CA: Investors plan new riverfront condo development

CA: Investors plan new riverfront condo development

Plans are in the works for a third condo development to rise over the Mississippi atop the South Bluffs.

NCE Realty & Capital Group plans to build condominiums on the 2.5 acres it purchased in January on Riverside.

Formerly a parking lot, the vacant property is sandwiched between the new 16-story Artesian condo tower to the south and the 15-story River Tower at South Bluffs (formerly Holiday Inn Rivermont) condos on the north.

“We are planning to develop (the) Riverside lot to be luxury condominiums now,” Shili “Shirley” Fan of NCE Realty & Capital said in an email response to questions from The Commercial Appeal.

Earlier this week, NCE completed its $2 million purchase of the old Central Police Station, 128 Adams, from the City of Memphis. The company plans to redevelop that long-vacant, historic building as a boutique hotel.

But when asked what happens next in renovating the old police station, Fan replied that NCE will be working on two projects instead of one.

“… We are going to work with the architect and contractor to start (the) old police station project. We hope we can complete two projects within 2-3 years,” she said.

Asked for details about the condominium development, Fan replied, “Our board members will visit Memphis from New York, Chicago and Hong Kong this Friday. We will discuss and will be in touch with you after we figure out more details about (the) condos.”

For at least the police station redevelopment, NCE plans to participate in the federal EB-5 program. It is designed to support the U.S. economy by permitting foreigners to obtain a green card if they invest a minimum of $500,000 and create at least 10 permanent jobs in the U.S.

The Great Recession put the brakes on Downtown’s condo market. But the Artesian, which offers panoramic views of the river and Downtown, is showing there’s demand again for luxury condos.

The Artesian is fast filling with residents even though the build-out of units is incomplete. So far, 113 of the 143 units have been purchased, said one of the listing agents, Mike Parker.

 

 

“If the Horizon sells out and the remaining few (units) in the Lofts (at South Bluffs) sell out, there’s nothing else available,” Bologna said. “It usually takes a couple of years to get a project up and running where you are making any impact on the market. We might very well have a dry spell there where there’s really nothing available other than re-sales.”

Fan of NCE Realty expressed optimism about the city. The company also bought and is renovating the 92-year-old, 16-unit Overton Manor Apartments at 528 E. Parkway. Fan is also general manager of CE-Bio in Olive Branch, an operation makes dietary supplements.

“Memphis city is getting better and better,” Fan said in her email this week. “City is paving new roads, etc. You may see many good changes almost every day happening…”

“Strickland is really a great Mayor I think. NCE believes (in) Memphis, and (is dedicated) to city improvement.”

CA: Investors plan new riverfront condo development

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