in this issue:
CCC Unveils
Strategic Plan
Apartments Abound in Downtown
Union AvenueGateway Transforms
28-Story CondoProject in the Pinch
Regional Design Center Forms
Small BusinessScholarships
Condos Hit SoFo District
Henry Turley
Honored
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.
Center City Commission Unveils Its Strategic Plan for Downtown
After months of research and input from more than a thousand people throughout the community, the Center City Commission unveiled "Downtown Memphis Moving Forward: A Strategic Framework for Success" at its Annual Luncheon on July 13.
The plan, which was created with the assistance of Consilience Group LLC and its partner Linx Consulting, outlines priority issues that can impede the future growth of Downtown: poor public environment; underused land and buildings; inadequate retail; underperformance as an employment center; and a lack of ownership that reflects the population of the community.
Using national best-practices, data from the comprehensive Downtown Market Study, and local Downtown analysis from CCC staff and board, a community vision and updated goals and objectives for Downtown Memphis were formed. From this, specific five-year strategies were created.
Community Vision for Downtown
A thriving Downtown is the heartbeat of the region, built on Memphis' unqiue character and authenticity, attractive to residents, workers, and visitors from all walks of life.
Community Goals for Downtown
For objectives and strategies to these goals, click here to view the complete document.
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New Apartments Abound In Downtown
Rental properties are on the rise in Downtown with four new apartment projects planned in Uptown, the Downtown Core and the Memphis Medical Center. These projects will bring a total of $43.9 million worth of new rental properties throughout Downtown, and add 250 rental units to the residential inventory.
Riverbend Place
An entirely minority- and women-owned development team,
VOB Development based out of Atlanta, announced plans to build a 30-unit affordable-housing apartment complex at 668 North Main in Uptown. Four two-story buildings are planned for the $3.8 million infill complex being constructed on a vacant lot. The Center City Revenue Finance Corporation granted developers a 10-year PILOT for the project.The project represents ongoing progress in the Center City Commission’s efforts to promote affordable housing development in the downtown district. A 2005 study of workforce housing in downtown Memphis found that 91% of rental units in the downtown market are affordable for low- to moderate-income households. The study also found that 26% of single-family homes and condos are affordable for low- to moderate-income households.
The Alabaster Building
This five-story, 57,000-sf building in the heart of the
Memphis Medical Center on Beale Street will be renovated to include 51 apartments. The Alabaster Building is listed on the Center City Commission's Top Ten List for priority developments in Downtown. Project costs are approximately $8.5 million. The project developer, Tigrett Investments LLC, is seeking a 12-year PILOT from the Center City Revenue Finance Corporation. The developer also anticipates applying to the National Park Service to have the area designated as a Historic District, and subsequently the building listed as a contributing property.
Construction is scheduled to begin in November 2006 with an anticipated completion in December 2007.
66 South Main, aka The New York Suit Exchange Building
Renovation plans are in progress for this building in the heart of the Downtown Core to include 10 loft apartments and 6200-sf of ground floor retail space. The project, which is located on the corner with the highest pedestrian traffic volume in Downtown, will also include a 16-space underground parking garage for residential tenants.
The developer, Greenhat Partners LLC, has acheived success in two nearby residential projects in New Main - The Cornerstone and Main Street Flats which is nearing completion. The developer is seeking a 15 year PILOT from CCRFC on this $3.6 million project. In addition, Greenhat intends to apply to the National Park Service to have the building listed as a contributing property to the Gayoso-Peabody Historic District. Construction is expected to begin in January 2007 with a completion in December 2007.
67 Madison, aka UP Bank Building
Dallas-based EFO Residential Devlopment continues with its $28 million renovation of the historic UP Bank Building at 67 Madison (also on the CCC Top Ten Redevelopment List) to 157 new luxury apartment units and 18,000-sf of retail space. EFO also purchased the AutoZone Annex building across from the property and the future U of M Law School on Front Street to create a 400-space parking garage for residents, tenants and the public.
For more information on current projects in Downtown, visit CCC Current Projects List.
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Union Avenue Gateway Transforms
Two new projects along Union Avenue will dramatically alter this high traffic corridor into Downtown.
