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By Steffen Reals
MEMPHIS, Tenn. (ABC 24 News) – Memphis is becoming a national leader in breathing new life into older buildings, bringing more housing to the rental market.
This is called adaptive reuse, and according to Rent Cafe, Memphis is currently the 27th most likely candidate for such projects. In 2023, Conwood Flats opened, bringing 137 new apartments to a former warehouse.
“The more housing you have, the more diversity you have,” said Doug Ressler, manager of business BroadCast Unitedligence at Yardi Matrix. “Grocery stores, retail stores, etc. all contribute to a broader, mixed base.”
Just across the street, Conwood II is under construction, which will build 294 more apartments in a 1950s factory. Overall, a study by Rent Cafe found that 1,210 new apartments are under development in the Memphis area, ahead of cities such as Minneapolis (1,071), Nashville (969) and Orlando (914).
The number of projects itself will grow by 17.6% nationwide in 2023, with hotel-to-apartment conversions accounting for the largest number of projects, but office conversions are expected to become more popular, with 58,000 apartments currently in development, according to Rent Cafe.
While some believe this could help turn an eyesore into something useful for the city, others believe this type of project actually comes with some caveats.
“Oftentimes, the highest and best use represents the one where we can make the most money,” said Austin Harrison, assistant professor of urban studies at the Rhodes School. “But I think we need to think about more than just money, we need to think about what kind of space the community wants to see there.”
Harrison told ABC24 in the study that these projects often don’t necessarily meet the needs of nearby neighbors. Another concern is that out-of-town companies are leading these projects, such as rental conversions. Harrison has said in the past that out-of-town management can be difficult to attract, resulting in rents that seem to keep rising.
Adaptive reuse is nothing new to Memphis. In some cases, it’s even been praised for bringing innovation and life to old buildings. However, Harrison said some people see how much adaptive reuse can benefit a community, and Crosstown Concourse is a clear example.
“I’ve lived with neighbors for the past five or six years who don’t feel Crosstown is built for them,” Harrison said. “In fact, the community needs to demand that they have a say and demand a community benefits agreement or the developer must abide by it.”
Spanish:
By Stephen Rails
MEMPHIS, Tenn. (ABC 24 News) – Memphis is becoming a national leader in breathing new life into older buildings and bringing more housing to the rental market.
This is called adaptive reuse, and according to Rent Cafe, Memphis currently ranks 27th in the top tier of these projects. In 2023, Conwood Flats opened, adding 137 new apartments to a former warehouse.
“The more homes you have, the more diversity you have,” said Doug Ressler, Yardi Matrix business BroadCast Unitedligence manager. “Supermarkets, retail shopping, etc. all contribute to having a broader overall base.”
Just across the street, Conwood II is under construction, which will install an additional 294 apartments in a 1950s factory. Overall, a study by Rent Cafe found that 1,210 new apartments are being developed in the Memphis area, ahead of cities such as Minneapolis (1,071 units), Nashville (969 units) and Orlando (914 units).
The number of projects nationwide will grow 17.6% by 2023, mostly hotel-to-apartment conversions, but office conversions are expected to become more popular, with 58,000 units in development, according to Rent Cafe.
While some say this can help turn an eyesore into something productive for the city, others say these types of projects actually come with some caveats.
“A lot of times the highest and best use is the guideline of what makes us the most money,” said Austin Harrison, assistant professor of urban studies at Rhodes College. “But I would say we need to think about something bigger than dollars, we need to think about what the community wants to see the space there.”
Harrison told ABC24 News in the study that most of the time, these projects don’t necessarily take into account the needs of nearby neighbors. Another issue is when out-of-town companies take the lead on projects, such as rental conversions. Harrison has said in the past that off-site management can be difficult to achieve, leading to ever-increasing rental prices.
Adaptive reuse is nothing new to Memphis. In some cases, it’s even been praised for the innovation and vitality it brings to older buildings. However, Harrison said there is some romantic view of its benefits to the community, with a clear example being the Crosstown Concourse.
“The neighbors I’ve lived with for the last five or six years don’t feel that Crosstown was built for them,” Harrison said. “In fact, the community needs to demand that they have a seat at the table and demand that there be a community benefits agreement that the developer must abide by if that doesn’t happen.”
Photo: Conwood Flats Memphis
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