Latest news with #BLVD
Yahoo
03-06-2025
- Business
- Yahoo
The BLVD announces $310 million redevelopment plan for Midtown
MEMPHIS, Tenn. — Mississippi Boulevard Christian Church, also known as The BLVD, announced plans Tuesday for a $310 million redevelopment plan for its Midtown campus. The church says it will convert their 23-acre Midtown property near Bellevue between Poplar and Madison, into mixed uses, retail, hotel, educational and business spaces with more than 600 housing units. The church said it will build a new 73,000 square foot sanctuary at the corner of Poplar and Montgomery. They will be able to hold 2,200 people and incorporate a café along with multi-purpose areas, and spaces designed for children and teens. The mixed-use development will be the cornerstone of the Cleveland Street TIF. The project is anticipated to be completed by 2030, the church said. New development breaks ground at former drive-in theater in southwest Memphis According to the release, major components and project investments to be expected are: Housing: 603 multi-family units for a total investment of $196 million will appeal to residents across a range of lifestyles and income levels – Workforce housing that meets the needs of Memphians working in or near the medical district and earning 60% of the Area Median Income (AMI). Student housing for graduate and medical students attending nearby universities, which caters to their lifestyles and living patterns. Multi-Family housing that will provide a range of market-rate options for singles, couples, and families alike. Hotel: 125-key, select-service hotel, estimated at $34.7 million, that will accommodate the needs of the medical community and others visiting the district. Health and Wellness: 90,000 sq. ft. dedicated to fostering a holistic approach to health and well-being, estimated as a $32 million investment, including a range of services such as medical offices, fitness centers, and other complementary health-focused facilities. Retail: 45,000 sq. ft of retail at a projected investment of $15 million will incorporate a range of amenities essential for creating vibrant and dynamic communities. Possibilities include coffee shops, restaurants, and a full-service grocery store, with priority given to local business owners. Parking: The development will have a new $35 million, 1,000+-space parking facility, which will incorporate EV chargers, state-of-the-art technology, and safety-conscious design; and will accommodate the additional density the development will bring. 'For more than 100 years, the BLVD has been a catalyst for positive change in Memphis,' said Pastor J. Lawrence Turner, Senior Pastor of The BLVD. 'In these days of uncertainty and upheaval for our city, the members of The BLVD are gratified to ignite the Medical District's possibility and promise with a transformative new community that will enrich the lives of our neighbors. This is the type of development that Memphis and the people who call it home deserve.' 'For more than 100 years, the BLVD has been a catalyst for positive change in Memphis,' said Pastor J. Lawrence Turner, Senior Pastor of The BLVD. 'In these days of uncertainty and upheaval for our city, the members of The BLVD are gratified to ignite the Medical District's possibility and promise with a transformative new community that will enrich the lives of our neighbors. This is the type of development that Memphis and the people who call it home deserve.' The BLVD is now housed in the former buildings of Bellevue Baptist Church. The former Temple Israel synagogue, built in 1916, is now at the corner of Poplar and Montgomery. The future for those buildings is unclear from the plans released Tuesday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
New Straits Times
29-05-2025
- Business
- New Straits Times
OSK, EPF JV in Melbourne sees strong sales
KUALA LUMPUR: OSK Holdings Bhd reported a 67 per cent take-up rate for Phase 2 of BLVD, a high-rise residential tower in Melbourne Square (MSQ), developed in partnership with the Employees Provident Fund (EPF). Sales efforts for Phase 1 are ongoing, while profits from Phase 2 are expected upon handover in early 2027. OSK, in its corporate results statement, said its property development division continues to be a key growth driver, with upcoming launches progressing as planned. The group remains focused on hitting construction milestones and controlling costs to ensure timely delivery and sustained profitability. For the first quarter ended March 31, 2025 (Q1 2025), OSK posted a 9 per cent year-on-year increase in revenue to RM400.6 million. Pre-tax profit remained steady at RM140 million, supported by its diversified business portfolio. Group executive chairman Tan Sri Ong Leong Huat noted that the group's diversified model has enabled it to sustain earnings despite ongoing economic challenges. The property segment contributed RM188.5 million in revenue and RM31.2 million in pre-tax profit, down from RM204.7 million and RM36.9 million, respectively, in Q1 2024, mainly due to the absence of a high-margin project. As of March 31, 2025, unbilled sales stood at RM1.2 billion, reflecting strong demand and a low level of unsold completed units. OSK's land landbank totals 2,083 acres, with an estimated gross development value (GDV) of RM17.7 billion across key locations in the Klang Valley, Kedah, Penang, Negeri Sembilan, and Melbourne. The property investment division continues to deliver consistent income from its office and retail leasing portfolio. Meanwhile, the hospitality segment posted RM23.4 million in revenue for Q1 2025, with a pre-tax loss of RM1.5 million, compared to RM24 million in revenue and a RM0.7 million loss a year earlier. The wider loss was attributed to refurbishment works at Swiss-Garden Beach Resort Kuantan, which temporarily impacted F&B and event revenues. The Phase 2 refurbishment is expected to be completed in Q2 2025, aimed at enhancing guest experiences and expanding event capabilities. Recently rebranded hotels, DoubleTree by Hilton Damai Laut Resort and Holiday Inn Express & Suites Johor Bahru, are also expected to strengthen their market positions in the hospitality sector. Ong noted that Malaysia's tourism outlook is upbeat, supported by extended visa-free travel for Chinese and Indian tourists until December 2026, which is expected to drive growth in both leisure and business travel. "With the strength of our diversified portfolio, we are confident of delivering satisfactory results for the remainder of 2025," he said.
