in this issue:
New Harbor TownBoutique Inn
Auction of FormerHoward Johnson's
Express
Development Briefs Available PropertySpotlight
Upcoming MeetingSchedule
CCC ContactInformation
The Downtown Developer
is a 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 Boutique Inn Comes to Harbor Town
River Inn, an $8.8 million 30-room boutique inn with two restaurants, is being developed in Harbor Town. The 40,000 square-foot project will be housed in two buildings on both sides of Harbor Town Circle at Harbor Town Square (located behind the Harbor Town sales center).
The facilities will include a fine dining restaurant and a casual bar and grill. The inn will also have meeting rooms, a roof deck, a small retail space, a private dining room and a gourmet wine cellar.
This project is a cooperative venture between developers Henry Turley and Lewis Holland, and restauranteurs George Falls and Don Eschelweck, owners of restaurants including Paulette's and Three Oaks Grill.
The project received a 9-year tax freeze from the Center City Revenue Finance Corporation and is expected to be complete in fall 2004.
For more information on development projects in Downtown, contact CCC Project Manager Jaske Goff at (901) 575-0582.
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Howard Johnson's Express Goes on Auction Block
The former Howard Johnson Express Hotel located on the corner of Third and Court is slated for auction at the end of this month.
This 10-story combination hotel, parking and street level retail space is situated on a .51 acre tract in the heart of the downtown core. The former hotel is located on the top three floors of the building with 117 rooms in the 55,000 square foot space. Floors one through seven include 375 parking spaces totaling 150,000 square feet. The ground level offers approximately 9,000 square feet of retail space.
The auction is scheduled for Thursday, August 28 at noon at the Downtown Marriott, Heritage Room. Buyer is responsible for current and back taxes on the property.
For more information on the auction, contact Chuck Fisher, Furrow Auction, at (901) 274-9777 or go to www.furrowauction.com.
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Development Briefs
The Land Use Control Board approved the Center City Commission's proposed plan to create a Tax Increment Financing (TIF) District for much of Downtown. The proposed TIF District would serve as a funding mechanism to assist with the more than $600 million needed for public improvements within the Central Business Improvement District (CBID). The plan goes before City Council and the County Commission for approval over the next months.
Memphis is the most successful Southern city, according to the latest issue of Southern Business & Development. Memphis tops a list of 100 major-market cities ranked by the magazine based on the capital investment deals and new jobs created in the previous year. A major market is defined by the magazine as having a population between 750,000 and 1.99 million people.
Construction is expected to begin this month on South End Apartments,
a 310-unit apartment complex being built on Georgia and Florida in what is currently a light industrial area. The new apartment complex will include health facilities, structured parking, a pool, a coffee shop, and a cyber bar. Project costs for this development are estimated at $21 million.
Thanks to a strong public-private effort, long-anticipated projects in the block between Union and Gayoso on Main Street get under way downtown this month. Vacant and rundown properties will be replaced by new residences and retail spaces.
The Center City Commission says this block will soon become a symbol of the kind of transformation we can expect all along Main Street. The face of the street will surely change, and the CCC wonders if the area will need a new name as well? How about Main Street Market? Main Street Commons? The CCC and The Commercial Appeal invite you to submit suggestions to Main Street Name, The Center City Commission, 114 N. Main Street, Memphis, TN 38103, or to mainstreetname@downtownmemphis.com. Deadline is noon Aug. 25.
Jerome Rubin has been hired as the Center City Commission's Business Recruitment and Retention Coordinator and can be reached at
(901) 575-0581.
Downtown businesses interested in finding out how to illuminate their buildings are encouraged to contact Dawn Lopez at "Light It Up!",
(901) 575-0564.
The Gibson Beale Street Showcase, which houses a manufacturing facility, The Lounge, and the Rock 'n Soul Museum, suffered severe damage from the straight line winds that blew through Memphis on July 22. Although repairs are still underway for much of the building, The Lounge will re-open on August 21. The showcase and museum are expected to be fully operational by the end of September.
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Available Property Spotlight:
60 Madison Avenue
This 10-story, 70,000 square foot structure is located in the Downtown Core on the corner of Madison and Front Street. A parking garage on floors two through six holds up to 230 cars. Floors seven through ten house office space and the covered rooftop has a patio and deck. Great views of the River.
The property is for sale at $6 million.
For information on this property, contact Hank Martin at NAI Saig, (901) 526-3100.
To review other available properties in Downtown Memphis, click here.
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Upcoming Meeting Schedule
Center City Development Corporation: Wed, August 20 at 8:30 am
Center City Commission Board: Thurs, August 28 at noon
Design Review Board: Wed, September 3 at 5 pm
The above meetings will be held at the Center City Commission, 114 North Main Street. For more information, contact Nicole Hernandez at (901) 575-0542.
The Downtown Neighborhood Association will meet at 6:30 pm on Thursday, August 21 at the First Alliance Bank. Downtown developer Henry Turley will speak on the Uptown Memphis Initiative.
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Center City Commission Staff
Executive
Jeff Sanford, President
Nicole Hernandez, Assistant to the President
Development
Myron Hughes, VP of Development and Planning
Brad Elmer, Business Development Analyst
Jaske Goff, Development Project Manager
Laura Morgan, Director of Planning & Development
Sandra Johnson, Development Assistant
Jerome Rubin, Business Recruitment and Retention Coordinator
Financial
Jim Street, Chief Financial Officer
Marketing
Lee Warren, Senior VP of Marketing
Leslie Gower, Director of Communications and Editor
Dena Owens, Marketing Manager
Sridhar Sunkara, Director of Information Systems
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:
Derrick Burnett
Eugene Brassel
Fannie Garner
Jarvis Jenkins
Kay Jennings
Bobby Parker
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We want to know what you think about this publication - email your comments to Leslie Gower, Editor. And thanks to those who have already responded with their suggestions!