Boyle Begins Work on Fort Worth Power Center


– Boyle Report – Spring –

Following on the heels of its successful power center in suburban Dallas, Boyle has begun work on yet another large-scale retail project in Texas, this one in the Fort Worth area. Boyle has acquired approximately 65 acres of land in Tarrant County and already has begun the initial phase of development, which includes a 450,000-square-foot power center anchored by Lowe’s Home Improvement Stores.

The new, high-profile retail center, Southwest Crossings, will be strategically located at the intersection of Interstate 20, Southwest Blvd. (state highway 183), and Bryant Irvin Road in the high-growth area of southwest Ft. Worth. The triangle-shaped tract is located directly across I-20 from Hulen Mall, one of the most successful regional malls in Tarrant County. Southwest Crossings will include a number of national big-box retailers that are not currently represented in the southwest Tarrant County market.

According to Steve Bowie, Boyle vice president of retail development, “Big-box retail tenants have exhibited a tremendous interest in this project due to the area’s demographics and growth, the project’s proximity to Hulen Mall, and the center’s accessibility to the larger regional market.

This property will be developed in two phases. Lowe’s Home Improvement Stores will anchor the 47-acre Phase I of the project with its newest 180,000 square foot prototype store in the northwest portion of the site. The first stores in this 450,000-square-foot phase are scheduled to open in the fall of 1997. In addition to Lowe’s, other big-box retailers will range in size from 15,000 to 50,000 square feet each. Potential uses may include home furnishings, toys and children’s apparel, men and women’s apparel, shoes, groceries, electronics and furniture. Phase I also will include 30,000 square feet of specialty retail space and five prominent restaurant/retail out parcels.

Phase II will consist of 18 acres in the eastern portion of the 65-acre tract, and will offer several large tracts for destination retail and hotel users, as well as prime restaurant out parcels. Pad sites within Phase II will enjoy outstanding visibility from I-20 and Southwest Blvd.

Boyle’s first venture in the Metroplex was the highly successful Preston Shepard Place, a 370,000-square-foot power center in west Plano, Texas. It was recently sold to the Prudential Insurance Company in July 1996 for $47 million.

Boyle acquired the Hulen area property for Southwest Crossings in conjunction with Milton T. Schaeffer of Memphis and George Allen of Dallas, both of whom were also joint venture partners in the Plano development.

“The development of Preston Shepard Place was a great introductory experience in the Dallas-Ft. Worth market.” says Bowie. “We’re extremely excited about the potential for Southwest Crossings, and we expect to have continued involvement in commercial development in the Metroplex.

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Boyle’s 70 Years Have Transformed Memphis


By Deborah M. Chubb
– The Commercial Appeal/Real Estate –

Bayard Boyle Jr. jokes that he joined the family business in 1960 because it was the line of least resistance.

Henry Morgan started in a dungeon-like basement bank vault on Second Street, sorting files for the Boyle family’s insurance business.

Today Boyle and Morgan head a 100 employee family-owned company that in it’s 70 years has reshaped Memphis. And they’re far from done.

As Boyle Investment Co. celebrates its 70th anniversary, the company holds hundreds of acres across Shelby County and is developing hundreds more here and elsewhere in joint ventures and partnerships with landowners.

“It’s really a pretty durn interesting business,” said Boyle, 66, chairman. “You can see it more physically than a lot of other businesses.

“It’s bricks and mortar, and seeing projects from start to finish, that’s really a lot of fun,” said Morgan, 59, president.

A Boyle company hallmark has long been development east of the original city center, first in the Ridgeway area, where they built a 204-acre “city on the edge of the city.”

Recent projects have been big, multi-acre, multi-use, upscale and even farther east; Humphreys Center, formerly an open field along Walnut Grove, and now the 450-acre Schilling Farms in Collierville.

With more than 5 million square feet of developed space in Memphis, their land resources today include more than 30 key properties, including two developments that straddle the Shelby-Fayette county line.

Russell ‘Rusty’ Bloodworth, Jr. joined Boyle after architecture school “and wanted to do new towns,” Boyle said. Instead, considering potential infrastructure costs and zoning issues, the company and Bloodworth, executive vice president, have pushed into large-scale developments that provide different uses to attract people to work, shop, play and live.

“We are developers, but these large-scale projects give us a competitive advantage,” Boyle said.

“They have a lot of vision when it comes to acquiring land for future development,” David Peck, president and chief executive officer of Weston Companies, who competes with Boyle in most phases of office, commercial and retail real estate. “They certainly are one of the leaders that’s able to look at a piece of property and buy 20 to 30 years into the future, and as far as I can tell, they don’t make too many mistakes.”

The company began in 1933 as a partnership of three brothers – Bayard Boyle Sr., Snowden Boyle and Charles Boyle.

They were descendants of John Overton, a founder of Memphis, and of Edward Boyle, their father, who developed the imposing Belvedere Boulevard in the early 1900’s.

Initially the brothers managed foreclosed property for New York Life Insurance Co. and developed commercial and residential loans for other insurance companies.

After World War II, the Boyle firm provided loans for new residential, commercial and industrial developments across the city. The company then expanded beyond financing the land development, leasing property management, sales and insurance.

Boyle clients included Sears, General Electric, General Mills, General Motors and other national concerns. In the late 1940’s, Boyle developed its first residential subdivisions, building and selling homes.

Bayard Boyle Sr. was a genius at identifying and acquiring property for future development, Morgan said. Tracing on a wall map, Morgan drew the arc of land from the Wolf River to Poplar where the company’s first large-scale developments were built.

“He was very influential and had great foresight,” Morgan said.

