Vic on Union development at former Office Depot site moves forward
Article by: Neil Strebig
Published by the Daily Memphian
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The Memphis and Shelby County Board of Adjustment on Wednesday, July 27, approved plans to renovate the former Office Depot building site at 785 Union Ave. in the Medical District into apartments.
Texas-based developer Hunington Properties Inc. plans to demolish the former Office Depot and build the Vic on Union, a five-story mixed-use development alongside a seven-story, 283-vehicle parking garage.
The board approved a variance request to allow for a mixed-use development on the site. In a letter of intent, Jarmon Peregoy of Kimley-Horn & Associates said the property previously had split zoning: Central Business District (CBD) in the northern portion of the site and Employment (EMP), which is reserved for office, light manufacturing, processing and commercial uses, in the southern portion of the site.
Hunington Properties principal of multifamily development and operations Kate Good said the firm plans to move ahead with the next stages in the planning and development process including seeking incentives and submitting a payment-in-lieu-of-taxes (PILOT) application.
According to site plans, the 327-unit apartment complex will feature a pool courtyard in the center of the building and amenity space including a pet park in the rear of the building near the intersection of Beale and Manassas streets.
The proposed parking garage will be adjacent to the apartment complex on the eastern portion of the property along Walnut Street.
The front of the building along Union Avenue will have a plaza, coffee shop and transit station.
Click here to read the full article from the Daily Memphian.
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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.
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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.
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July Real Estate Update
Home Sales
Home sale activity for Shelby County fell 17% in July with 1,955 home sales recorded compared to 2,343 home sales recorded in July 2021.
Despite the drop in home sales, home sale prices continue to rise with prices up 5% in July with an average price of $257,935 for the month compared to July 2021's average home sale price of $245,414.
The total sales volume for the county was $504 million for July down 12% from last July with a total sales volume of $575 million.
The median sales price was $215,000.
20% of home sales recorded in July were valued under $100,000.
Home sales valued over $300,000 were down 12% in July with 629 sales recorded compared to 718 last year.
There were 16 home sales over $1M for the month and 24 sales over $1M recorded in July 2021.
Year-to-date, the number of homes sales recorded is up 2% and average sale prices are up 12% compared to the same time period in 2021.
Click here to download our Residential Market Conditions reports.
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Commercial Sales (June)
Commercial sales activity for June remained steady with 101 sales recorded for the month totaling $189M compared to 101 sales recorded in June 2021 totaling $190M.
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The largest commercial transaction recorded in June was the $98.5M sale of the newly constructed Memphis Airport Logistics Center warehouse located at 5300 Airways Boulevard (38116). The 1,013,319sqft warehouse built in 2021 sits on 59 acres covering 6 parcels. The property sold on June 14th from Holmes Airways Partners, LLC to JWM Memphis, LLC .
Click here to download our latest Commercial Market Conditions reports.
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Residential Foreclosure Analysis
Foreclosure activity in July was up with 45 foreclosures recorded for the month compared to 24 recorded in July 2021.
On the properties foreclosed this July, the average foreclosure amount was $114,666 and the average tax appraisal value for the properties was $86,640.
The City of Memphis recorded the most foreclosures for the month with 39 total averaging $95,877.
Foreclosure notices continue to rise with 135 notices published in July jumping 221% from 42 notices published in July 2021.
Click here to download our Detailed Foreclosure Analysis reports.
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New Housing & Builder Activity (June)
New home sales were down 9% this June with 61 sales recorded for the month compared to 67 sales in June 2021.
Average new home sales prices rose 34% for the month to $575,553 compared to $429,668 in June 2021.
The Collierville area (38017) claimed the most new home sales with 22 recorded averaging $732,343.
Keith and David Grant had the most new home sales for June with 11 sales averaging $502,253.
New home starts for June fell by 53% to 53 permits filed for the month averaging $342,274 compared to 113 filed in June 2021 averaging $417,329.
The Millington area (38053) claimed the most new home permits for the month recording 22 permits averaging $264,305.
Meridian Development was the top builder for June with 13 new home permits recorded for the month averaging $267,965.
Click here to download our New Housing Inventory & Analysis reports.
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Mortgage Trends & Lending Analysis
Residential mortgages filed at the time of sale fell 22% in July with 1,091 loans recorded for the month compared to 1,395 recorded in July 2021.
The average mortgage amount was $270,020 with an average sales price of $308,692 making the average loan to value ratio 87%.
The Collierville area (38017) had the most residential loans recorded at the time of sale with 95 mortgages averaging $453,627.
The top lenders for July based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp.
with 94 loans, Pinnacle Bank with 40 loans and First Horizon Home Loans with 31 loans.
Click here to download our Residential Lender Analysis reports.
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Fayette & Tipton County Market Trends
Fayette County home sales activity fell 6% in July with 100 home sales recorded for the month compared to 106 recorded in July 2021. Average home sales prices rose 9% from last year to $362,252.
Oakland (38060) recorded the most home sales for the month with 52 total averaging $347,422.
Year-to-date in Fayette County, the number of homes sales recorded is down 12% and average sale prices are up 8% compared to the same time period in 2021.
Tipton County sales were down 16% in July with 111 sales recorded for the month compared to 132 recorded in July 2021. Average home sales prices were up 6% for the month to $229,809.
The Atoka area (38004) recorded the most home sales for the month with 28 sales averaging $334,302.
Year-to-date in Tipton County, the number of homes sales recorded is down 1% and average sale prices are up 17% compared to the same time period in 2021.
Click here to download our West TN market trend reports.
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