in this issue:
New
New Main
News
Historic UP Bank Renovation
VESTA Home Show in South End
Prime Mud IslandTract Sells
Real Estate 101 Course
Blue MonkeyBounces Back
IDA Downtown Achievement Awards
Development
Briefs New
DowntownBusinesses
Upcoming
MeetingSchedule
CCC
ContactInformation
The Downtown Developer
is a bi-monthly publication
produced by the
Memphis Center
City Commission
114 North Main Street
Memphis, TN 38103
phone 901.575.0540
toll free 888.303.0002
fax 901.575-0541
downtownmemphis.com
All rights reserved.
New Main News
The New Main Block on Main Street between Union and Gayoso is quickly becoming the residential neighborhood that planners at the Center City Commission (CCC) envisioned.
In 2001, the CCC began acquiring most of the property on what was a vacant block of Main Street - an area that the CCC identified as one of the most challenging blocks in Downtown to redevelop. CCC then sent out a request for proposals to the development community and selected interested developers to buy back the property at a discounted rate.
As a result, development is well underway with 375 residential units, nearly 33,617-sf of ground floor retail and commercial space, and a 412-space public parking garage.
For more information on current projects in Downtown, visit CCC Current Projects List.
[back to table of contents]
UP Bank and AutoZone Annex Building
Development plans have been announced for a historic building that is listed as one of the Center City Commission's Top Ten Redevelopment Sites. The 12-story, 258,000-sf historic UP Bank at 67 Madison located on the corner of Front and Madison will transform into 157 luxury apartments and 18,000-sf of retail and office space. Thirty-two of the apartments will be designated for affordable housing, reserved for tenants that earn 80% or less of the area's median income.
The Dallas-based developer, EFO Residential Partners, believes the project will fill a gap for more rental units within the Downtown Core. Renovation costs are estimated at $38 million and construction is expected to be complete in November 2007. The project received a 15-year PILOT from the Center City Revenue Finance Corporation. Hnedak Bobo has been retained as the architect for the project.
To create parking for residents and commercial tenants, EFO has also purchased the AutoZone Annex building and garage across Madison from the UP Bank building. Developers will make use of an existing underground tunnel connecting the AutoZone Annex building to the the UP Bank Building. The planned 400-space parking garage will also provide additional public parking for that area. Renovations for this annex building are expected to be $7 million.
Construction is expected to begin within the next few weeks with a completion date of September 2007.
For more information on new development in Downtown Memphis, visit the Center City Commission's online downtown projects listing.
[back to table of contents]
VESTA Home Show Spotlights South End
More than 30,000 people are expected to preview eight new residential developments in South End during the spring VESTA Home Show, the Memphis Area Homebuilders Association's showcase for home builders and interior designers. This is the first time that the prestigious VESTA Home Show has been held in downtown since 1993.
Developments featured in the show are:
The two-week show began on April 14 and will run through April 30. Show hours are Mon - Fri, 11 am - 7 pm,
Sat - Sun 8 am - 7 pm. St. Jude Childrens Research Hospital will receive $1 for every ticket sold. For pricing, maps, and more information, visit www.vestahomeshow.com.
[back to table of contents]
Prime Tract of Land on Mud Island To Be Developed
Plans are underway to bring 230 new homes to Mud Island on the south side of Auction Bridge. A 21-acre tract of vacant sold to developers Henry Turley and Beazer Homes for $8 million.
Beazer, one of the south's largest residential developers, purchased 19 acres for a new 175 townhome community. Turley bought 2 acres for a 45-unit condo project that will bring an estimated $500,000 per unit.
There are an estimated 4,300 people living on Mud Island to date.
For more information on new development in Downtown Memphis, visit the Center City Commission's online downtown projects listing.
[back to table of contents]
Real Estate 101
The Center City Commission’s W/MBE Committee and The NeighborWorks Training Institute of America are presenting Real Estate 101, a two-day introductory class designed to give aspiring minority developers a basic understanding of the development process.
The course will take place Friday, June 9 and Saturday, June 10 at the Memphis Cook Convention Center. The tuition for the course is $100.
The course includes sessions on:
- Planning and Feasibility,
- Choosing and Acquiring Your Property,
- Design and the Approval Process,
- The Bidding Process,
- The Construction Process,
- Marketing,
and - The Sale.
To register for the class, email your contact information to Jerome Rubin, CCC Manager of Diversity Outreach. Space is limited so register early!
[back to table of contents]
Blue Monkey Bounces Back
After a fire burned one the South Main's most popular restaurants six months ago, owner Mike Johnson has plans to bring The Blue Monkey back bigger and better.Construction is expected to begin in May that will double the restaurant and bar space by making use of three floors. The former 4,000-sf restaurant will expand to 8,000-sf and accomodate 200 people for dining versus the original 92 seats. The space will have a canopied rooftop deck, three full-service bars, and pool tables.
The cost to rebuild the restaurant is $750,000. The exterior design will be very similar to the original, maintaining the historic integrity of the neighborhood, but will include updated amenities.
Check out the Center City Commission's Downtown Business Directory.