“He loved riding around and looking at property,” said his son. “We were the only real house when we moved out here. I was 2….”

Through the 1960’s Boyle created River Oaks, Farmington and Kirby Woods and diversified outside Memphis.

Company headquarters were downtown, in a former bank building at Second and Madison.

But when they set out to turn the Ridgeway Golf Course into Ridgeway Office Park, they moved in 1973 into the first building, addressed at 5900 Poplar, where they are today.

Bayard Boyle Jr. was named president in 1971.

Morgan, whose father was a commercial banker and whose uncle ran the Boyle insurance business, survived his summer job in the insurance files, liked the company and went to work for the Boyle mortgage business. He met and married Snow Morgan, Bayard Jr.’s sister, and has spent 34 years in business with his brother-in-law.

Boyle was named chairman and Morgan rose to president in 1985.

Both men credit an expert staff, many with more than 20 years’ experience in the company, for its strength.

Their competitor, Peck, agrees. The company’s people, from Boyle and Morgan to Mark Halperin and senior vice president Joel Fulmer, are “quality individuals and people you can rely on when you ask for information,” Peck said.

“They’ve done a lot for the city, probably as much for development as anyone here. …You can always tell a Boyle project by the landscaping and the quality of the property management they put into their properties.”

Preferring to build and keep projects “a long time,” Morgan said, Boyle has less than 2 million square feet of industrial space, instead concentrating on residential retail and office projects.

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Building Community: When East Meets West


By Gaye G. Swan
– MUS Today Summer/Fall 2003 –

From New Urban to New Town, Henry Turley ’59 and Rusty Bloodworth ’63 are shaping the face of Memphis. Though they have different visions of development in our community, they have the same goal – to make Memphis a better, more diverse place to live. And thanks to their efforts, Memphis is enriched by the choices they provide.

Henry Turley, founder and president of Henry Turley Company, is something of a pioneer, and he expresses admiration for what he calls the “frontier culture” of Memphis – a uniquely free culture without a great deal of structure. It is this very freedom that has allowed him to pursue and develop what is now knows as “the new urban” experience, exemplified by Harbor Town north of Mud Island and South Bluffs in downtown Memphis.

“I wanted to provide a product to those who were looking for an urban experience, and I knew Memphis would be a better city if we offered more variety,” Turley said. “New urban is something of a combination of what is good in the urban form and what is pleasing in the suburban forms.

“When I was planning Harbor Town, I struggled with the form – should it be urban, with street grids and tall buildings, or suburban. It was only when I abandoned those existing forms and began to think in a freer way about the needs of my customers, that I was able to do this thing that ultimately became known as new urban. It is a combination, but it was derived from my trying to find various elements, patterns, and structures that would best serve our anticipated clientele.”

Rusty Bloodworth, executive vice president of Boyle Investment Company, agrees that more choices make Memphis a richer place to live. “We’ve had several business headquarters move to Memphis from out of town. You don’t get the heavy-hitters to come here unless they know they are going to be able to have a wonderful life. So it is important to have all the pieces that relate to a wonderful life available to them when they first come here to ‘kick the tire’ and see what Memphis has to offer.

“We believe the development of very high-end residential communities is important. We create many types of neighborhoods, but the high-end is critical for capturing new business from out of town. Harbor Town offers them a wonderful environment that they might not have had where they came from. Our River Oaks community [in east Memphis] that we’ve been developing since the mid-60’s also offers a possible fit, depending on their lifestyle and aspirations. We need all these wonderful communities.”

Boyle is in the process of developing large-scale multiuse communities, providing space for living, working, and recreation. Bloodworth has championed the development of these “new towns” since he became fascinated by the concept in college. “The idea of new towns goes back as far as Roman civilization but really became a factor in Europe at the turn of the century,” he explained. “London was filled to a dysfunctional point and searching for a solution. The choice was either tear down large sections – which was what the United States did in the 1950’s – and rebuild at a higher density or go out on the fringe. They decided to go out on the fringe and develop new towns that were like a necklace around London. The towns were (and are) somewhat independent of each other, with large open spaces between them. And that was the beginning of the new town movement.”

Bloodworth studied community development in Scandinavia, where the decision was made to ring Stockholm with new communities, following the new town concept. These new towns were each equipped to be a town in itself, while remaining a part of the larger city. “I lived in one of the little towns on the outskirts of Stockholm. It was just a dream place – everything was there, so well put together. Low-density, single-family detached town homes, all the way up to mid-rise with the town center offices, distribution, and mass transit – everything was thought through so well on a broad scale. I just got totally captured with what communities could be like.”

He continued, “When I was in college, I was so struck by the problem of urban growth. If you are growing at the rate that we as a metropolitan area have grown for the last 40 years, you do consume new areas. The real question is, how are you going to conceive of that growth; what is the nature of it going to be? Is it going to be isolated enclaves, or is it going to be a rich mixture of neighborhoods, civic, retail, and commercial uses that are all somehow woven together into a community that has a real sense of place. I have focused on that problem and that challenge on the fringes; Henry, of course, has tackled the problems of the existing city downtown:

In fact, the name Henry Turley conjures up the downtown area, so closely have the two become intertwined. He has successfully transformed old, deteriorating buildings into modern housing or office space, while keeping the look and feel of historic downtown. For this contribution to the real estate community, he was recently presented with the Lifetime Achievement Award from the Memphis Chapter of Lambda Alpha International, a professional society. Current projects include updating apartments at 413 S. Main into condominiums and developing the Harbor Town Marina, with Patton & Taylor Construction Company as general contractor. Clyde Patton ’58 has a long relationship with Turley – his company was the co-developer and general contractor of the Memphis Cotton Exchange Building and the contractor for 8 Union Center and the Yacht Club Condos, among others. “Henry is an individual with the highest integrity,” commented Patton. “He also has a wonderful sense of humor. Anytime you embark on a project with Henry, it is an adventure.”

