If you have driven down Memorial Parkway you have noticed the work going on along the road between 471 and Inverness near the Memorial Village Apartments. As reported by the Enquirer this summer the plans are for more apartments with views of the city to be built around the existing unit. The developers are Wessels Construction.
I spoke with a representative of Wessels today and identified the following:
1. The development encompasses just the east side (high side) of Memorial Parkway. I have some leads on the activity on the west side and will post more info on that later.
2. The expected completion time line is 24 months which puts it into 2009. They recently staked out a turn lane into the property but the weather and a backup with the paver will probably delay its completion.
3. As reported in the Enquirer a few months ago it is 120 market rate apartments – mostly two bedrooms but some one bedrooms as well.
In a few other notes he indicated that they have wanted to do this for some time but the apartment market had been soft but this year was their best year ever. As an editorial note I am sure the next couple years will only be better for them with the current foreclosure crisis and a small boom in the overall apartment market. He also indicated that the timing on the development was made much easier with the dirt from Bear Creek Capital and their development on the hillside in Newport. This same dirt is being provided for the land across the street and may hasten development on that side as well.