New Residential Complex Rising Along Vance Avenue, Memphis
Curious Memphis residents have been eyeing the trio of construction cranes on the city skyline with curiosity and speculation. The site in question? Vance Avenue near the entrance to Tom Lee Park; the project? a brand new residential property named The Oliver.
The Oliver Breathes New Life into Historic Site
The prominent construction site, located at 7 Vance Avenue, was formerly home to the historic Nylon Net building. The original edifice, which shared its past with the Oliver-Finnie Co. and the Nylon Net Company in the span from the 1960s to 1980s, was leveled to pave the way for the new residential project. The Carlisle Corp., a Memphis-based property company, scooped up the location for $3.15 million in November of 2020 following years of vacancy since the 90s. The decision to demolish the original structure was driven by the prohibitive costs of retention given the state of disrepair and the ambitious plans for the new building.
Project Phases and Property Features
The development is labeled as the latest chapter in the One Beale development initiative. The Oliver, consisting of a promising 210-apartment complex, is slated for completion during the summer season. The residential units, amassed in the property’s inaugural $74 million phase, are part of a two-step construction process.
A sister company of the Carlisle Corp., Front St. Devco LLC, purchased a secondary lot at 339 S. Front Street back in February 2020. This lot represents the second stage of construction and will house a new building containing 63 additional apartment units paired with 64 convenient parking spaces. Importantly, this second phase represents an added investment of around $14 million — totalling the entire project at an estimated $88 million.
The intended result? Two modern, residential structures with a combined offer of 273 apartments. The larger of the two buildings also includes plans for a basement parking facility able to accommodate up to 262 vehicles. As for the opening date, the leasing office for The Oliver is expected to commence operations this May, with the apartments becoming available to tenants in August.
Revitalizing Downtown Memphis
This development comes as a much-needed boost to the downtown Memphis area. After a period of developmental delay and stagnation, the Oliver project is expected to generate significant interest, lining up alongside a series of other ventures as part of the One Beale development. So far, the ambitious initiative has produced The Landing Residences and the Hyatt Centric, among others. Further grand plans, such as the location for a Grand Hyatt, are currently on hold but promises a vibrant future for the area.
