One Beale
  • Last Updated: January 04 2021
  • Pre-Construction Bid Date:
  • Status: 90% contracts purchased

Suggested Pricing:

    Contact Name Email Phone Role Emails sent Last date  
    Concho Moore ‭(512) 897-7039‬ Other      
    Tim Gross (901) 612-2875 Project Manager      

  • Description:
    • Projected to be completed by late 2020. 
      At Tuesday's groundbreaking event for One Beale's first and second phases, the developers provided new architectural renderings and updated the public on their plans for rental rates, restaurants, and a development timeline.
      Lead developer Chance Carlisle also made the case for more apartment developers to launch projects near One Beale.
      Downtown has a serious dearth of "true Class A" apartments, which is holding back the area's growth, Carlisle said. With its restaurant, pool, riverfront views, and top-class construction, Carlisle expects One Beale's 230-unit apartment complex to break local records for rental rates.
      "We’re underserving about 2,000 apartment dwellers today who are willing to step into something much nicer," Carlisle said. "We should be well north of $2 (per square foot), and I hope we break $2.50."
      For comparison, the Tennessee Brewery apartments initially rented for about $1.50 per square foot. Carlisle pointed out, though, that the Brewery and other recent apartment developments have been filling up within five months. Typically, stabilization should take up to 15 months in a healthy apartment market, he said.
      "When I look at [a five-month stabilization], that isn't a healthy market. That's a market where the supply isn't being created at a level that is healthy," Carlisle said.
      Downtown Memphis currently has a multifamily occupancy rate of about 97 percent; Carlisle would like to see it closer to 93 percent.
      The apartment and Hyatt Centric hotel portions of the project — each set to include about 230 rooms — are the first two phases and should cost about $150 million combined. The hotel is expected to be completed in November 2020. Some of the apartments will be occupied in February 2021 and the rest in July 2021, the developers announced.
      Hyatt vice president of development Stephen Kallaher said the hotel is set to feature a large ground-floor restaurant and rooftop whiskey bar — both of which his firm will operate. The bar will have both interior and exterior seating, in hopes of prominently featuring views of both the Mississippi River and the Downtown skyline.
      The apartment building is set to include a set to include a riverfront restaurant, but no tenant has been announced. Both the apartment complex and hotel are set to feature pools.
      The hotel has been designed with staggered windows, which are meant to suggest music notes when viewed from afar, according to the building's architect, HBG Design. Flintco LLC will be building the hotel, and it was financed by First Tennessee Bank.
      The apartments are being designed by Studio Architects, built by Construction Enterprises, Inc., and financed by Fifth Third Bank.

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Project Updates 7th October 2020 08:02:p.m.

posted status: Public