The Parapet LLC

For builders and developers, finding suitable land is not an easy thing to do,

the competition is fierce, and like the old saying goes, "They aren't' making any more of it" 

The Parapet LLC is proud to present two large parcels in the City of Memphis, For Sale by Owners.

These side-by-side parcels total over 10 acres of undeveloped and virgin land.

With due diligence completed and assumptions validated, we can confidently verify these as free and clear of any title issues whatsoever as shown verified the Chicago Title Insurance Company

In real estate development, we know that zoning is everything.  One might find acreage that is not zoned for development and think they can get a zoning variance so that they can build. In theory, that is a true statement. Buy low and sell high, right? But that is scheme that is marketed to the greedy. More likely that you may find your application variance denied and not having any recourse - now you are stuck with land you can't develop. 

We don't rely on speculation  because this acreage is already zoned RU-3.  This land was designated by the City of Memphis to attract developers to construct new housing to address the continuing housing crisis that is only been exacerbated the last few years. Both parcels are zoned RU-3 for multi-family construction up to three stories.

A recent new land survey, performed by Campbell Surveying.

This land has undergone a Phase One Environmental Site Assessment performed by BH&M Environmental 

 One of the Mid-Souths top engineering companies, The Reaves Firm has conducted a density study and a grading plan.

Now let’s talk about the all-important  road frontage.

Measuring approximately 2 blocks long  (914' +/-) by one block deep (500'+/-) and it also features a Corner Lot for maximum diversity.

All utilities are available at the street, and the water supply has been recently updated and improved to provide sufficient flow for development of multi-family units. The main frontage is on a newly paved avenue five lanes wide.

(Speaking of Streets, this property is located on St. Elmo Ave, and it is hard not hear the theme song from St. Elmo’s Fire playing in your head every time you think of it).

Now we realize that this is where property description typically concludes, but there are a few more details that only serve to underscore the opportunity.

This property is held in a Land Trust. What does that mean for investors? Total anonymity. Because the Land Trust holds the title, the owners (beneficiaries) are anonymous. Nuisance lawsuits are halted before they are started.

There are no publicly recorded documents and again, this guarantees total anonymity for the next beneficiaries as well

 We do have one thing left that we want to get included here.  We’ve already stated that is zoned specifically for multi-family and what we have found through our engineers is that it can multi-family units can be developed “By-Right”. What does that mean for developers? Project approval is done in-house with the Division of Planning and Development (DPD)

There are no public notices and no requirements to advertise and hold community meetings, no fights with the neighbors, and no presentation to the City for approval.

To wrap it up, there was one other very important thing for developers. 

The City of Memphis now allows new construction (up to six units) to be built under residential code! That’s means a lot less construction cost and time. No sprinkler systems! We used to have to present separate drawings for electrical, plumbing, and mechanical which was more time, hassle, and money and all those restrictions are now erased. Read more about how Memphis is making life easier for developers here Memphis Development.

We have a new Administration that is set on reducing regulations and a new City Mayor, Paul Young.  As the President of the Downtown Memphis Commission and the former Director of Housing and Community Development for the City of Memphis Division of Housing and Community Development has been a strong ally and advocate of new housing. 

The economy is rebounding; inflation has come down and or economic future is looking good. Now is the time to act.