Development Services Group based in Memphis plans to rehab the Butler Brothers Building at 1717 Olive St in the Downtown West neighborhood. The company acquired the over 700,000 square-foot building earlier this year. According to bid documents submitted to the SLDC Planroom by Paric Corporation, the building will be renovated into 384 apartments. Amenity spaces will include a rooftop pool and walking track, a fitness center, and an interior courtyard on the 3rd level. Parking will be in the basement (73), first (161), and second (176) floors (410 total, if I counted right!). The architect is Trivers. Construction is planned to commence in November.
There aren’t any financial details in these documents. I’d guess the development will cost over $100M. I’d think they would utilize historic tax credits.
Update Sep 20, 2021 – According to LCRA meeting materials the renovation cost is $119M, and they are seeking a 95% tax abatement for 5 years, plus 75% for 5 more, then 50% for 5 more, with a present value of $9.7M.
Nextstl – 2014 –718,000SF Butler Brothers Building Set For Residential Redevelopment – This plan did not come to fruition.
On the first floor are two retail spaces of about 3,000 and 7,000 square feet and a coworking space with meeting rooms and a room for podcasting. They are at the west side of the building. One can enter from 18th Street to access those spaces via a “historic lobby.”
There will also be a “monumental stair.”
The second floor has bike storage, a dog spa, screen room, game room, golf simulator, fitness center, and a juice bar.
The floors above are mostly one bedrooms and a few studios and two bedrooms.
The inward-facing apartments have balconies.
