690 Mississippi Blvd & 0 Phelan Ave

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Address: 690 Mississippi Blvd & 0 Phelan Ave, Memphis, Tennessee, US
Created date: February 29, 2024
Date last updated: May 16, 2024
  • ±17.29-acre site with ±144,000 SF building ideal for adaptive-reuse development
  • Site located in South City master redevelopment plans to be used for multifamily development
  • Includes conceptual plan
  • Zoned RU-3
  • All utilities available at site
  • Many local and federal tax incentives available
  • Memphis undergoing major growth with many downtown developments under construction
  • Bull Realty TN license # 259046

Property Description

Georgia Avenue School represents a dynamic opportunity to acquire a ±144,000 SF of desirable, adaptive-reuse redevelopment asset on ±8.99 acres, with an additional, level, adjacent ±8.3 acres of flat developable land (total of ±17.29 acres). It is located near downtown Memphis in a rapidly developing area close to entertainment and the medical district. The property is currently zoned RU-3, which allows for development of mixed-use, multifamily, educational facility and office. Other possible uses include assisted living, hospice, nursing home, recreation, churches, and many other commercial uses. The conceptual plan herein shows the school being repurposed and additional multifamily units being developed for a total of approximately 400 units. The site boasts road frontage on three sides, multifamily zoning of RU-3 - Urban Residential, and all utilities available at the site. The site can qualify for Historic Tax Credits, New Market Tax Credits (NMTC), as well as Low Income Housing Tax Credits (LIHTC) and is located in a Qualified Opportunity Zone.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Land/Development
Price: $4,950,000
Lot Size: 17.29 Sq ft
Opportunity Zone: No
Property Website Click Here
Address: 690 Mississippi Blvd & 0 Phelan Ave, Memphis, TN 38126, USA
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