Long-Awaited Artesian Opens on Riverside (MDN)
“Despite being unfinished and empty for six years, the 16-story building at the corner of Riverside and Channel 3 drives has remained a landmark in the Downtown skyline.
And finally, the lights are coming on.
A grand opening for the Artesian Metropolitan Residences is planned at the 717 Riverside Drive location Thursday, Oct. 15.
The first phase for pre-sale includes floors 2, 6, 11 and 12. Of this initial phase, the condos range from 1,097 square feet to 3,035 square feet with listed prices ranging from $165,000 to $667,000. The two penthouses will go more than $1 million, Thrash said.
Marx-Bensdorf Realtors is handling sales, and the target demographic reaches from young professionals to retirees to East Memphis families looking for a second home.
Thirty units have already sold.
The building is unusual for a Downtown environment in that it has a great deal of surrounding green space.
“It’s almost like a campus,” Thrash said.
Thrash used the excess real estate to build amenities like a tennis court; bocce ball court; a pet park segregated for large and small dogs; a yoga room; workout facility; indoor and outdoor pools; two catering kitchens for events; a boardroom/private dining area and a rooftop deck.
He also intends to leverage the Artesian’s location, buttressing the Riverside Drive pedestrian trail and the integrated path system that leads to the Harahan Bridge, by adding recreation-friendly amenities like an interior, air-conditioned bike storage room and easy-access entry and exit gates to the trails.
Thrash said that it was always his vision to keep the building as luxury condos, and he believes that bringing it back to life will spur further development.
“I really think that if we would have looked in Memphis for a piece of raw land to build a structure on, we would have eventually found ourselves in that South Main area,” he said. “It’s an impressive place. I think the South Main and south end of Downton is just poised for a lot of growth. I think you’ll see a lot more residential happen.”
Thrash added that he is looking at a few other residential and hospitality developments in South Main and “central Downtown”.
“There really is no other larger-scale new product in Downtown Memphis,” he said. “I hope that we help spur that bookend on the south side of town and bring some new life because there’s a lot of real estate between the Artesian and Downtown to be developed.””