[arkitekte]

More good news for South Main. I guess since this is a second phase of what's across the street they won't look much better than phase 1.

Turley plans $8.1M addition to Downtown Memphis apartments
http://www.bizjournals.com/memphis/n...n-memphis.html

Long-time Memphis developer Henry Turley Co. is planning a $8.1 million addition to its South Junction apartments in Downtown's South Main neighborhood.

The 84-unit second phase of the currently 197-unit South Junction — which Turley will build at the southeast corner of Georgia and Florida Street, as I reported in April — would bring the company's total investment in the project up to more than $26 million.

Turley plans to ask the Downtown Memphis Commission's Center City Revenue Finance Corp. at its next board meeting on Sept. 9 to amend South Junction's payment-in-lieu-of-taxes incentives agreement to include the second phase of the complex.

South Junction Partners, led by Turley, received approval for a 15-year PILOT for the first phase of South Junction in June 2013, saving it $4.1 million in city and county taxes.

Construction on the new units should begin in September or October and finish in July 2015, according to an application submitted to the CCRFC.

The new apartments will be spread over 2.81 acres and will have 121 on-site surface parking spaces, the application said. About 20 percent of the units would be reserved for low- to moderate-income renters.

The plans for the apartment will go to the Design Review Board in October, according to the CCRFC application.