August 04, 2016

Building Up, Building Out: Boyle and U-Haul Look at Developments on East and West Sides of Town

Building Up, Building Out
Boyle and U-Haul look at developments on the east and west sides of town.

By Richard J. Alley

Two areas of town have seen tremendous growth over the past few years — the south end of Downtown, and the Poplar corridor of East Memphis. Businesses have long seen the advantage to the central location and ease of access of Poplar Avenue from Interstate 240 going east. And residents have more recently flocked to the town square feel of South Bluffs and the South Junction, and its amenities such as the river walk and Loflin Yard restaurant.

Both areas have announced recent growth.

Boyle Investment Company is building a new 155,000-square-foot, six-story office building at 949 Shady Grove. Hnedak Bobo Group is the architect, and Linkous Construction the contractor. The seven-acre site is across the street from the Regalia Shopping Center and will be the first “Class A” office building developed in Memphis since 2008.

The building’s first tenant will be Pinnacle Financial Partners with 35,000 square feet that will feature a full-service banking office, conference rooms, and a learning center for meetings, workshops, and use by community groups. It will also feature two remote drive-through banking lanes and a drive-up ATM.

“As we continue to hire the best bankers and grow our operations in Memphis, we need more space to serve clients and the community,” Kirk P. Bailey, Pinnacle’s Memphis chairman, said in a prepared statement. “We are excited to put our mark on a first-class building in a highly desirable location.”

Pinnacle Financial Partners began operations in a single downtown Nashville location in October 2000, and has since grown to approximately $9.7 billion in assets. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in the state’s four largest markets — Nashville, Memphis, Knoxville, and Chattanooga — as well as several surrounding counties.

Boyle Investment Company was founded in 1933 and is one of the oldest real estate development, management, and leasing firms in the area. They specialize in office, retail, industrial, and high-end residential properties. In the 1970s, Boyle acquired the 206-acre Ridgeway Country Club and developed Ridgeway Center on the land. The new building will be built on the last developable site of the Center, which is also home to FedEx, Raymond James, Marsh USA, Vining-Sparks, SunTrust, American Residential Services, and Sedgwick CMS.

“We’re thrilled to move forward with this new building and to welcome Pinnacle as the first tenant,” said Mark Halperin, Boyle’s executive vice president and chief operating officer.