Drive down the Northeast side of Poplar Avenue at I-240 where Midtown meets Downtown Memphis, Tenn, and it's hard to miss the Residences at The Greenstone, a beautifully renovated property that has just been converted into condominiums. Hubert T. McGee, also known for the Pink Palace, designed The Greenstone in 1927 as apartments, and it's been a staple in Memphis architecture ever since.

Principals Steve Weisman and Tobey Hubbard, operating under Blackstar Urban Fund II, are the reason this building has come to life once again. Together, they've re-developed the property into 18 condominium units that are now completed.

The property is in all senses, 'Green,' as the building seamlessly mixes the old with the new. It has the original three-story mahogany staircase and eight-foot doors and is upgraded with brand new state-of-the-art stainless steel appliances and modern decor. The kitchens have marble countertops and the bathrooms have marble flooring, a touch that goes with the 1920s time period.

"This property, which is now on The National Register of Historic Places, really speaks for itself. It has great bones," says Tobey. "We're very happy to be involved with this project."

"You really wouldn't be able to build this building these days," says 31-year-old Steve. "The price point just wouldn't make sense if you tried building this from the ground up."

Steve and Tobey's partnership began a few years back while they were attending graduate school at New York University and obtaining their degrees in real estate. Tobey, a 34-year-old native Memphian, convinced Steve that there were opportunities for an East Coast Jew in Memphis and the two decided to invest in the Memphis real estate market five years ago.

Blackstar has completed prior condominium projects in Memphis, and those experiences helped guide Steve and Tobey with the Greenstone venture. Most recently, they developed the Residences at South Main, which is a gated condo development in the South Main Historic Arts District. Seeing success with that development, the two are hopeful and confident they can find success elsewhere in the city.

And as the saying goes, location, location, location, is something the developers are banking on. The project is located near Le Bonheur Children's Medical Center, Memphis College of Optometry, St. Jude's Children's Research Hospital and the Memphis Bioworks Foundation.

"We're hoping to draw on the medical center for some of the development's buyers," says the recently engaged Steve. "The University of Memphis Law School and Rhodes College students may also be potential buyers."

"All of these institutions are within close proximity of The Greenstone," adds Tobey. Some might remember the original location of Baron Hirsch synagogue, which was located in the "Pinch" district on Fourth Street and Washington Avenue. In the late 1920s, residents of The Greenstone were within walking distance of the synagogue.

While remodeling and location are key points in real estate, wise developers know, it's also important to let the property sell itself.

"I'm sure there are some people who are just going to fall in love with it," says Steve. "There's a level of craftsmanship here you're not going to find in other projects."