Cost to finish Downtown's Horizon tower could reach $20M

Enlarge Photo

Alan Howell | MBJ

Years after it stalled during the recession, the long-vacant Horizon tower in Downtown Memphis is finally on track to be finished by a new owner.

Ryan Poe

Staff writer- Memphis Business Journal

Email  |  Twitter

The new owners of the 16-story condo tower The Horizon in Downtown Memphis said they expect to spend $15 million to $20 million finishing the project.

Walker Thrash, a principal in Hattiesburg, Mississippi-based Dawn Properties LLC, said the goal is to pick a general contractor and start construction in the first quarter of 2015, with a goal of opening the 155-unit tower's first 40 units in fall 2015.

Dawn Properties bought The Horizon at 717 Riverside Drive for $13.4 million in October, as we reported at the time.

The prices for the units in the tower will range from less than $200,000 to nearly $1 million, Thrash said. Dawn Properties, represented by Mike Parker of Marx-Bensdorf, will begin accepting deposits on units in March.

Dawn Properties has already selected Dallas-based Flick Mars, which just finished work on the new Hard Rock in Daytona Beach, Florida, as its interior designer.

For more on the property's amenities – and there will be many – be looking for a follow-up story on our website this Monday.

Ryan Poe covers commercial real estate; transportation and logistics; construction; and Downtown Memphis. Contact him at rpoe@bizjournals.com.