Why choose downtown? I chose to work downtown because I didn’t think we should throw away a perfectly good part of the city,” said Turley. “I didn’t think it was a sensible, or even a possible, course that we could follow. There would always be a vestigial society or community there that would not go away, and that, through abandonment and lack of investment, would become a problem for the city. The area, if neglected and ignored, would become a negative place. I thought that was just impossible – that the consequences would be tremendous. Although individually people could abandon downtown, and by extension the whole inner city, we as a society couldn’t. It would stay with us, and if ignored and not cared for, not loved, then it would become a problem for us. I didn’t think that was even feasible. At one time, it was common wisdom that you could abandon your downtown and your inner city – that it was a wise and proper thing to do – but I could never convince myself that it was right. In fact, I thought quite the opposite was right. So I set my sights on creating a new and different downtown.

“Another one of my underlying premises for choosing downtown was to try to help build a place where shared interests could be realized,” Turley continued. “A clear example of a shared interest is the Grizzlies. Another is the Redbirds. Their being downtown is a statement that they are a shared or transcendent value for the community. They transcend the parochial interest and become instead the interest of all citizens of the community. I’ve always thought downtown should be built that way. It should be built not as an exclusive but an inclusive place. Not as a place that discriminates in one way or another but that encourages interaction – a place where you do things together. An example is where you share your enthusiasm for your sports team. Sports can do for a city what I want downtown to do for the city: to bring people together around a shared thing, a shared value, a shared place.”

Although their concepts are different, their values and aims are very compatible. Bloodworth said, “There is both a tension between suburban growth and the downtown’s inner cities, but there is also a symbiotic relationship that is usually fairly hard for people to grasp. You could never have had what we have downtown – the rebirth that we’ve had, that Henry has been so critical in – had we not, as a community, grown to a larger scale. Atlanta, for example, enjoyed a great rebirth in its downtown area about 20 years ago. It was clear to the leaders that for the downtown area of Atlanta to enjoy rebirth, the entire pie had to get large so that at some point there would be demand for the downtown again. So the mayor actively supported the development of suburban areas. They allowed a lot of business growth to occur fairly easily. Once the overall level of development reached a certain critical mass, the downtown effort would be a lot easier to sustain.”

What’s up next for these community developers? Both have learned much from previous efforts to assist in ongoing projects. “Along the way, we practiced and learned,” said Turley. “We learned certain things that make it easier to build other parts of the city that have been similarly abandoned, ignored, neglected, and left unloved. We took downtown, figured out how to do it, then took those lessons to try anywhere in the inner city. It’s hard to do, and we still have a long way to go.”

Turley is currently involved in developing a community called Uptown, a run-down area of downtown and North Memphis encompassing neighborhoods and housing projects from the Wolf River Harbor to Ayers Street and from Third Street to Chelsea. The new development will provide many new beautiful and affordable homes, plus the demolition and redevelopment of Hurt Village and the restoration of Lauderdale Courts. The plans call for an improved infrastructure, streetscapes, and parks – and public safety, education, and transportation programs.

“Uptown comes from the original concept of not throwing away parts of our city; parts of our history,” Turley explained. “We want to build places where we can live an even richer life, together – as part of a richer experience. The premise of Uptown is to build a place where those of lower income can be integrated into the flow of society and economy. Of course, the challenge is to convince those with options to move there – those who could choose to live elsewhere – that this might be an interesting and fulfilling lifestyle.

Challenges await Bloodworth as well. “Before I worked here, Boyle had developed Farmington, one of the first large scale new community developments. It was an early mixed-use development. That led us to Ridgeway Center, then to Humphreys Center [both landmarks of east Memphis]. Today, we are doing Schilling Farms, Porter Farms, and Price Farms on over 700 acres, working on Spring Creek on the edge of the county (900 acres), and on a 600-acre large scale, multi-use development in Franklin, Tennessee.

“We try to learn through this process how to put together communities with many different types of uses – 14 different uses, rather than the four or five uses of some of our earlier communities. If you add, say, a church, a YMCA, office space, a distribution center, and retail space to the different kinds of housing, it is a much richer way of developing 500 acres of suburbia. In the Schilling development, we have a school, parks, single family and multifamily housing, retail outlets, retirement housing, a hotel, corporate offices, banks – it is really almost a complete community.”

Community – a sense of belonging, of kinship, of shared interests and values – is the foundation on which both men have built their efforts. More than just shared spaces, the areas Bloodworth and Turley have developed are neighborhoods in the true sense of the word. Turley concluded, “I am pleased when customers tell me, ‘this is a wonderful place to live. It offers me opportunities I didn’t know were available anywhere, in any neighborhood. In fact, this made me understand neighborhoods and communities. This is a better place.’”

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Cousins Joins in Collierville Mall Venture


By Jane Aldinger
– The Memphis Business Journal –

Montgomery, Alabama based Jim Wilson and Associates Inc., and Atlanta based Cousins Properties, Inc. have joined as equal partners in the long awaited $100 million Collierville retail project, now called The Avenue at Carriage Crossing.

