Final phase of One Beale set to begin this summer, Caption by Hyatt set to open
Article by: Neil Strebig
Published by the Daily Memphian
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After three phases and years of planning, One Beale finally has an end date in sight.
Groundbreaking for the Grand Hyatt, which accents the fourth and final phase of the One Beale development, will begin in mid-May. From there, it will be 20 to 24 months until completion, Carlisle Corp. CEO Chance Carlisle said.
“It’s super exciting to say in four to six weeks, we’re going to put a shovel in the ground for a 24-story tower,” he said.
The Grand Hyatt will feature 365 rooms, 42,000 square feet of meeting space and one restaurant (still to be named). The $215 million project is expected to create 554 new jobs.
Phase IV of the project is being financed with $75 million of Tourism Development Bonds issued by Center City Finance Corp., $35 million of sponsored-contributed equity, $10 million of investor-contributed equity and a $95 million construction facility, according to a March 15 investors report on the project.
Carlisle said they plan to meet with the City Council about credit enhancements for approved incentives that will essentially help insure bonds for investors since the project’s total cost has increased from $191 million.
The news comes on the heels of a recently launched rebranding for Carlisle Corp., including a new website and logo design.
The company planned to make an announcement on Phase IV of One Beale during a news conference Wednesday, March 30, at Fancy’s Fish House, however, due to the inclement weather, the event was rescheduled.
In addition to the One Beale update, Carlisle Corp. announced plans for opening Fancy’s Fish House adjacent to The Landing Residences on April 7.
Click here to read the full article from the Daily Memphian.
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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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March Real Estate Update
Home Sales
Shelby County home sales were up 17% in March with 1,921 home sales recorded compared to 1,645 home sales recorded in March 2021.
Home sale prices rose 16% in March with an average price of $244,687
for the month compared to March 2021's average home sale price of $211,037.
The total sales volume for the county was $470 million for March up 35% from last March with a total sales volume of $347 million.
The median sales price was $200,000.
24% of home sales recorded in March were valued under $100,000.
Home sales valued over $300,000 were up 46% in March with 559 sales recorded compared to 384 last year.
There were 21 home sales over $1M for the month, up from 10 sales over $1M recorded in March 2021.
Year-to-date, the number of homes sales recorded is up 9% and average sale prices are up 18% compared to the same time period in 2021.
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Commercial Sales (February)
Commercial sales activity for February was up 38% with 98 sales recorded for the month totaling $214M compared to 71 sales recorded in February 2021 totaling $110M.
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The largest commercial transaction recorded in February was the $29M sale of an industrial warehouse building located at 5265 Hickory Hill Road in southeast Memphis (38141). The 373,522sqft warehouse was built in 2003 and sits on 23.82 acres. The property sold on February 24th from 5265 Hickory Owner LLC to IPXII Memphis Logistics Investors LP.
Click here to download our latest Commercial Market Conditions reports.
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Residential Foreclosure Analysis
Foreclosure activity in March was up with 25 foreclosures recorded for the month compared to 16 recorded in March 2021.
On the properties foreclosed this March, the average foreclosure amount was $67,474 and the average tax appraisal value for the properties was $69,475.
The City of Memphis recorded the most foreclosures for the month with 24 total averaging $62,520.
As the foreclosure moratoriums come to an end, foreclosure notices in March jumped 160% with 127 notices published compared to
49 notices in March 2021.
Click here to download our Detailed Foreclosure Analysis reports.
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New Housing & Builder Activity (February)
New home sales were down 28% this February with 36 sales recorded for the month compared to 50 sales in February 2021.
Average new home sales prices rose 29% for the month to $526,618 compared to $408,989 in February 2021.
The Collierville area (38017) claimed the most new home sales with 13 recorded averaging $642,005.
Karen Garner with Magnolia Homes had the most new home sales for February with 4 sales averaging $781,981.
New home starts for February fell to 53 permits filed for the month averaging $437,038 compared to 61 filed in February 2021 averaging $363,216.
The Arlington/Lakeland area (38002) claimed the most new home permits for the month recording 17 permits averaging $452,904.
Innovative Wood Worx was the top builder for February with 9 new home permits recorded for the month averaging $326,314.
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 were up 5% in March with 1,046 loans recorded for the month compared to 992 recorded in March 2021.
The average mortgage amount was $261,799 with an average sales price of $300,376 making the average loan to value ratio 87%.
The Collierville area (38017) had the most residential loans recorded at the time of sale with 84 mortgages averaging $451,539.
The top lenders for March based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp. with 89 loans, Mortgage Investors Group with 37 loans and Pinnacle Bank with 36 loans.
Click here to download our Residential Lender Analysis reports.
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Fayette & Tipton County Market Trends
Fayette County home sales activity was up 8% in March with 113 home sales recorded for the month compared to 105 recorded in March 2021. However, average home sales prices fell 8% from last year to $295,963.
Oakland (38060) recorded the most home sales for the month with 67 total averaging $300,999.
Year-to-date in Fayette County, the number of homes sales recorded is down 14% and average sale prices are up 1% compared to the same time period in 2021.
Tipton County sales were up 4% in March with 112 sales recorded for the month compared to 108 recorded in March 2021. Average home sales prices were up 21% for the month to $244,148.
The Munford area (38058) recorded the most home sales for the month with 34 sales averaging $248,735.
Year-to-date in Tipton County, the number of homes sales recorded is up 5% and average sale prices are up 22% compared to the same time period in 2021.
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