$30 million apartment project coming to Lakeland

Published on: March 23, 2015

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Michelle Corbet, Memphis Business Journal

With a new LA Fitness and a 12-screen Malco cinema and shopping center on the way, Lakeland is in the midst of a development wave. Add to that the announcement that the town is getting its first multifamily construction project in nearly 10 years.

WESSCORP Communities, developer of The Orleans at Walnut Grove, is developing Charleston Place, a 284-unit Class A apartment complex on the southeast quadrant of Houston Levee Road and Highway 64 — just west of Malco Theatres Inc.'s cinema, retail and restaurant center at Highway 64 and Davies Plantation Road.

“The Highway 64 corridor is an active submarket with growing commercial and residential development,” said Wes Misenhelter, Charleston Place owner and developer.

The project will be built in two phases, with 180 units on Houston Levee available for leasing in June 2015 and 104 units on the eastern end of the 25-acre tract ready for leasing in Spring 2016.

The Memphis office of Financial Federal Bank arranged the $30 million construction financing for the project.

Charleston Place will be a garden-style project, said Rick Wood of Financial Federal Bank, with larger, low-density units and open green space with walking trails.

WESSCORP’s Rose Ann Hogue and Phil Noonan will manage the complex of two- and three-story apartment buildings consisting of 950-square-foot one-bedroom units; 1,135-square-foot two-bedroom units; and 1,300-square-foot three-bedroom units.

The frontage on Houston Levee will feature two large, lighted ponds and a clubhouse.