After a series of fits and starts, the Texaco building is headed for redevelopment. Provident Realty Advisors closed on the building Thursday and expects to start construction within a month on turning the 1915 structure into a high-end apartment complex with 309 units. “It could be as soon as three or four weeks that we’ll have a building permit, so this is a go,” said Kip Platt, development partner with Dallas-based Provident Realty. Hnedak-Bobo Group of Memphis is the architect on the new project, which will include a 550-car parking garage. The developer is considering building a high-rise on top of the garage that would add another 200 units to the site. The apartments will average around $2,700 per month and 1,065 square feet and include top-of-the-line fixtures like stainless steel appliances, separate showers, European-style kitchens and quartz countertops. The building will contain ground-floor retail space and be connected to downtown’s tunnel system through the BG Group Place building and eventually to another high-rise planned to the north of the property. The Texaco building was developed in phases. One half is 16 stories and the other is 13 stories. “The architectural history is very unique. It was designed originally by the architect that did Grand Central Station in New York, which happened to be Cornelius Vanderbilt’s first cousin,” Platt said.
Posted on: Sun, 01 Sep 2013 14:58:20 +0000
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