020. Average home sales prices rose 33% from last year to $291,685. Oakland (38060) recorded the most home sales for the month with 43 total averaging $272,014.
Tipton County home sales were up 22% in January with 82 sales recorded for the month compared to 67 recorded in January 2020. Average home sales prices were up 16% for the month to $199,159. The Munford area (38058) recorded the most home sales for the month with 21 sales averaging $191,903.
Click here to download our West TN market trend reports.
|
Successful real estate professionals rely on Chandler Reports for timely, accurate real estate data. Trusted in the community for over 50 years, our reports provide access to detailed property information, neighborhood trends, and local market data that is unparalleled in the industry.
|
Monitor Activity in Your Neighborhood
The Daily News Online has the most comprehensive public record database available for Memphis and Shelby County.
Our exclusive services allow you to easily monitor your community and review property sales, new utility connections, evictions, tax liens, crime data and much more!
-
Neighborhood Report: Review all public records around your home including new utility connections, foreclosures, permits and much more.
-
Crime Report: Review crimes reported in your area. Our crime watch service alerts you as activity occurs.
-
Watch Service: Receive instant alerts anytime a person or property hits the public record.
These services are available with a subscription to The Daily News Online. Not a subscriber? Click here to request a free, 5-day trial.
|
|