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in this issue:
New
South Front Street:
Condo Corridor
Law School Heads Downtown
The Phoenix ToRise on Main
North End News
Speak Up! DowntownPlanning Survey
Retail Recruitment
Inside Downtown 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.
Condo Corridor...South Front Street
South Front Street serves as an important connector from the thriving Sports and Entertainment District to the burgeoning South Main Arts District. For years South Front was characterized by vacant and underused buildings but recently this corridor has become a hot spot for condo development.
Eight new condo projects on the six blocks from Pontotoc to Nettleton will include more than 200 condos and $40+ million worth of residential development.
Including these South Front developments, there are currently 2,780 condos under construction, recently complete or planned in downtown to match pace with downtown’s rapidly increasing 10.3% annual residential growth rate. Click here to view the latest downtown condo report.
For more information on current projects in Downtown, visit CCC Current Projects List.
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Law School Heads Downtown
The University of Memphis has announced that its Cecil B. Humphreys Law School will relocate to the former Customs House and Post Office facility located at Front and Madison. The new location will bring 500 law students and faculty to closer proximity to courts and the hub of law firms located in downtown Memphis.The Customs House will be sold to the University of Memphis for $5.3 million and the University plans to complete about $42 million in renovations before it moves in by the fall of 2009. The existing post office in the facility will move in 2007 to allow for renovations to begin.
Across Front Street from the future law school, activity is underway to renovate the 12-story, 258,000-sf Union Planters Bank building on the southeast corner of Front and Madison. The historic bank building, which has been vacant since 1995, is now under contract by a group of out-of-town investors. The investors have not announced their plans for the site. This building was promoted as one of Center City Commission's Top Ten Redevelopment Sites.
For more information on new development in Downtown Memphis, visit the Center City Commission's online downtown projects listing.
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The Phoenix To Rise on Main Street
The intersection of Jefferson and Main Street will soon be transformed thanks to two new projects that are underway.
Plans have been announced to develop the vacant space on the northeast corner of Jefferson and Main into a new four-story mixed use development. This infill project, called The Phoenix, will include commercial space on the ground floor and eight condominiums ranging in size from 900 - 1500-sf. Owner and local artist Pinkney Herbert has hired Architect Coleman Coker to design the new building which will have a dramatic modern effect. Long time tenant Jack’s Grocery store stood in this location until a fire destroyed the building in 2004.
Construction is expected to begin on this $1.8 million project this spring and is expected to be complete in 2007.
Meanwhile construction continues on the southeast corner of Jefferson and Main on the historically significant Court Square Center project. Court Square Center is a $40 million mixed-use project that will include 50,000–sq ft of commercial space and 74 apartments.
For more information on new development in Downtown Memphis, visit the Center City Commission's online downtown projects listing.
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North End News
The Pinch District is joining the condo caravan with two new projects that will add 88 condos in the shadows of the Pyramid.
Pinch Place, a five-story, 100,000-sf condo and retail project will sit on the block bounded by Main and Front and North Parkway and Auction. The project will include 64 condos and 2600-sf of ground floor retail space. This $8 million project will blend the historic 429 North Main building with new infill construction. Designs drawn by Architecture, Incorporated will complement the historic character of 429 North Main. Units will have panoramic views of downtown and the river.Construction is expected to begin this spring with a completion in spring of next year.
Other News in the Pinch ...
Harbor Lights, a $5 million, 24-unit luxury condo complex, is under construction.
Negotiations continue with the city and Bass Pro Shop to bring the destination retailer to The Pyramid. Springfield, Missouri's Bass Pro, which would be similar to the Pyramid outlet, draws more than 4 million visitors each year. Rent from the retailer would assist in paying off The Pyramid's current debt.
For more information on new development in Downtown Memphis, visit the Center City Commission's online downtown projects listing.
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Speak Up! Planning Survey for Downtown
We want your input! The Center City Commission has commissioned The Consilience Group to create a 5-year strategic plan that will outline areas of focus, goals, and objectives to guide growth for the Central Business Improvement District. As part of the process, the CCC wants to hear from the community-at-large and downtown stakeholders to gauge areas for improvement.
Those interested in participating in this process are encouraged to click here to complete a brief survey.
Input from these surveys, focus groups and public meetings will be compiled into the strategic plan. The plan is expected to be released in June 2006.
For more information about the strategic planning process, contact Nicole Hernandez, Director of Executive Programs, 901.575.0542.
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Downtown Retail Recruitment Efforts
As the residential population continues to rise (now at 27,000 downtown residents) so does the need for retail and service businesses. As such, the Center City Commission is making a push to recruit and support existing retail in Downtown.
The CCC recently hired Katrina Shelton as a Business Recruitment Manager to identify and work with prospective downtown retailers. Shelton has a degree in fashion design from the Parsons School of Design in New York, has worked with Donna Karan and Coach, and owned a store in South Main called Tonic that featured her specialty line of women's clothing.
One tool that Shelton will be offering to prospective downtown retailers is a newly created Retail Incentive Fund. This incentive, administered by the Center City Development Corporation, offers loans for the expansion of existing retail and service businesses and for existing businesses wishing to establish a retail branch in Downtown. Additionally, new retail and professional services businesses in the CBID will be eligible.
