Old Commercial Appeal Building set for a New Chapter as Storage Site
The story surrounding the old Commercial Appeal building at 495 Union Ave continues to unfold. In recent development, a portion of the historic building was sold to Global Storage Partners, a California-based company. Global Storage purchased part of the recently subdivided site for $3.7 million under the entity Global Memphis Beale LLC.
Late last week, the plot thickened when zoning and final plat permits were filed, indicating the potential for self-storage at the site. The 6.48-acre property is divided into two parts. The larger share – a 4.12-acre warehouse lot that spans 179,612 square feet – was snapped up by Global Storage Partners. Its other half – the office portion and old newsroom area – remains on the market, listed at $4.9 million.
A Rich History Ready for Repurposing
The Commercial Appeal had been operating out of the 495 Union Ave. property since 1932. The production facility was built in the 1970s, and the office area renovated in 1977. The Commercial Appeal moved out of the Union Avenue offices in 2019 and relocated to 120 S. Front St. Having served as a hub for Memphis and Mid-South media, some hope to see it transformed into a “newseum”, showcasing the rich history of print operations that took place there.
Updates on Other Major Developments in Memphis
Falls Building Renovation Continues
In line with its promise of urban revitalization, the historic Falls Building at 22 S. Front St. has recently seen some action. Victoria Parker of Nashville-based Earl Swensson Associates filed a commercial alteration permit indicating plans to convert the 10-story, 175,600-square-foot tower into a multi-family use property with amenity spaces. The overhaul bears an estimated cost of $40 million.
Butler Row Expansion
Meanwhile, the Butler Row development located in Downtown’s historic South Main district prepares for major expansion. Following approval from the Memphis and Shelby County Board of Adjustment, Butler Row’s developers plan to increase the number of residential units from 164 to 316. Behind the $65 million project is KPS Development Partners, whose revised plans include 300 units and 12,000 square feet of commercial space, aiming to complete the project by 2025.
New Riggy’s Location in Southeast Memphis
On the commercial frontier, Houston-based real estate and logistics company DryPort Capital will be opening its first Memphis location called Riggy’s in May. This 11-acre site in southeast Memphis includes 220 tractor and trailer bays, available for monthly and overnight truck parking.
GWERC’s New Thematic Headquarters
Gearing towards economic redevelopment in Whitehaven, the Greater Whitehaven Economic Redevelopment Corporation (GWERC) unveiled its new headquarters on Elvis Presley Boulevard. The new offices will house business development and workforce training programs to boost the local community.
Increased Home Sales in Memphis
In other news, the Memphis residential real estate market recorded strong sales in February, with a 13.6% year-over-year increase. The Memphis Area Association of Realtors reported Parkway Village and Oakhaven as the neighborhoods with the highest increase in homes sold year-over-year in February. As the city grows and develops, Memphis continues to deepen its commitment to community and economic growth.
