November 20, 2023
Here’s What Boyle Investment Is Planning Next in Commercial Real Estate
Memphis Business Journal and Nashville Business Journal
By Stephen MacLeod
Memphis-based Boyle Investment Co. is the largest owner and operator of office space in the city as the company turns 90 years old.
The company has grown to be a large land and property holder in both Memphis and Nashville. Boyle is one of the largest developers in Nashville, with millions of square feet in office and retail.
The company isn’t done growing in either market, with plans underway for additional significant developments.
The Boyles have been in Memphis since the start. John Overton, one of the founders of the city, is an ancestor.
The family has been developing property for decades, as well. In 1907, Edward Boyle would develop Belvedere Boulevard in what is now Midtown. His sons, Bayard Sr., Edward, and Snowden, would found Boyle Investment Co. in 1933.
“Bayard Sr. had a remarkable ability to project the paths of growth for the city of Memphis,” said Matt Hayden, CEO and president of Boyle. “With an eye for longevity, he acquired large parcels in key growth corridors that would not be developed for decades.”
Today in Memphis, Boyle holds millions of square feet of office space. The crown jewel is Ridgeway Center, which was building in 1973, one of the first office parks in the city.
Many of Boyle’s office holdings are in the East submarket. In addition to Ridgeway Center, the company owns Triad Center, International Place II, and Moriah Woods.
It also owns retail centers such as Williamsburg Village, Shops of Humphreys Center, and Gallina Centro. Most of those were constructed in the 1990s, although Williamsburg dates back to 1963.
It also holds significant residential properties that were built across several eras. Collierville’s Schilling Farms broke ground in 1996, Farmington in Germantown in 1970, and Spring Creek Ranch in 2007. Development at Spring Creek Ranch continues today, with construction on the final 56 gated lots underway.
Currently, Boyle is building the massive mixed-use development Water Tower District in Collierville, returning to Schilling Farms’ northwest corner.
The development features 45,000 square feet of retail and 125,000 square feet of office space. It is expected to feature a hotel and hundreds of new residences across townhouses, duplexes, triplexes, and multifamily.
Phase one of the residential district is under construction, with an expected delivery of the first building in 2024. The first phase consists of 226 flats and 32 townhomes.
The first phase of the retail component is also underway, with 20,000 square feet being built across two buildings. SOB is now open, and other tenants signed include Rotolo’s Craft & Crust and Crumbl Cookies.
The office phase sits directly next to IMC’s HQ that opened in late 2021. IMC purchased an adjacent piece of land to meet future expansion needs.
Developer Baywood Hotels is also planning a 68,00 square-foot, 108-room TownePlace Suites by Marriott.
The development sits near several job anchors as well, such as FedEx World Technology Center and HQs for Helena Agri-Enterprises, Mueller, and Orgill.
The Water Tower District was designed by LRK and is being built by Patton & Taylor Construction Co.
“The Water Tower district continues our pattern of developing high-end residential inside Schilling Farms while providing neighborhood services for our residents and office workers,” said Les Binkley, SVP at Boyle. “We are developing a unique mixed-use community with an emphasis on walkability. The new retail is within walking distance of the many offices at Schilling Farms and is a great new amenity.”
Boyle’s Nashville roots aren’t nearly as historic as its Memphis ones. The company opened its office in the state capital in 2001 and has grown to employ 34 people. The heads of the Nashville division, Jeff Haynes and Phil Fawcett, have led the office for that entire run.
Despite being a newer venture, the company has grown to acquire, develop, and manage more than 3.2 million square feet of commercial space and about 1,500 multifamily units.
One project was Berry Farms in Franklin. Development started in 2005 and today features 3 million square feet of office, 1.8 million square feet of retail, and 3,001 residential units. It also broke ground on Capitol View in 2014 as part of a joint venture.
The company has had a spate of developments in the area in 2023. Now, it is working on modernizing East Park in Brentwood.
The three-building, 167,000-square-foot Class A office complex is expected to receive a hotel, retail, and restaurant uses in a multimillion-dollar revamp.
A freestanding, 6,000-square-foot building would be built to bring in restaurant and retail space. One of three buildings, developed in 1974, would be demolished to make way for the hotel.
The plan is for Chartwell Hospitality to build and manage a 120-key TownPlace Suites at East Park. It is projected to open in Q3 2024.
“We wanted to take this well-located and historically successful office project and modernize it to better serve the current and future business community, as well as the surrounding local residential community,” said Mark Traylor, director of retail properties at Boyle. “The addition of retail, restaurant, and hospitality to the project creates the next exciting mixed-use chapter in the life of East Park.”