Cascade Development Partners is in the planning and design phase for a massive $200 million project at the corner of Fourth and Union. Plans include construction of an 8-story structure for mixed residential and commercial use, consisting of approximately 500,000-sf of residential units that range in size from 800sf - 2000sf. The commercial space is expected to include around 93,000-sf of ground floor retail/restaurant space, about a third of the size of Peabody Place Entertainment and Retail Center. 
Developers are also planning to include a 250-room hotel in the project.
East of this project on Lauderdale between Union and Monroe, developers Tennessee LLC purchased land from Coleman Transmission and have cleared land for a planned residential community that will include 24-units facing either Monroe or Union.
For more information on new development in Downtown Memphis, visit the Center City Commission's online downtown projects listing.
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28-Story Condo Tower in The Pinch
St. Mary's Catholic Church on Third Street in The Pinch has plans to sell a portion of its property to make way for an $85 million, 28-story condo complex with 240 units. The project also includes more than 12,000-sf of retail space and a 2,000-sf restaurant space. Other amenities will include a health club, swimming pool and a community rooftop terrace area. The project developers, Brian Thomas of Boston and Geoffrey LePlastrier of California, plan to construct with building materials that comply with environmentally friendly standards.
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Regional Design Center
The American Institute of Architects has awarded a $10,000 grant to AIA Memphis to launch a one-year initiative to establish a Memphis Regional Design Center.The organization's goal is help solve problems such as suburban sprawl, urban revitalization and community sustainability, and to provide a coordinated and collaborative approach to urban design issues with architects, urban planners and designers. The Center City Commission also contributed $5,000 towards the initiative.
The grant is a part of AIA's "Blueprint for America", a program that serves as a guide for how good urban design enables sustainability. Principles outlined in the program include pedestrian focus, smart growth, affordable housing, and creating green spaces.
The Design Center is expected to be operational in 2007.
For more information, visit AIA Memphis.
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CCC Offers Scholarships to Small Downtown Businesses
To help small downtown business owners sustain and grow their companies, the Center City Commission has partnered with alt.Consulting to provide two types of business consulting scholarships - a FastTrac GrowthVenture program and one-on-one training sessions for individual business consulting.
Scholarship recipients for the "FastTrac GrowthVenture," will participate in an intensive program that teaches small business owners strategies for company growth. The program is split into two separate sessions:
- Setting Direction. This two-day session (August 4 & 5) will emphasize the three-year vision for the business, a SWOT analysis, exploring options for growth, and determining a strategy for moving forward
Taking Action. This session will guide entrepreneurs to evaluate each major aspect of their business. Entrepreneurs complete either a formal written business plan or an internal working plan that lists their goals, strategies, and the actions to accomplish them. Sessions are held every Thursday from 6pm - 9pm from August 17 - September 28.
The Center City Commission is also offering scholarships for one-on-one training sessions to existing businesses. The number of these sessions provided to businesses (up to a maximum of 40 hours) will be based on the business' need. Scholarship recipients will pay only $10 per hour (a discount of $50).
Scholarship applications for the "FastTrac GrowthVenture" sessions can be downloaded at www.downtownmemphis.com .
For more information, contact Katrina Shelton, CCC Business Recruitment Manager at 901.575.0552.
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Condos Come to SoFo
A new $4 million, 21-unit condo project is in the works for the property located at 146 East Butler. The current building on the site, the Wile Goose, will be demolished to make way for this new infill project. The two-story upscale condos, called Butler Street Condos, will include private two-car parking garages with direct elevator access to the 2000-sf units. Prices will range between $330,000-$350,000.
Butler Street Condos join a list of new developments in the South Forum District - the 150-acres south of FedExForum - since the Center City Commission's South Forum Master Plan was crafted:
View the CCC's South Forum Master Plan.
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Henry Turley Recognized with Lifetime Acheivement Award
At its Annual Luncheon on July 13, The Center City Commission awarded its Lifetime Acheivement Award to Henry Turley, a visionary who spurred residential development in Downtown some 20 years ago with his national award-winning communities Harbor Town and South Bluffs, and who continues to serve as a key developer in Downtown's revitalization. Turley received a standing ovation from the 600 people in attendance. He is only the second Lifetime Acheivement Award winner, following Jack Belz last year.
The CCC also recognized Memphis in May with the Vision Award for an organization, and Bevery Robertson, Executive Director of the National Civil Rights Museum, with a Vision Award for individual contribution. CCC Chairman Rickey Peete was recognized by fellow board members with the Outstanding Board Member of the Year Award.