[back to table of contents]
2006 Downtown Achievement Awards
The International Downtown Association, the world leader of and champion for vital and livable urban centers, is seeking entries for the 2006 Downtown Achievement Awards. Consultants, practitioners, communities and organizations involved in all aspects of downtown renewal are invited to submit case studies that showcase innovation and vision that has made a difference. The eleven juried categories include all aspects planning, design, development, management, business retention, and marketing and communications.
The Center City Commission encourages local organizations and businesses involved in the growth of downtown to participate in this prestigious program. Entries must be received by the IDA no later than 5:00 pm on Friday, June 2.
If your organization is interested in obtaining an application and guidelines, contact Leslie Gower, Center City Commission Director of Communications, 901.575.0561, or the International Downtown Association.
[back to table of contents]
Development Briefs
Mirabella, a new $40 million, 60-unit condo project is planned on Front Street at Vance. Units will range from 1800 to 3000-sf. Mirabella is the latest condo project announced for South Front Street, adding to the $40+ million in condo projects underway or planned for Front Street between Vance and Huling that will bring more than 250 condos to this area.
The Center City Commission is hosting a Brokers Envisioning Session on May 4 for commercial brokers throughout Memphis. The session will discuss the rising downtown residential population and the need for new business to support this new base. Center City Commission's Business Recruitment Manager, Katrina Shelton, will introduce a new incentive program designed to bring more retail to Downtown. The event will take place at The Hunt Phelan Inn at 5 pm. To register, contact Katrina Shelton, 901.575.0552.
Public input has been gathered for the Downtown Strategic Plan, a guide for Downtown growth over the next five years. More than 1000 participants responded to a survey to garner input on priorities for Downtown and dozens of meetings were held to solicit input from community partners. The CCC staff will present the initial findings of the strategic plan to its board on April 28 for approval. The final document will be made available to the public at the end of June.
A grand opening ceremony will be held for the Memphis Farmers Market on the Market's opening day, Saturday, May 13 at 9:30 am at the Central Station Pavillion. The Market will be open every Saturday from 7 am - 1 pm through October with approximately 25 vendors offering fresh produce. The Market will also feature family-friendly activities like cooking demonstrations and music. For more information, visit www.memphisfarmersmarket.com.
To encourage more development in the South Forum District, the 150acres due south of the FedExForum, the Center City Revenue Finance Corporation is expanding its PILOT grading criteria. The new criteria offers an additional three years towards the 15-year maximum on a tax freeze for projects located within the district. To learn more about the CCRFC PILOT program, click here.
The Downtown Parking Authority, an affiliate board of the Center City Commission, is seeking requests for proposals for a parking demand study to examine current and future parking needs for the Medical Center. To view the RFP, click here.
[back to table of contents]
New Downtown Business
Raiding the Closet,Women's Apparel, 72 Union Ave, 901-527-2980
Me & Ms Jones Homecooking, 288 S Fourth St, 901-527-0693
GMAC Mortgage , 520 S Main St, 901-523-1171
Happy Mexican ,Mexican cuisine, 385 S Second St, 901-529-9991
Meditrina Restaurant , 83 Union Ave, 901-523-9625
Brinson's Event hall, 341 Madison Ave, 901- 524-0104
Uptown Wine & Spirits/Pyramid Liquors, 120 Auction Ave, Ste 101, 901-578-2773
The Majestic, opens this Friday, April 21, 145 South Main
[back to table of contents]
Upcoming Meeting Schedule
Center City Commission Board: Friday, April 28 at 12 noon
Design Review Board: Wednesday, May 1 at 5 pm
Center City Revenue Finance Corporation: Tuesday, May 9 at 9 am
Center City Development Corporation: Wednesday, May 17 at 9:30 am
The above meetings will be held at the Center City Commission, 114 North Main Street. Meeting times and dates are subject to change. For more information, contact Dawn Vinson at 901.575-0555.
[back to table of contents]
Center City Commission Staff
Executive
Jeff Sanford, President
Nicole Hernandez, Director of Executive Programs
Jerome Rubin, Manager, Diversity Outreach
Development
Andy Kitsinger, Director of Planning & Development
Lorie Chapman, Development Assistant
Molly Frey, Real Estate Analyst
Jaske Goff, Development Project Manager
Katrina Shelton, Business Recruitment Manager
Dawn Vinson, Development Coordinator
Financial
Jim Street, Chief Financial Officer
Marketing
Lee Warren, Senior VP of Marketing
Tiffany Amore, Marketing Administrative Assistant
Leslie Gower, Director of Communications and Editor
Sridhar Sunkara, Director of Information Systems
Stephanie Ziemba, Marketing and Special Events Manager
Operations
Janet Pfaff, Senior VP of Operations
Dave Rice, Parking Manager/Environmental Coordinator
Christine Taylor, Office Manager/Administrative Assistant
Gaston Davis, Blue Suede Brigade Manager
Blue Suede Brigadiers:
Eugene Brassel
Fannie Garner
Sally Hayes
Charles Jackson
Bobby Parker
Amber Lane
Christopher Mason
Jasmine Rideout
Johnnie Willis
[back to table of contents]
Email your questions or comments to Leslie Gower, Editor.