South Junction Phase I
Category: Projects
South Junction Phase I
9 E Carolina Ave
Memphis, TN
Originally new construction of 197 apartments with 264 on-site parking spaces on two parcels at the intersection of Carolina and Florida at a cost of $17.6M. After developer was able to acquire adjacent lots, project was expanded to be 281 apartments at a cost of $26.1M.
| Property Name | South Junction |
|---|---|
| Project Cost | $18,000,000 |
| District | South CBID |
| Type | New Construction |
| Developer | Henry Turley; Billy Orgel |
| Contractor | Montgomery Martin |
| Architect | LRK, Inc. |
| SF Developed | 178,680 |
| Status | Completed |
| Apartment Units | 197 |
| Parking Spaces | 264 |
| Approval Date | 2013-06-11 |
| Year Opened | 2014 |
PILOT Details
| Lessee | South Junction Partners |
|---|---|
| Lessee Address | c/o Henry Turley Company, 65 Union Avenue, Suite 1200, Memphis, TN 38103 |
| Term | 15 Years |
| Approval Date | June 11, 2013 |
| Close Date | 8/14/2013 0:00:00 |
| Extension | 0 |
| Term Mos | 180.00 |
| Status From Date | Active |
| Expected Term Date | 8/14/2028 0:00:00 |
| Remaining PILOT Years | 3.19 |
| Pilot Documents | Instrument #13105473 August 27, 2013 - Initial lease of Phase I only |