Germantown's Carrefour at Kirby Woods development plans moving forward with new owners
Carrefour at Kirby Woods in Germantown will move forward soon with new owners planning out the mixed-use development on the western edge of the city.
CRE Devco Germantown LLC, a group of investors led by Tower Ventures President Billy Orgel, purchased the 10-acre parcel on Poplar Avenue and Kirby Parkway for $17 million Jan. 13.
Now the project will move forward after about two years of little progress.
"It's just a prime piece of commercial real estate that has been underutilized for a number of years," project manager Adam Slovis said. "It's a premier location on a hard corner surrounded by great residential and office, medical and everything you can think of."
Germantown Board of Mayor and Aldermen previously approved in 2019 Carrefour's outline plan by former owners Cannon, Austin and Cannon, which was the last time the project made headway until now.
The already-approved-plan features up to 320 apartment units, 20,000 square feet of public green space, 320,000 square feet of office space, 100,000 square feet of retail space, a 174-room hotel and 1,400 parking spots.
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"Those guidelines are great to have in place to now build a new framework around what it might look like and where those pieces might go," Slovis said. "Where we are right now is taking that outline plan and going by what they proposed before and kind of making it our own."
Slovis said CRE Devco will make "tweaks" to the outline, but no major changes are planned.
"We look forward to the challenge of turning it into a new project that Germantown and the city can be proud of," he said.
The developers eyed the property on and off for a couple years and began discussions with the Cannons in 2021 about partnering, but ultimately they bought it, Slovis said.
CRE Devco's next steps include finding an architecture firm to work with on plans and meeting with the city to discuss deadlines and expectations, he said.
Slovis said they hope to begin construction by the end of 2022. He said construction could take around five years.
"Being able to densify that corner where people can live and work and be entertained and eat and just have that location activated like that should be exciting for everyone in Germantown and Memphis," he said.
Dima Amro covers the suburbs for The Commercial Appeal and can be reached at Dima.Amro@commercialappeal.com or on Twitter @AmroDima.
This article originally appeared on Memphis Commercial Appeal: Germantown's Carrefour at Kirby Woods moving forward with new owners
