The Standard Germantown: What’s next for this mixed-use site?
A major mixed-use project in Germantown is moving forward.
The Germantown Mayor and Board of Alderman unanimously approved the final plan for phase two of the rebranded The Standard Germantown, formerly Carrefour at the Gateway, during its meeting Monday.
Developer CRE Devco Germantown LLC can now send its construction drawings to the City of Germantown's engineering department.
Alderman Jon Mccreery was pleased the project will go to the next phase of development.
"It has been about two years since we originally had somebody walk in and was interested in buying the property and doing this," he said. "I want to thank the staff as well because it has been two years of staff resources .... We have a significant investment not just monetary as far as our future but also in resources we use."
Here's what to know about the development at the southwest corner of Poplar Avenue and Kirby Parkway.
What will be in The Standard Germantown's second phase?
Adam Slovis, project manager of The Standard Germantown, said Phase 2 is expected to consist of 27,000 square feet of retail space, which will include space for restaurants and commercial space.
It also will have 320 residential lofts, as well as 463 parking spaces.
The parking garage will have lofts on top. There will be commercial and retail space on the lower levels of another building with lofts on top of that as well.
How much will Phase 2 cost?
Slovis told The Commercial Appeal that the total cost of phase two of the project is estimated to be $100 million.
When will construction start and end?
The hope is for phase two construction to begin in April 2024 and be completed by December 2025, according to Slovis.
What's the latest on Phase 1A at The Standard Germantown?
CRE Devco Germantown LLC, a group of investors led by Tower Ventures President Billy Orgel, purchased the 10-acre parcel for $17 million in January 2022.
Slovis said Phase IA consists of a two-story, $5 million outparcel building at Poplar Avenue and Kirby Parkway. The building features 8,770 square feet of commercial space plus patio space on both levels.
“We don't have a tenant for this space yet," Slovis said. "We're actively marketing and talking with prospects all over the country."
The shell of the building for Phase 1A is expected to be completed by April 2024. Slovis added once CRE Devco Germantown can get a tenant into the space, it could be another nine months of construction to get the buildout ready for the tenant. He projects somewhere between late 2024 or early 2025 to open with one or more tenants operating in the building.
Will Germantown development include a hotel?
Slovis said future phases of the project could include a 140- to 150-room hotel and the development has been approved by the board for up to 100,000 square feet of retail space for the entire project.
He believes, once completed, The Standard Germantown will be lifechanging for the suburb.
“We've always believed this will be a transformational project for the community, city of Germantown and the entry into Germantown from East Memphis,” Slovis said. “But it also provides that same transformation to Memphis, surrounding areas, neighborhoods and really to the entire community because it is one of the first smart growth plan developments in Germantown. It is taking a highly exposed corner and densifying it with living space and a hotel as well as office space, retail, restaurant and activity. There hasn't been anything in this area built to this level of design and purpose.”
Corey Davis is the Collierville and Germantown reporter with The Commercial Appeal. He can be reached at Corey.davis@commercialappeal.com or 901-293-1610
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