The developers are negotiating contracts with several new retail tenants to occupy space in the mall, including fashion retailer Parisian, a newcomer to the Memphis market. Dillard’s and Parisian have been named as the department store anchors. Other tenants include Barns & Noble, Abercrombie & Fitch, American Eagle Outfitters, Ann Taylor Loft, Banana Republic, Bath & Body Works, The Buckle, Cache, Express, Gap, GapKids, BabyGap, Gould’s Spa & Salon, Hollisters, Limited Too, Linens ‘N Things, Reed’s Jewels, Talbots and Victoria’s Secret.

The Avenue is a brand of Cousins properties and has been developed in the Los Angeles and Atlanta markets. But the Collierville Avenue project, sitting on 138 acres, will be significantly larger than other Cousins’ Avenue ventures that range in size from 169,000 – 425,000 square feet.

The Collierville mall will be an open-air lifestyle center containing 810,000 square feet of fashion center space and about 220,000 square feet of big-box retail space, separately titled Carriage Plaza.

The land is jointly owned by Memphis based Boyle Investment Co. and the Morrison family, and Boyle was originally named as Wilson’s partner in the venture. But when Wilson brought Cousins on board, Boyle stepped aside, says Cary Whitehead, senior vice president at Boyle.

“It was a judgment call,” Whitehead says. “We thought it was going to be a great project, and we were excited about the opportunity to be involved. We felt Cousins would be good for the project, and we couldn’t both be in. We had to watch after the best interests of the Morrison family first and our interests second.”

The land is located off Bill Morris Parkway at the Houston Levee exit, and the mall will be bordered to the north by Houston Levee Road, to the east by Collierville Road and Nonconnah Parkway and to the west by East Shelby Drive.

According to preliminary site plans, Parisian, located on the southeast corner of the development, will occupy 124,303 square feet on two levels and Dillard’s located on the northwest corner, will occupy 200,000 square-feet on two levels.

Will Wilson, vice president of development for Wilson and Associates, says the Avenue lifestyle center will be constructed first, followed by the construction of the Carriage Plaza center. Construction has been delayed, but Wilson says he hopes to get the legal requirements completed “as soon as possible” so the partners can acquire the land and begin construction. A tentative opening date listed on Cousins’ and Wilson’s Web site is scheduled for fall 2005.

Kevin Polston, vice president of development leasing for Cousins, says his firm does not typically close on the land until construction is ready to begin, and “we have not closed on the land as of today (March 3), he says.

Cousins had been looking in the Memphis area for several years before getting involved with the Carriage Crossing project, Polston says. New houses, young families and household wealth are components Cousins tracks for its developments, and the Collierville location satisfied those requirements.

“We’ve been very interested in the Germantown-Collierville corridor,” he says. “That’s where the concentration of income is and where the highest growth in Memphis is located, and that’s generally what we follow in the market.”

Polston says the two developers were introduced through a mutual retailer and Wilson and Associates’ plans fit well with what Cousins saw in the market.

“They thought we had a lot in common, and we wound up seeing the market the same way they did,” Polston says. “With the two companies’ strengths combined, we thought it would be stronger. It is a good team to tackle the project together.”

“We just think they (Cousins) do a great job in what they do, and they have a lot of money, too,” Wilson says.

The developers will try to preserve a pedestrian-friendly element with the Carriage Crossing project. Polston says the lifestyle center will have parking located along storefronts, but will also have satellite parking lots to handle over-flow.

The center is being designed to fill a niche in the Memphis retail market, providing shoppers both the convenience of storefront parking and the satisfaction of larger-scale department store needs, Polston says. He expects to have some tenant overlap between Carriage Crossing and Saddle Creek in Germantown.

Trip Trezevant, president of Trezevant Enterprises, which has developed Abbington Center, Sloane’s Square and three phases of Shops of Collierville, doesn’t think Carriage Crossing will adversely impact his retail centers in Collierville or Saddle Creek.

“The mall would be a good thing for convenience, and it would be a good thing for the tax base,” Trezevant says. “Now Collierville isn’t going to have to go anywhere.”

The open-air concept is appealing, Trezevant says, because it serves as a deterrent for teenagers and young adults using the center as a “climatized babysitting environment.”

“It’s really going to attract the true shopper and not the person who just wants to hang out,” he says.

Cousins Properties founded in 1958, was qualified as a real estate investment trust in 1987 and its current portfolio consists of interests in 13.9 million square feet of office and medical office space, 2.5 million square feet of retail and more than 280 acres of strategically located land for future commercial development.

Other Wilson and Associates retail ventures include the 2.4 million-square-foot Riverchase Galleria in Birmingham, Ala., the 1.3 million square-foot Mall of Louisiana in Baton Rouge, La., and the 900,000 square-foot Edgewater mall in Biloxi, Miss.

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Developer announces plans


By Karen Loew
– The Tennessean –

BRENTWOOD ­ For the second time this week, a developer announced plans to attempt locating a retail cluster in long commercial-free years well-populated east Brentwood. Memphis-based Boyle Investment Company is planning a grocery-storeanchored development for the corner of Concord and Sunset Roads, Nashville office Executive Manager Phil Fawcett said yesterday. The 75,000 square feet of shops would be built on 17 acres now owned by Don Demumbrum if the City Commission approves rezoning the parcel from residential to commercial. Boyle’s announcement comes two days after that of the Parker-Grass Company, which proposes putting 79,800 square feet of retail on 21.3 acres a ways to the west, on the northwest corner of the Edmondson Pike-Concord Road intersection. Both Fawcett and Dudley Parker said they’ve been eyeing the opportunity for some time to serve the needs of under-retailed east Brentwoodians, but waited for the recent City Commission election to pass before making plans public.

“We felt like once that was settled, we wanted to move forward,” said Fawcett, who aims to make his rezoning request before the commission on July 14. “The question has been, ‘is it needed?’ We’ll find out if the community really feels it is needed.”

