Construction continues at Thornwood development
Construction at Thornwood, the 17-acre mixed-use development located near Germantown Road and Neshoba Road, could continue for another 18 months.
The six-phase development is well beyond halfway, according to Spence Ray, vice president of McNeill Commercial Real Estate. Thus far, the cost has exceeded $100 million.
“I hope we have under-promised and over-delivered (when it’s finished),” Ray said.
The 251 residential apartments are going up as well as what he called “market row”– restaurants and retail space with loft apartments above them from moving in until late 2018, a timetable that didn’t fit their desire for occupancy earlier that year, resulting in them abandoning their plans. Retailers Bella Vita and Itty Bitty Bella are part of the development.
Residents are signing leases to move into apartments by this fall, according to Ray. About one-half of the apartments are one bedroom, and the rest are two bedroom. They layouts are aimed for people who want to downsize, but the development has a range of ages signing agreements.
The apartments have sun rooms in each complex; some look into courtyards. Others overlook the rest
of the development, while some loft apartments look out into city. The monthly rents run between $1,500 to $2,800 depending on number of rooms and space.
Early in the process, Ray hoped Thornwood could be completed by the end of this year, but construction took longer because of the materials. The exteriors will be limestone and brick.
“It’s a labor-intensive construction process,” Ray said. “It will look really nice when it is done.”
Significant structures in the development already are evident. The 73-foot clock tower has bells that were part of New Jersey church, and it features 8foot mechanical clocks on each of the four sides.
The fountains, Bob Richards Jewelers and Hampton Inn were built in the first three phases. Sidewalks are almost finished, and the development will feature three dog parks.
Ray hopes the pedestrian-friendly campus has the feel of Cooper-Young and Overton Square, and has the look and character of a development built between 1810 and 1880 in Savannah, Georgia, or Charleston, South Carolina.
He said the final phase is not yet planned.
The land was originally part of single-family residential district, but it was rezoned in 2007 as part of the city’s Smart Growth Plan.
Ray said success in his mind when it is done to have people walking the property. He hopes he can come to dinner, take a walk and hear someone say: “Man, I really love living here.”