Major Memphis multifamily project is switching up its design — but the lazy river remains!
One of the largest multifamily projects in Downtown’s Medical District will have a slightly new look.
On Tuesday, the Center City Revenue Finance Corp., an affiliate board of the Downtown Memphis Commission (DMC), approved a 12-month extension for the Vic on Union project at 785 Union Ave. The extension will allow the developers additional time to close on their previously approved 12-year payment-in-lieu-of-taxes (PILOT).
Houston-based Hunington Properties is the developer for the Vic on Union project. The project endured significant increases in construction costs specifically with masonry work and seismic activity as compared to initial budget estimations, said Kate Good, Hunington Properties' principal of multifamily and development operations. Those increases forced the developers to reconfigure some portions of the site plan.
The changes include modifying the seven-story parking garage structure in favor of a 2⅟₂-story parking garage in the rear of the property along Beale Street, she said. Additionally, Hunington Properties is planning on eliminating 43 units from the original plan, reducing the total number of residential units from 286 to 243
“The project is still very much needed at this location,” Good said.
With the extension, Hunington Properties will have until Jan. 9, 2025, to secure financing for its PILOT agreement. In October 2022, the Center City Revenue Finance Corp. approved the PILOT incentive for the $46 million development.
In July 2022, the Memphis and Shelby County Board of Adjustment approved a variance to allow for multifamily and mixed-use on the Union Avenue site.
Good said the firm is working on securing its construction loan, which is expected to take eight to 10 months. Groundbreaking would happen soon after and is estimated to begin later this year, she said.
Vic on Union LLC, an affiliate of Hunington Properties, purchased the 2.45-acre site (formerly an Office Depot) for $4.5 million in December 2022, according to the Shelby County Register of Deeds. Good said the company has invested an additional $564,000 in pre-development and site work for designing the property.
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What will the Vic on Union include?
The main two changes for the project are with its parking garage and the total number of units. During the meeting, Good did not specify the $46 million price tag for the project has changed significantly, just its scope.
The Office Depot building will be demolished to make way for the Vic on Union development. The parking structure will go from seven to 2⅟₂ stories, with the total number of parking spaces reduced from 327 to 262.
Good said all the amenities for the site will remain. Based on previous site plans, the 10,000 square feet reserved for resident services include a podcast studio, pet spa, fitness center and swimming pool with a connecting lazy river.
The total square footage for the site will be reduced from 135,401 to 126,762 square feet.
The changes will decrease the total number of studios at Vic on Union and increase the total number of one-bedroom units, compared to the original plans.
Changes in unit layout:
Total number of studios previously: 189
Total number of studios in new plan: 139
Studios range from 386 to 349 square feet (unchanged)
Total number of one-bedroom units previously: 97
Total number of one-bedroom units in new plan: 104
One-bedroom units range from 590 to 725 square feet (largest unit size was previously 680 square feet)
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The initial project design was approved by the Design Review Board, an affiliate board of the DMC, in November 2022. The changes to the site plan will have to be approved by the Design Review Board.
Neil Strebig is a journalist with The Commercial Appeal. He can be reached at neil.strebig@commercialappeal.com, 901-426-0679 or via X/Twitter,@neilStrebig
This article originally appeared on Memphis Commercial Appeal: Downtown Memphis' Vic on Union project changes design: What we know
