By Thomas Bailey Jr. Memphis Commercial Appeal
Posted September 6, 2012 at 3 a.m., updated September 7, 2012 at 12:09 a.m.
Photo by Nikki Boertman, The Commercial Appeal
www.commercialappeal.com
The extension of Downtown redevelopment has just leapfrogged to the core district's southern edge, skipping over several blighted, overgrown blocks and greasing the way for others to fill in the gap. The $7 million Crescent Bluff Apartments rise like an urban oasis on 3.5 acres at the northeast corner of Crump and Florida, surrounded on three sides by the vacant buildings and weedy lots typical of the inner-city's distressed districts. What others may see as a no man's land, Nashville-based Elmington Capital Group grabbed as an development opportunity before land prices start rising substantially. "No question, that area in 15 to 20 years will look dramatically different," said Elmington Capital president Cary Rosenblum. "There will not be an empty parcel. ... Three blocks from Crescent Bluffs are $300,000 to $400,000 condos." To hear Rosenblum, redevelopment extending south from the South Main Historic District is a train that's left Central Station. "There's been a lot done in Downtown Memphis. I see it just on the one yard line and ready to explode, honestly." Contractor Patton & Taylor Enterprises is bricking up the 72 units, expected to open by November. The two- and three-bedroom apartments are built with families in mind, offering 1,200 to 1,400 square feet, stainless steel appliances, low-flow toilets, nine-foot ceilings, balconies or patios, spacious closets, a clubhouse with laundry and community room, outdoor grills, picnic tables, playgrounds and outdoor fireplace. Crescent Bluff is an affordable housing project that used in its financing a 10-year payment-in-lieu-of-taxes (PILOT) from the city's Health, Education and Housing Facility Board, as well as a low income housing tax credit. A maximum is set on tenants' income and rent will be capped, too. The vice president of Downtown Memphis Commission not only expects Crescent Bluff to help spur neighboring development, but inject Downtown with a much needed resource: More people. "We really want to focus on getting density," Andy Kitsinger said. "We need more people Downtown to attract more retailers." Whether they are renters or homeowners, they'll all consumers, he said. The addition of quality affordable housing Downtown will strengthen the diversity of housing stock, Kitsinger said. Rosenblum believes other developers are on the verge of starting projects in the neighborhood. "We heard of a lot of other little projects starting to rear their heads. Different parcels ... the climate is there. The rental market is there for apartments. Condos, not quite yet." Kitsinger agreed there's increased talk of new projects. "The first thing we see that leads to breaking ground is conversation," he said. "And we have a lot more conversation. It got a little quiet for a while." Architect Shapiro and Co. designed Crescent Bluff, which will be surrounded by a security fence. Amelia Carkuff of Carkuff Interiors also was part of the design team. But the property is bounded to the south by an economically distressed commercial district along Crump, to the west by an overgrown vacant lot on the other side of Florida, to the north by several blocks of vacant, overgrown lots, and to the east by Canadian National Railroad. Until neighboring development comes, tenants of Crescent Bluff may or may not feel safe walking beyond their apartment fence at night. Despite the surroundings, interest is strong, Rosenblum said. "We put a sign out that we're preleasing. Just from a sign only we have been getting 30 inquiries a day by phone or by website," he said. "Everybody said, 'I live in the area. I've been waiting for something affordable for families.' The responses have been overwhelming. I think if we had a few hundred units, they'd lease up." Most people who want to move in already know and understand the area, and are looking for a safe environment to live, he said, adding, "I don't think we have to overcome anything really." For more information, visit crescentbluff.com
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