Viridian’s final plan heads to Germantown board for approval
The Viridian development is inching closer to construction.
Germantown Board of Mayor and Aldermen will vote on the outline and final plan Monday after developers Boyle Investment Co. reworked the project for about four years.
The Germantown Planning Commission recommended the outline and final plan at its March 1 meeting with Alderman Jon Mccreery abstaining from voting because he did not “feel good about where we are on this.”
The developer plans to construct 34 two- and three-story buildings across nearly 25 acres in the Forest Hill Heights area, north of Winchester Road along the border with Collierville.
The parcel will include 242 multifamily rental units and 5,500 square feet of retail and office uses on the ground floor of two buildings fronting Winchester Road. The Germantown staff report shows a mix of residential units including rowhouses, townhouses, live-work and accessory dwelling units. The rentals will include 64 one-bedroom units, 96 two-bedroom units and 82 three-bedroom units. It also will provide 164 garage parking spaces and 297 surface parking spots.
The project would begin with two mixed-use buildings at the southern end of the land fronting Winchester Road and continue with multi-family buildings stretching north to the adjacent property south of the railroad.
Les Binkley, Boyle’s vice president, told commissioners at the March 1 commission meeting that monthly rent will range from $1,800-$3,000.
Boyle estimates a fiscal impact of $243,646 in annual property tax revenue to Germantown. The outline also contains about 9 acres of common open space. Previously, the board approved 299 apartments on Oct. 23, 2017, which was allowed at the time because the land is zoned T-4 Smart Growth.
Germantown then changed the T-4 zoning after the city underwent an 18month apartment moratorium in 2018 through 2019.
Apartments were no longer acceptable under T-4 but because Viridian’s outline plan was already under review it had rights to allow the units.
Its vested rights expired after three years. Boyle intended to go before the Planning Commission in December 2021 with a final plan of 266 apartments but withdrew the application because the multi-family units were no longer allowed.
Viridian’s current application of 242 residential units represents a 57-unit decrease from the 2017 plan and no apartments.
Dima Amro covers the suburbs for The Commercial Appeal and can be reached at Dima.amro@commercialappeal.com or on Twitter @Amrodima.