Monday, October 22, 2018
Status of Apartment Complexes Exempt from the Moratorium
While I hear campaign rhetoric stating there have been no new apartments here since 1999, I need to remind the readers that the election itself has put some projects on hold. Here is the list of the developments that were exempted from the apartment moratorium, which ends in July 2019, and their status.
1. Thornwood--this project, near the corner of Exeter and Neshoba, is under construction and has begun pre-leasing.
2. Viridian, in the Forest Hill Heights area, on Winchester at the Collierville border, is still alive, on the Boyle website, and waiting until after the election before proceeding with final approval. This is discussed in the Daily Memphian article in September.
Boyle Investment Co. received approval last year from the Germantown Planning Commission to develop a $45 million apartment complex called Veridian with 19 four-story buildings and 375 total units on Winchester Road in the southeast boot heel portion of the city. That project is moving forward but not under construction yet.
Interestingly, the article makes it sound like it has 375 units, 76 more units than was approved by the Planning Commission about a year ago. Has the City decided to recommend increasing the density.......again? And not told us? At the Planning Commission meeting, the developer requested 16 units per acre, but only 12 units per acre approval was given, which was the density level initially recommended by the City. Therefore, Viridian has "outline plan" approval for only 299 apartments. The question is whether that increases to 375 apartments with the next level of approval.
3. Watermark, south of Winchester in the Forest Hill Heights area, has been on, off, and now could well be on again due to a lawsuit that was filed by the developer against the City. Please see Watermark Project Voted Down By the BMA and Watermark Apartment Complex Rears its Head Again for details.
4. Center City Complex (west of the Apple Store)--The Carter project is dead, but John Elkington has publicly stated that he is waiting until after the election before bringing another developer forward for the same area. See Massive Germantown Mixed Use Project tabled until after the Election in the Memphis Business Journal.
For more information on developments, see
Polly at 4:29 AM