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Development Briefs
The Center City Commission issued its FY 2005-2006 Annual Report which highlights development news, financial information, and CCC departmental activity over the past year.
A study conducted by Colliers International finds that Downtown Memphis has some of the most affordable parking in the nation. Downtown parkers can expect to pay an average of $6 per day versus the national average of $15.28 per day.
Court Square Center
received the official green light when its $48 million financing package closed on Tuesday, August 1. Developers on the project have been working diligently for 3 years to secure financing and tenants. SEE Main Street, a full service eye care provider, is now open for business on New Main between Union and Gayoso in Main Street Flats. SEE Main Street is the second tenant to open on New Main, a block being transformed into a residential hot spot in the Downtown Core.
Conventions and tourism in Downtown are growing. In 2006, the Memphis Cook Convention Center had a total of 31 convention groups versus previous years with an average between 10-18. In concert with increased conventions, occupancy rates for city hotels is 71.1% versus 61.9% for this time last year.
The former Elvis Presley's Club on the corner of Second and Beale has been leased by Jimmy Ishii, pre-eminent Memphis restauranteur, who plans to open a music-themed restaurant with a southern flair. Interior redesign is underway.The 7,300-sf building that housed the former Empire Coffee Shop on the corner of Main and Madison is being converted into a mixed-use development with three residential apartments and three commercial condos.
The 220-unit Bristol Apartments on Union, the newest apartment complex in the Memphis Medical Center, sold to a New York-based firm for $23.5 million, marking the second-highest apartment sales price per unit in the history of Memphis. Construction costs when it opened in 2004 were $20 million.
Grant & Company plans to build 200 condos and townhomes on Mud Island south of Auction Bridge. The 19-acre tract of land was purchased for $7.5 million to construct units ranging from $200,000 to $800,000.A $1 million rooftop parking deck is being added to The Lofts on Tennessee Street to create more parking for owners of 117 condoes units.. The new parking deck will offer a total of 132 spaces and is expected to be complete in late summer.
Stella Restaurant, located on the ground floor of the Brodnax Building, refurbished the basement of the building to serve as a private function room for the restaurant. The basement will accomodate up to 100 people and includes a full bar, partial kitchen and bathroom.
South Main is further entrenched as an arts district with two new creative business openings. South Main Memphis Studios, a $2 million state-of-the-art audio and video production facility, is opening an 8,000-sf studio with a small basement lounge in South Main. In addition, academy-award nominated filmmaker Craig Brewer opened an office for his film production operations, Southern Cross the Dog at 496 South Main.
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New Downtown Business
Dawgie Style Hot Dog Parlor and Café, hot dogs, sub sandwiches, wraps, 150 Madison, 527-7700
Annie's Restaurant, 782 Washington, 527-7931
Southern Cross the Dog, film production company, 496 S Main
SEE Main, optometry group and optical boutique, 103 S Main St, 495-9900
Bluff City Coffee Shop, 505 S Main St,
Nathan Associates, Economic consultants, 22 N Front St Ste 600, 526-0523
Downtown D'Vine Salon & Spa, 164 Union Ave, 529-9881
The Superior Bar, 159 Beale Street
Changes Nightclub, event hall, 136 Webster
Chiropractic Memphis, 45 N Third St Ste 101, 521-9355
Café Napoleon, 86 N Main St, 524-1848
American Apparel, 528 S Main St, 528-1722
Coyote Ugly, 326 Beale St, 888-8459
Shear Envy Hair salon, 115 Huling, 523-1350
M & F Bank, 50 Peabody Pl Ste 101, 577-0961
Ben & Jerry's Ice cream shop, 175 S Third St, 578-3281
Adams and Reese LLP, legal services, 80 Monroe Ave Ste 700, 523-8211
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Upcoming Meeting Schedule
Center City Revenue Finance Corporation: Tuesday, August 8 at 9 am
Center City Development Corporation: Wednesday, August 16 at 9 am
Center City Commission Board: Thursday, August 24 at 12 noon
Design Review Board: Wednesday, September 6 at 5 pm
Downtown Parking Authority: Wednesday, August 17 at 10 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.
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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
Carl Hibles
Christopher Mason
Ann Sanchez
Johnnie Willis
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Email your questions or comments to Leslie Gower, Editor.