November 21, 2016
Construction Begins on Last Available Site at Ridgeway Center
Pinnacle Financial Partners Signs as First Tenant
When Boyle broke ground on 949 South Shady Grove this summer, the event marked a major milestone in the more than 40-year history of Ridgeway Center. The site is the last remaining parcel in the 204-acre Ridgeway Center development, which began in the early 1970s when Boyle purchased the vast tract at Poplar Avenue and I-240 from Ridgeway Country Club.
Construction is now underway on the new six-story, 155,000-square-foot ‘Class A’ office building, and Pinnacle Financial Partners – in addition to being the first tenant – is the construction lender for the project. Plans for the Pinnacle space call for two remote drive-through banking lanes and a drive-up automated teller machine (ATM). The 35,000-square-foot interior space will include a full-service banking office, conference rooms, and signature Pinnacle design elements, including a learning center for meetings, workshops and use by community groups.
Kirk Bailey, Pinnacle’s Memphis chairman, thinks the building is a perfect fit. “As we continue to hire the best bankers and grow our operations in Memphis, we need more space to serve clients and the community,” Bailey says. “We are excited to put our mark on a first-class building in a highly desirable location.”
Hnedak Bobo Group is the architect for 949 Shady Grove and the general contractor is Linkous Construction. The design of the new office building culminates the progression of a state-of-the-art office building prototype that Boyle and the
Hnedak Bobo Group have fine-tuned over the years since the company first developed 1000 Ridgeway Loop Road.
The signature of this successful design is a combination of high-end finishes with an extraordinarily flexible footprint. The column-free space, large floor plates of more than 25,500 square feet, and ample core-to-exterior glass dimension all work together to create unparalleled space planning options. The exterior will consist of precast concrete and high-performance glass, and the public spaces will be among the most upscale in the market. The new building will provide access to an exterior courtyard designed to accommodate corporate events and provide a pleasant day-to-day amenity for tenants, as well as a floor of underground parking providing 80 spaces.
Approximately 120,000 square feet of ‘Class A’ space in the building is currently available for lease. Leasing and management of the new office building will be provided by Boyle. When the building is complete in the fall of 2017, Boyle will own, lease and manage more than 1.5 million square feet of office space in Ridgeway Center.
A milestone for Boyle, the project is also a milestone for Memphis commercial real estate: 949 South Shady Grove is the first new multi-tenant ‘Class A’ office building to be developed in Memphis since 2009.
“Interest in 949 Shady Grove is high and we are working with a few office users currently in the market,” says Mark Halperin, Boyle’s executive vice president and chief operating officer. “We are thrilled to move forward with this new building and welcome Pinnacle as the first tenant.”