National Cotton Council of America to be Redeveloped into Apartments

By Amalia Otet, Associate Editor

The National Cotton Council of America headquarters on North Parkway is one step closer to being redeveloped into a multi-housing community. Standard Builders Inc., a Memphis-based company dealing with commercial and industrial construction, has filed a $2.35 million building permit to revamp the structure at 1918 N. Parkway, according to the Memphis Business Journal.

The project calls for a $10 million investment that would include 142 apartment units, to be called Cotton Council Apartments. Built in 1958, the 35,793-square-foot property sits on 2.8 acres and is located within walking distance of Rhodes College and Overton Park.

John Glassell and William Yandell, through a newly formed entity called Cotton Council Apartments LLC, have a contract on the building and are expected to close on the purchase Nov. 15. While construction could take six to eight months, the project is slated for completion by fall 2012.

In other news, the Commercial Appeal reports that Chris Thompson, a young real estate agent, plans to build a golf driving range at 9528 Macon Road in Cordova. The Vantage Point Golf Center, as it would be called, will include a 200-yard-wide, 54,000-square-foot Bermuda grass tee, a 300-yard-long range, 12-15 covered and heated bays with mats, and a 3,500-square-foot clubhouse with a grill and televisions.

In other commercial news, Nissan North America Inc. has renewed its lease contract for a 413,000 square-foot distribution center in Deltapoint Business Park, an 885,000-square-foot Class A warehouse that sits on 47 acres at 5605 Holmes Crest Lane. The industrial park is owned by DCT Holmescrest Ln LP, an affiliate of Denver-based DCT Industrial Trust Inc., and is currently 100 percent leased, as reported by the Daily News. Nissan shares the facility with St. Louis-based Solae LLC, a developer of soy-based technologies and ingredients.