Planters Bank – Paint Work

The $93 million public housing redevelopment of Cleaborn Homes for 362 new apartments in Downtown Memphis entered its final stretch this week.

Birmingham, Ala.-based general contractor Capstone Building Corp. pulled 22 permits – a total value of $8.1 million – to launch the final, 67-unit phase of the Hope VI project Cleaborn Pointe at Heritage Landing. The complex is a few blocks southeast of FedExForum across Lauderdale Street from Foote Homes near Vance Avenue.

That fourth phase has a total cost of about $11.8 million, including infrastructure costs, said Jimmie Tucker, whose Self + Tucker Architects is one of the project’s architects, the other being LRK.

According to Lawrence Cox, of Capstone, who is managing the project, the units should open around October 2015.

Demolition of the 460-unit Cleaborn Homes began in 2010, as we reported then. The work is part of a larger, 20-year plan, known as the Heritage Trail Community Redevelopment, that also includes Foote Homes – a total of 1,200 new low-income housing units.