“What is deemed to be the best site will win out,” DeMumbrum said. He lives directly north of the proposed site, on what’s left of the hundreds of acres once owned by the family of his wife, Carol Edmondson DeMumbrum.

Several years back, the couple also sold 15 acres south of this site to the city for construction of Safety Center East.

Parker-Grass also earned the participation of an old Brentwood family, signing a contract with Bill Primm. Both developers emphasized good landscaping, sensitivity to neighbors and identification of their sites in the Brentwood 2020 long-range plan. Boyle’s supermarket is about 10,000 square feet smaller than Parker’s. His company relied on the language of last year’s “neighborhood commercial” ordinance, which wasn’t voted into law but can be used for developer guidance.

Boyle’s preliminary plan calls for a 39,000 square foot grocery store with a building attached that would house about a dozen shops. Two outbuildings could house uses such as a bank or gas station. The early sketch orients the buildings toward Concord, where one or two entrances will lead in. Another entrance comes off Sunset. The land dips there, which should reduce visibility of new buildings from surrounding roads or houses.

Fawcett said design and occupancy of the center will be based largely on community input, so he will hold public meetings to hear from area residents. He mentioned Kroger or Publix as possible groceries, unlike Parker-Grass, which is committed to Publix. Parker’s request will come before city officials first, in the next few weeks. He plans to hear neighbors’ input tonight at 7 at the Brentwood Library.

According to Fawcett, his proposal has the advantage of being located in the “fastest-growing quadrant” farther east, and not being immediately surrounded by neighbors. He said few people live within 1,000 feet of the site, which is used by the city as the radius within which developers are required to notify residents of potential rezonings. Also, says DeMumbrum, a music producer, his family plans to keep on living right across Concord Road “for the rest of our days.”

“We’re probably more concerned than any resident would be about what’s going on across the road. We won’t really even be able to see the development, so if we can’t see it, the people in BonBrook won’t be able to see it at all,” he said, referring to the neighborhood behind him.

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Skin Rejuvenation Pioneer Offers Transformative Treatments for All Skin Types and Tones   NASHVILLE, TENNESSEE – APRIL 16, 2024 – Skin Laundry, the leading destination for accessible, state-of-the-art skin rejuvenating treatments, is set to open a clinic in Franklin at McEwen Northside, one of the area’s top mixed-use destinations, in May. This will mark Skin […]

Meridian Cool Springs Brings Handel’s Ice Cream to Franklin

April 08, 2024

“No. 1 Ice Cream on the Planet” to Call New 1,400 Sq. Ft. Restaurant Building Home   NASHVILLE, TENNESSEE – APRIL 8, 2024 – Handel’s Homemade Ice Cream – the beloved brand known for its handcrafted ice cream, made fresh daily in each location – will open its first location in Franklin this summer at […]

Blue Sushi Expands in Nashville Market with the opening of McEwen Northside Location in Franklin, TN

March 25, 2024

Restaurant and cocktail bar concept by Omaha’s Flagship Restaurant Group is currently the country’s largest sushi restaurant group running a sustainably sourced seafood program in partnership with the prestigious Monterey Bay Aquarium Seafood Watch. Franklin location marks concept’s second foray in the Nashville market and restaurant group’s 45th opening.   NASHVILLE, TENNESSEE – MARCH 25, 2024 […]

Building a Family Firm


By Nick Patterson
– Southern Living Magazine –

This family leaves its footprint all around Memphis. You see and feel it everywhere, from beloved Belvedere Boulevard to Ridgeway Center and other trademark office complexes to the fine homes and offices at Schilling Farms, River Oaks, and The Cloisters.

And that same family makes just as big an impression inside its firm’s own corporate headquarters. Here, young people come for summer jobs; decades later, they’re still here.

“My dad encouraged me to work different places to see what I wanted to do,” recalls Henry Morgan, Sr., president of Boyle Investment Company and son-in-law of the founder. “I was still in college. I got a summer job here, and they asked me to come back. That was 40 years ago.”

That’s a story repeated with slight variations over and over again at Boyle. It’s a lesson in the loyalty inspired by a firm where even new employees can develop ideas and are allowed to make mistakes, learn from them, and grow.

“It’s the only job I’ve had other than odd jobs in high school and college,” says executive vice president Mark Halperin. “Boyle employs a unique group of men and women who treat each other with great respect and thoughtfulness.”

Not a bad commentary on the internal workings of a development company known for its long heritage in this iconic Mississippi River town.

Russell E. “Rusty” Bloodworth, Jr., now executive vice president, recalls meeting founder Bayard Boyle, Sr. for the first time. “I walked in off the street; I was about to go into the military,” Rusty recalls. “They took me up to meet him, and he was just so gracious. They didn’t have a spot for me, but they asked me what I could do. I said I would do anything they asked me to do. They said, ‘You’re on.’” The company held his position while he served in the Marines.

“We have tremendous freedom to do the things we have a passion for,” Rusty continues. “The company trusts us to do good for both Boyle and the community.”

Through the years, the firm has frequently hired people before establishing clear-cut responsibilities for them, Mark says. “But they were perceived as people who would fit into our culture,” he explains.

“There’s an interesting lack of second guessing,” he adds. As a young employee, he made an error that cost the company a lot of money. He soon was summoned to a meeting with the then-retired Bayard Senior. “He invited me in and wanted to hear about the mistake. I thought I was going to have an opportunity for a new career,” Mark says.

