What's that being built along Vance Avenue overlooking Tom Lee Park in Downtown Memphis?
Location: 7 Vance Ave. and 339 S. Front St., Downtown Memphis
Description: You've likely noticed it, after all it is hard to miss one of three cranes in Downtown Memphis.
So what's that near the Carlisle Cutback near the Tom Lee Park entrance?
The 210-apartment complex The Oliver is under construction and preparing to open this summer.
The property, located at 7 Vance Ave., was previously the historic Nylon Net building site. The original building was razed to make way for The Oliver apartment complex. The original site was home to the Oliver-Finnie Co. (where the namesake comes from) and during the 1960s through 1980s the Nylon Net Company.
Carlisle Corp., purchased the property for $3.15 million in November 2020. The 225,000-square-foot building had been vacant since the 1990s. The company cited that keeping the building would be cost-prohibitive given its condition at the time and the scope of the redevelopment plans.
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Front St. Devco LLC, a sister company of Carlisle Corp., purchased the nearby lot at 339 S. Front Street for $1.1 million in February 2020, according to the Shelby County Register of Deeds. The Front Street property will be the site of the second phase of construction, adding an additional 63 apartment units and 64 parking spaces.
Chance Carlisle of Carlisle Corp. said The Oliver is expected to open its leasing office in May with the first phase of apartments coming online in August. The building will have a 262-vehicle parking lot located below the main building.
The residential units are part of the building's first $74 million phase, Carlisle said. The second phase, at 339 S. Front Street, is planned, but has not begun yet. That phase will include a second building and bring the total project construction costs to around $88 million.
The Oliver is part of Carlisle Corp.'s Phase V of its One Beale development. The One Beale mixed-use development project has included the construction of The Landing Residences, Hyatt Centric, Caption by Hyatt and includes the proposed location of an on-hold Grand Hyatt site.
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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: What's being built along Vance Avenue near Tom Lee Park in Memphis?
