Birmingham-based Capstone Building Corp. has begun two projects with developers.
Capstone has teamed up with developer McCormack Baron Salazar and the Memphis Housing Authority to start phase four of the six-phase South City Redevelopment project. The $19.9 million phase covers 151,952 square feet and is set to be complete in mid-2022.
The South City Redevelopment phase four incudes a 138-unit, 15-building, garden-style apartment and townhouse project that will offer affordable and sustainable mixed-income options.
“This South City redevelopment has revitalized the area, and we look forward to continuing to be a part of providing the residents of Memphis an affordable, state-of-the-art community to live in,” said Jay Chapman, president and CEO of Capstone Building.
The South City development includes 1-, 2- and 3-bedroom units with open floor plans, Energy Star appliances and lots of storage space in buildings designed to be sustainable and resilient under the Enterprise Green Communities, the National Green Building Standards and/or Energy Star for Homes certifications. The entire South City community incorporates LEED for Neighborhood Development standards.
Capstone is serving as general contractor with LRK as the architect on the project.
The second project recently started by Capstone is with real estate developer Pennrose LLC and the Housing Authority of the City of El Paso, Texas, where the company plans to build a $17 million low-income apartment project called Patriot Place. Construction is to be complete in 2022.
Patriot Place will offer 110 units in seven two-story, wood-framed apartment buildings with 56 one-bedroom/bath apartments, 38 two bedroom/bath apartments and 16 three bedroom/two bath apartments. The community also offers a club house, playground and gazebo for the residents.
“The Capstone Building Corp. team is always proud to work for Pennrose LLC, and equally excited to collaborate with the Housing Authority of the City of El Paso to bring this new development to life,” said Chapman.
Capstone Building Corp., founded in 1997, is known for its multi-family housing developments and has completed 115 projects in 22 states.
