New developers' dream near Sun Studio becomes reality

About a year after announcing the project, a new-to-development father/son duo has nearly finished a mixed-use redevelopment of 676 Marshall Ave.

The Marshall, located in the Medical District near Sun Studio, now includes five studio apartments — all of which are occupied — and three 1,400-square-foot retail bays — one of which is occupied.

Co-developer Austin Magruder called the available retail space ”a layup" for retailers because of the foot traffic Sun Studio creates. He said he's expecting additional boosts to this traffic from the completion of the $73 million redevelopment of the old Wonder Bread Bakery area as well as from the recently announced Edge Motor Museum.

The architecture firm led by Magruder's father and co-developer, Pat, is currently the main occupant of the retail bay that is leased. The firm is sharing it with branding and advertising company Baby Grand.

”We want to bring architecture and advertising together more on the front end of projects," Austin Magruder said.

The Magruders leased their 550-square-foot studio apartments for $900 per month — about $1.60 per square foot.

The project received a $60,000 Exterior Improvement Grant from the Downtown Memphis Commission, which Magruder said was key. It also received grants for planning and signage from the Memphis Medical District Collaborative (MMDC). MMDC president Tommy Pacello said he sees The Marshall as a slam dunk for the district despite its relatively small size, due to the character it brings along with much-needed retail and housing.

”It adds some more contemporary design and sets a good tone for the reuse of older buildings," Pacello said. "Small-scale deals hike this] add a lot of texture to the neighborhood.”

Credit: Jacob Steimer – Lead Reporter, Memphis Business Journal