Big, mixed-use development, ‘35 Central’ planned for Central at Highland
Article by: Tom Baily
Published by the Daily Memphian
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A big, mixed-use development – hotel, apartments, office space and parking structure – is proposed for a prominent East Memphis property near the University of Memphis: The southeast corner of Central and Highland.
Called 35 Central, the project would rise on 2.5 acres where Third Church of Christ, Scientist, worshiped for years before selling the property last September.
Applicant Bob Berry and property owner Bobalu LLC filed applications with the Land Use Control Board for rezoning, a planned development and for revocation of the site’s residential corridor designation.
Proposed are a seven-story, 115-room hotel nearest the corner of Central and Highland, capped by a rooftop restaurant and bar.
The project would have a one-time construction impact of $104 million, create 234 direct and indirect jobs and generate a yearly $14 million economic impact from ongoing operations, the letter of intent states.
Immediately east of the hotel, the structure drops to six stories. A podium-style parking garage for 226 spaces will comprise the first two floors, up to 34,000 square feet of private office space and a courtyard are on the third level, and 75 apartments with 90 beds and a fourth-floor pool terrace comprise floors four through six.
Click here to read the full article from the Daily Memphian.
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May Real Estate Update
Home Sales
Shelby County home sale activity was up 44% in May with 1,862 home sales recorded compared to 1,294 home sales recorded in May 2020.
Home sale prices were up as well rising 20% in May with an average price of $232,751 for the month compared to May 2020's average home sale price of $194,670.
The total sales volume for the county was $433 million for May, up 72% from last May with a total sales volume of $252 million.
The median sales price was $195,000.
28% of home sales recorded in May were valued under $100,000.
Home sales valued over $300,000 were up 93% in May with 527 sales recorded compared to 273 last year.
There were 16 home sales over $1M for the month and 4 sales over $1M recorded in May 2020.
Year-to-date, the number of homes sales recorded is up 17% and average sale prices are up 13% compared to the same time period in 2020.
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Commercial Sales (April)
Commercial sales activity for April was up 65% with 109 sales recorded for the month totaling $195M compared to 66 sales recorded in April 2020 totaling $131M.
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The largest commercial transaction recorded in April was the $21.3M sale of a medical office building located at 6286 Briarcrest Avenue in East Memphis. The 3 story, 62,874sqft, office building was built in 2005 and sits on 2.95 acres. The property sold on April 14th from Westco Development #28, LLC to CPI/AHP Briarcrest Mob Owner, LLC .
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Residential Foreclosure Analysis
Foreclosure activity in May remained virtually unchanged with 12 foreclosures recorded for the month compared to 11 recorded in May 2020. With the current foreclosure moratorium in place, low foreclosure activity will continue through at least the second quarter of 2021.
On the properties foreclosed this May, the average foreclosure amount was $135,051 and the average tax appraisal value for the properties was $137,892.
The City of Memphis recorded the most foreclosures for the month with 7 total averaging $86,757.
There were 34 foreclosure notices published in May, up 31% from
26 notices in May 2020.
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New Housing & Builder Activity (April)
New home sales fell 10% with 64 sales recorded for the month compared to 71 sales in April 2020.
Average new home sales prices were up 4% for the month to $452,169 compared to $435,081 in April 2020.
Regency Homes had the most new home sales for April with 9 sales.
New home starts for April were up with 86 permits filed for the month averaging $399,685 compared to 76 filed in April 2020 averaging $346,335.
The Collierville area (38017) claimed the most new home permits with 25 recorded averaging $449,487.
Donati Construction was the top builders for April with 19 new home permits recorded for the month.
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Mortgage Trends & Lending Analysis
Residential mortgages filed at the time of sale were up 24% in May with 1,080 loans recorded for the month compared to 873 recorded in
May 2020.
The average mortgage amount was $246,129 with an average sales price of $280,292 making the average loan to value ratio 88%.
The Collierville area (38017) had the most residential loans recorded at the time of sale with 98 mortgages averaging $374,044.
The top lenders for May based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp. with 102 loans, Patriot Bank with 50 loans and Pinnacle Bank with 38 loans.
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Fayette & Tipton County Market Trends
Fayette County home sales activity was up 35% in May with 111 home sales recorded for the month compared to 82 recorded in May 2020. Average home sales prices were up 7% from last year to $294,248. Oakland (38060) recorded the most home sales for the month with 67 total averaging $292,038.
Year-to-date in Fayette County, the number of homes sales recorded is up 26% and average sale prices are up 17% compared to the same time period in 2020.
Tipton County home sales were up 54% in May with 109 sales recorded for the month compared to 71 recorded in May 2020. Average home sales prices were up 3% for the month to $199,116. The Atoka area (38004) recorded the most home sales for the month with 35 sales averaging $254,896.
Year-to-date in Tipton County, the number of homes sales recorded is up 20% and average sale prices are up 9% compared to the same time period in 2020.
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