Instead, the company elder listened to the young man’s explanation. “He said, ‘I can sort of see how you made that mistake,’” Mark recalls. “He said, ‘Would you do me a big favor? Would you try not to make that mistake again?’ I’ve made lots of mistakes over the 35 years,” Mark says. “But I’ve never made that one again.”

The Boyle Company Beginnings: A Boyle family ancestor, John Overton, founded Memphis in 1819 with Andrew Jackson. In 1906, Edward Boyle designed and developed Belvedere, a neighborhood regularly considered as a Memphis favorite for its spacious, tree-lined promenade and elegant manor homes.

The modern firm, established in 1933, took shape under the direction of Bayard Boyle, Sr. The company grew into a major proponent of mixed-use development, including massive office complexes and upscale residential areas around the city. It also incorporated elements of New Urbanism in its design philosophy. A map of Memphis could show nearly 60 Boyle developments, ranging from retail to industrial. Recent years have seen the Boyles expand into Nashville as well as in Mississippi and elsewhere.

Bayard Sr. knew his way around a piece of land, says his son, company chairman Bayard Boyle, Jr. “He had a gift for figuring out where the best stuff was going to go,” the junior Boyle remembers.

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Skin Laundry to Open First Tennessee Location at McEwen Northside in Franklin

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C’ville Downtown Plan Touts ‘Urbanism’

C’ville Downtown Plan Touts ‘Urbanism’
Don Wade
Commercial Appeal
The draft of a long-term plan for the future of downtown Collierville is complete and draws from previous studies while also exploring some “new paths,” according to town chief planner Jaime Groce.
           
The plan emphasizes “rooftop initiatives” – adding residences for ownership and rental – and creating second and third story additions to buildings on the town square. The plans will be handed off today for review by a town steering committee.
           
The downtown Collierville Small Area Plan also charts some new paths, such as improving the distribution of green space, roadway connections and re-examining the length of town blocks.
           
“It’s our cultural heart,” Groce said of Town Square, “and the plan uses these terms.”
           
The plan also stresses that this is a long-term project.
           
“It took about 150 years to get to this point,” Groce said. “It’s going to take generations for this to come to fruition.”
           
The plan calls for the expansion of Town Square south of the Norfolk Southern railroad tracks and is committed to new urbanism, including making downtown even more pedestrian-friendly. Groce said the vision is to simultaneously create something that is both a “destination” and “vibrant neighborhood.”
           
The destination piece, he said, might include further incorporating Collierville’s Civil War heritage into the town’s story. But it’s also essential, he said, to bring more residents to the area to support businesses on the Town Square. 
“It’s important we do the things we need to do to protect the area,” said Mayor Stan Joyner. “It’s a picture-postcard.”
           
Alderman Maureen Fraser, an agent with John Green Realtors on the Square, makes downtown the first selling point with transplants searching for a new home.
           
“It’s a great place to start. It’s vibrant,” Fraser said, “and we have to keep it that way.” 

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Boyle Snags Hotels for Cool Springs Sites

By
– Nashville Business Journal –

Boyle Investment Co. has been given the nod to get started on the next phase of its Meridian Cool Springs development, which is composed of 40 acres conveniently located off of Interstate 65 in Cool Springs.

The City of Franklin Planning Commission has approved the developer’s plans to build a Courtyard by Marriott and Residence Inn on part of the 40-acre site. The two hotels will contain 171,421 square feet of hotel space within 250 rooms. Construction will begin later this summer and will be completed next year. The project is a joint venture between Boyle and Chartwell Hospitality.

Also in the works is a 66,210-square-foot, three-story Class A office building, which is a joint venture between Boyle and Northwestern Mutual Life Insurance Co. Construction is slated to begin this summer with delivery in the spring.

Boyle is also scheduled to start on a 15,283-square foot specialty retail building, a 50,000-square foot office building and a 19,200-square foot mixed-use building with retail on the ground floor and office above this summer.

Meridian will be anchored by the 175,000-square foot Community Health Systems Inc. headquarters, which is scheduled for completion in December.

Boyle is active in retail, office, and mixed-use developments throughout Middle Tennessee. The company recently bought The Crossings retail center in Nashville, and is also the developer for Berry Farms, a 600-acre mixed-use community at the Interstate 65/Goose Creek Bypass Interchange.

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Collierville Gives Enthusiastic Nod to Old-Time, Walkable Communities

