See inside: Germantown’s new $120 million project
Sep 20, 2017, 1:58pm CDT
By Jacob Steimer – Reporter, Memphis Business Journal
See Correction/Clarification at end of article
TraVure is the largest project Ray Gill has ever attempted to develop by a long shot, and it’s significantly more expensive than his company — Gill Properties, Inc. — previously publicized, he told MBJ recently.
Including a pair of Hilton-branded hotels being developed in conjunction with the project but by a different developer, Gill said he now expects TraVure to be worth about $120 million upon completion. Previously, Gill had said it would be worth about $90 million.
“I didn’t want to overstate it at first,” Gill said. “It’s huge. I have to pinch myself. … The monthly draw [from the bank account] is as large as some of the projects I’ve done in the past.”
The pace at which the project’s main building has been built also amazes Gill, he said.
The 150,000-square-foot, five-story Class A office building, set to be anchored by MAA, is about four months from completion. After a year of “a lot of rain,” Gill is proud the building is only about one month behind schedule — and is now set to open in February.
Gill said he is also quite happy with how the project’s $9 million, 500-space parking garage has come along. He likes its high ceilings, and he’s looking forward to covering some of it in artwork and greenery. He also likes that it’s only 21 feet away from the office building.
“At first I thought, ‘Why are we putting a garage on Poplar?’” Gill said. “But it’s so convenient.”
In the space between the garage and the building, Gill said his company is developing an “outdoor living room,” complete with tables, green space and plugs for phones or laptops.
Overall, Gill said the project — which will include a restaurant, retail space and more office space to go along with the main office building and hotels — has been stressful at times but that he’s enjoyed it so far.
“I hope to do another project like this,” he said.
Nashville-based FirstBank is providing the financing for the project. Bill Thoda of Thoda & Associates designed the five-story office building and garage, and The Crump Firm designed the MAA interiors. Fisher & Arnold is the project’s engineer, and Grinder, Taber & Grinder Inc. is the general contractor.
An earlier version of this story said Ray Gill expected the project to cost $120 million, but Gill actually expects the project to be worth $120 million at its completion.
Read original article on Memphis Business Journal here