Midtown- Developer Pulls Plug on Glenmary Condo Development

In a January 11 email to REALTORS who had shown their clients units in the Glenmary Condos during the project’s marketing period, the listing company, the Martin Group announced that the developer had decided to revert the building back to rental units. The email did not mention slow sales as the reason for the change of focus, but I think that is a given.
The building is located at 1550 N. Parkway, just east of N. Watkins (zip 38112) and had been moderately priced apartments before the condo conversion began. Many tenants have remained in the building during the floor by floor renovations.
The Developer, the Gintz Group, of Tacoma, Washington, will re-launch the property as apartments in the next 30-60 days, according to the email. The Glenmary apartments promises “one-of-a-kind apartments for Memphis and Midtown with upscale finishes and fabulous amenities.”

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Joe Spake is a Memphis-based Real Estate Broker and Consultant. He blogs at Joe Spake's Weblog and Memphis Real Estate Buzz. Joe's Social Network.