By: Kevin McKenzie
Commercial Appeal
 
In the early 1900s, the Belvedere subdivision in Midtown, with its shady median and sidewalks that invite traversing a neighborhood on foot, became the first notable development for the Boyles.
A century later, Boyle Investment Co., founded in 1933 by sons of Edward Boyle, is tweaking its rules for parts of two major developments in Collierville with that past in mind.
The Memphis firm is aiming to re-create the walkable, mixed-use communities built before automobiles and cheap oil provided the foundation for modern suburbs.
“We’ve got to learn some lessons that our forefathers understood back before World War II,” said Russell Bloodworth, an executive vice president for Boyle.
Key parts of the design include shorter blocks for pedestrian access, narrow streets, parallel parking and mixing commercial and residential uses in the same neighborhood, and sometimes the same building.
Collierville’s Planning Commission and Board of Mayor and Aldermen quickly embraced recent Boyle Investment requests to revise outline plans for parts of two planned developments presented in the 1990s:
Forty-eight acres of the Price Farms planned development, called the Village Hamlet, at the southwest corner of Houston Levee and South Shea roads. A Kid Tech child care center located there.
Three areas totaling 116 acres of the Schilling Farms planned development, parts of a dozen areas totaling 447 acres south of Poplar along Schilling and Winchester boulevards.
Bloodworth said visiting Poundbury, a village in England built using traditional design philosophies championed by Prince Charles, convinced him.
While there a few years ago for a workshop on block design, offered by The Prince’s Foundation For the Built Environment, he saw the benefits of small irregular blocks that made the village “permeable” for pedestrians.
Narrow streets with no traffic signs were shared by people on foot and cars — shared more safely because vehicles were slowed to about 5 mph by the street design, he said.
Bloodworth said the economic times provide more reasons for developers to embrace mixed-use development.
It might take a decade to fill a single large office building, he said. But with a hotel, town homes, “live/work” buildings, banks and other uses in one development, future prospects are diversified.
“A lot of people are thinking about it and being forced to think about it because of the economy,” he said.
Bloodworth said similar principles are found in the proposed Unified Development Code, which officials said could be considered for adoption by Memphis and Shelby County governments as early as next spring.
He said Bob Martin, the former planning director for Franklin, Tenn., was instrumental in drawing his attention to the traditional or sustainable movements.
Martin was a mentor for Jaime Groce, Collierville’s chief planner, who succeeded Martin in 2006 and served as Franklin’s planning director before moving to Collierville last year.
Collierville doesn’t have many examples of the new or “neotraditional” design, Groce said. Villages at Porter Farms, Oak Grove, the town’s I-269 Small Area Plan and a new one being drawn up for downtown show elements. 
“It was just a lost art; we just forgot how to do it,” Groce said.
 

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Restaurant and cocktail bar concept by Omaha’s Flagship Restaurant Group is currently the country’s largest sushi restaurant group running a sustainably sourced seafood program in partnership with the prestigious Monterey Bay Aquarium Seafood Watch. Franklin location marks concept’s second foray in the Nashville market and restaurant group’s 45th opening.   NASHVILLE, TENNESSEE – MARCH 25, 2024 […]

Boyle Developing $150M Mixed-Use Project in Cool Springs


– Memphis Business Journal –

Boyle Investment Co. is planning a massive mixed-use development on 40 acres in Cool Springs, which is located in Williamson County near Nashville.

Boyle, which is based in Memphis, partnered with Northwester Mutual Life Insurance Co. to buy the property from Ford Motor Company Thursday in order to develop Meridian Cool Springs. Terms of the acquisition were not disclosed. Boyle has had the property under contract for several months.

The companies’ current site plan includes 570,000 square feet of office, 70,000 square feet of retail and a 200 room hotel. Site work is scheduled to begin July 1 and construction on a 50,000 to 75,000 square foot speculative, class A office building is expected to begin by September. Boyle is negotiating with a hotel operator and hopes to confirm the deal by July.

Boyle is working to attract a bank, restaurants and high-end, destination retailers for Meridian Cool Springs.

“Once it is built out, it will be an investment of more than $150 million,” estimates Jeff Haynes, chief manager for Boyle.

The property is a strategic acquisition for Boyle and Northwestern Mutual Life. In 2003 the companies bought One and Two Corporate Centre, totaling 280,000 square feet of class A space off Cool Springs Boulevard in Williamson County. The mixed use development will be designed to blend with neighboring properties One and Two Corporate Centre and Primus, a division of Ford Motor Co.

Boyle is the first of several developers who have announced intentions to develop office space in Cool Springs or Brentwood. The submarkets have reported the most net absorption inside the Nashville MSA and the class A vacancy rate is around 5 percent.

“I think the market is deep enough for all of us to add product in a disciplined manner. Historically, Cool Springs has captured a significant portion of the absorption in the city and I think all of us can be successful,” says Haynes.

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Restaurant and cocktail bar concept by Omaha’s Flagship Restaurant Group is currently the country’s largest sushi restaurant group running a sustainably sourced seafood program in partnership with the prestigious Monterey Bay Aquarium Seafood Watch. Franklin location marks concept’s second foray in the Nashville market and restaurant group’s 45th opening.   NASHVILLE, TENNESSEE – MARCH 25, 2024 […]

Boyle Takes Giant Steps In Nashville Area Developments


By Jane Aldinger
– Memphis Business Journal –

After 72 years of real estate deals, Boyle is a familiar name in Memphis, but the development company is spreading its credit into Nashville and has purchased 40 acres for a mixed-use development in Franklin, Tenn.

Boyle’s current site plan for Meridian Cool Springs calls for 570,000 square feet of office space, 70,000 square feet of retail space and 200 hotel rooms. The land sits between two Boyle-owned office buildings and a corporate headquarters, along I-65 in the Cool Springs area of Franklin, a Nashville suburb. Site work on the project begins July 1.

Meridian Cool Springs will create a walkable community, with connectivity between the existing 280,000 square feet of office space that Boyle owns and the new development, “creating an integrated business community unique to Cool Springs,” says Phil Fawcett, executive manager of Boyle Nashville.

Boyle Nashville is also working a huge mixed-use development in Franklin, similar to Collierville’s Schilling Farms.

Berry Farms is a joint venture between Boyle and the Berry family, who have owned the land for 200 years. Boyle has developed a master plan for the entire property.

The first tract, or Phase I, which involves 225 acres and will be named Berry Farms Town Center, will be developed into a mixed-use concept similar to Schilling. Phase I will contain more than 600 households in a split between townhomes, live-work units, apartments, condominiums and single family homes. Town Center will also have more than 500,000 square feet of office space and more than 500,000 square feet of retail.

Boyle has completed one development project in the Nashville market. The company delivered a 14,000-square-foot retail center, called Cool Springs Collection, last year.

Boyle Nashville opened in 2001. Instead of jumping straight into development projects, the company began acquiring office and retail assets.

The company now owns about 400,000 square feet of real estate in the Nashville market and manages another 1 million square feet.

Staying away from traditional third-party competition was important to Boyle as it moved into the Nashville market. The company is maintaining its Memphis model in Nashville, purchasing and developing property for generational wealth creation.

“What we’re not good at is trying to time the markets to get in while it’s hot and get out when it’s not,” says Jeff Haynes, Boyle Nashville chief manager.

Predicting growth patterns in Nashville is more difficult than Memphis because of the cities’ different shapes, Haynes says. Memphis is an elongated city that naturally develops eastward, but Nashville is more concentric.

Development and acquisition is focused on counties in Middle Tennessee where Boyle feels there will be strong economic growth long term.

The primary county in Boyle’s plan is Williamson. All of the company’s development plans and most of its acquisitions are located in Franklin and Brentwood, but Haynes says the company recently purchased a small piece of land in Rutherford County.

Boyle Nashville had been in the works for a number of years. Company president Henry Morgan thought it would be a good market to diversify its assets. Nashville’s easy access to Memphis and dynamic growth patterns made expanding there a natural progression for Boyle.

Haynes spent eight of his 15 years in real estate with Trammell Crow Co. in Memphis, so he knew Boyle and Boyle knew him. Haynes and Fawcett are both “work horses,” according to Morgan, and the office has expanded to employ eight full-time people.

In the Cool Springs/Brentwood submarket, there is 6.7 million square feet of existing office space with a 8.5% vacancy rate, according to CB Richard Ellis MarketView. In the East Memphis submarket, there is about 7.65 million square feet of office space with a 13.6% vacancy rate.

“The best market here is East Memphis, and it’s not as strong as Cool Springs is right now,” Morgan says.

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Skin Laundry to Open First Tennessee Location at McEwen Northside in Franklin

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Skin Rejuvenation Pioneer Offers Transformative Treatments for All Skin Types and Tones   NASHVILLE, TENNESSEE – APRIL 16, 2024 – Skin Laundry, the leading destination for accessible, state-of-the-art skin rejuvenating treatments, is set to open a clinic in Franklin at McEwen Northside, one of the area’s top mixed-use destinations, in May. This will mark Skin […]

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Restaurant and cocktail bar concept by Omaha’s Flagship Restaurant Group is currently the country’s largest sushi restaurant group running a sustainably sourced seafood program in partnership with the prestigious Monterey Bay Aquarium Seafood Watch. Franklin location marks concept’s second foray in the Nashville market and restaurant group’s 45th opening.   NASHVILLE, TENNESSEE – MARCH 25, 2024 […]

Boyle Scoops Up Prime DeSoto Land in I-269 Corridor


By Eric Smith
– The Daily News –

Boyle Investment Co. outbid the competition for 150 acres of commercial real estate in DeSoto County at an auction in November. And after delays related to surveying the property, the deal finally closed Feb. 1, said project manager Bill Caller of Roebuck Auctions.

This is the first time Caller was able to speak publicly about the deal.

Caller said the final purchase price was about $3.9 million, while Cary Whitehead III, senior vice president for Boyle, declined to confirm or comment on the amount his company spent for the property.

The auctioned land includes three of four retail corners of the proposed interchange of Craft Road and the future Interstate 269 in unincorporated DeSoto County.

Boyle, a longtime Memphis development and real estate company, was one of three bidders for the DeSoto property, which is along the frontage area of what will become Interstate 269 – a future beltway set to circle the Memphis metropolitan area concentric to the Interstate 240 loop.

“Boyle was obviously the most aggressive bidder,” Caller said. “They thought the time was right to go ahead and take down those three retail parcels for future development.”

I-269 will bisect DeSoto County – the fastest-growing community in the Mid-South and one of the fastest in the nation – as well as the eastern and northern suburbs of Shelby County, linking with I-69/I-55 in North Mississippi and also I-69 in Millington.

This raw land is in the middle of what should become a booming transportation corridor thanks to zoning for commercial and retail development alongside residential areas. That mixture is exactly what Boyle executives had in mind when bidding at the auction.

“The things we like about it are I-269 going through it, three brand new schools that have been constructed next door, all utilities extended to it and it’s just in a growth corridor in DeSoto County,” Whitehead said.

Boyle doesn’t have specific plans for the property because development can’t begin there until construction on the interstate begins. It is expected to happen in 2009, according to the Mississippi Department of Transportation.

Regardless of the extended timeframe, this was an investment Boyle wanted to make as it keeps an eye on the future.

“We feel very good about the location for the long term since it won’t be ready for a number of years,” Whitehead said. “It’s clearly a long-term location, and we have no plans to do anything with it but just wait until the time is appropriate.”

Boyle’s 150-acre purchase was part of a larger, 236-acre auction that Roebuck held. The entire property is wrapped into the Village of Hawk’s Crossing, a 500-acre planned-unit development (PUD) near Craft and Byhalia roads.

Much of this mixed-use PUD is zoned for residential use, which also will play a role in what Boyle ultimately decides to do with the land, Whitehead said. In other words, future development hinges on how many people are living in or traveling through the forthcoming corridor.

Whitehead said he expects plenty of migration toward that part of the county, but obviously the housing market and residential trends, as well as highway progress, will all factor into what kind of developments eventually go in.

The entire 236-acre property was sold by an undisclosed Alabama investor, Caller said, adding that a fourth commercial parcel totaling roughly 80 acres did not sell at the auction. About half of that is zoned for church or retirement, while the remaining acreage will become a right-of-way for the interstate.

Caller said his company is working with sellers to secure a buyer for that last piece of the property. If a bidder isn’t found in the next month or two, it will go back up for auction.

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