The program assists the potential businesses in securing financing for short-term working capital, inventory, or tenant improvements (furniture and fixtures, machinery and equipment, and leasehold improvements) by enhancing the equity position of the borrowers. The Center City Development Corporation places a 24-month certificate of deposit with the lending institution for an amount equal to 20% of qualified loans or a maximum equity enhancement amount of $35,000 per loan. The applicant must invest a minimum of 10% of personal capital into the loan.
Click here to view the Retail Incentive Fund Application. To learn more about retail recruitment efforts, contact Katrina Shelton, 901.575.0552.
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Making A Difference Inside Downtown
The Center City Commission launched a new program in January to engage Downtown employees in the growth of Downtown. The program, called Inside Downtown, is a monthly networking event that incorporates a discussion of issues affecting downtown.More than 250 people representing 175 companies in downtown are participating in this program. Members range from artists and small business owners to corporate executives who are encouraged to offer input and suggestions on how to make change for the better in downtown.
The Center City Commission has outlined meeting topics through July, covering topics such as retail, public realm, animation, quality of life and more. Click here to view a list of meeting topics. Meetings are held in various venues throughout downtown on the third Thursday of each month at 4:30 pm. The next Inside Downtown meeting will be held on March 16 (location TBD). The meeting will focus on Quality of Life issues. For meeting details, click here.
If you are interested in participating, click here to download a registration form, or contact Nicole Hernandez, CCC Director of Executive Programs, 901.575.0542. [back to table of contents]
Development Briefs
Self Tucker Architects is renovating the historic Universal Life Insurance Building on Linden in the SoFo District. The architectural firm will move into the building when it is complete and recruit other businesses to fill the remaining space.
The Memphis Area Home Builders VESTA Home Show has selected South End for its spring event. The show will take place April 15 - 30 and is expected to draw more than 25,000 during the two week span. The home show will showcase urban living through several new condo developments in this southern part of Downtown.
Home & Garden Television's "Rezoned", a television program that spotlights houses that have been converted from non-residential spaces into residences, are looking for special homes in Downtown Memphis. Conversions must be initiated by the homeowners, not developers. Click here to view the press release. To submit a home for consideration,
contact Heather Pikas at HGTV, 303.712.3162.
A groundbreaking ceremony was held on January 16 for Lee's Landing, a retail, entertainment and parking project being built just south of Beale Street and across from FedExForum. This $9.7 million development will include 530 parking spaces, 15,000-sf of ground floor retail and commercial space, and Ground Zero Blues Club.
The $3 million worth of streetscape improvements along Union, Monroe, Madison and connecting alleys is expected to be complete in May. Improvements, funded by the Center City Commission, include new sidewalks, landscaping, curbs and gutters.
Plans are progressing to bring the Memphis Farmers Market to the Pavilion at Central Station beginning May 13. The market will be open from 7 am - 1 pm every Saturday through October. For more information, visit www.memphisfarmersmarket.com.
One Beale, a landmark $250 million project that will include hotel, office and residential space on the corner of Wagner and Beale, received a 20-year PILOT from the Center City Revenue Finance Corp. The pilot will abate an estimated $17 million in property tax over the next 20 years but is expected to generate $56 million in property taxes within its first year. The project is expected to be complete in 2007.
The Center City Commission issued an RFP for installation and fabrication of pedestrian and vehicular signs to guide downtown visitors to attractions and parking. Installation of signs has an anticipated completion at the end of summer.
Panhandling is an issue that affects all cities and Downtown Memphis is no exception. The Center City Commission urges downtown visitors not to give money to panhandlers. A better way to help is to donate to charities and organizations with outreach programs that help the homeless and needy. The CCC will launch an anti-panhandling campaign on March 8 at 2 pm in Court Square to broadcast this message to downtown visitors and residents.
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New Downtown Business
Track Couture, women's clothing for NASCAR aficionados, 41 S 4th St Ste 104, 521-1605, www.trackcouture.com
Memphis Custom T-shirts, 18 N Second St, 543-0112
City House Salon at South End, hair salon, 6 W GE Patterson, 521-1115
Rio Loco, mexican cuisine, 117 Union Avenue, 523-2142
Midtown Books, annex location inside the Memphis Tobacco Bowl, 152 Madison, 525-2310
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Available Property Spotlight:339 South Front
Amid explosive condo development on South Front is an exceptional opportunity for redevelopment. 339 South Front is a historic property with 50,000-sq ft of existing space in four floors. The building, which was first built by John Deere in the late 1800s, contains original turn of the 19th century rock wood floors, beams and interior bricked walls.
This site is a prime candidate for a residential development with mixed-used on ground floor and basement levels. Owner J. Alan Kutner says that the building has received approval for the addition of two upper floors which would offer panoramic views of the Mississippi River. Other amenities include close proximity to The Orpheum, Beale Street, FedExForum, and the South Main Arts District. The building is also located one block from Vance Park, a gathering spot with public art that overlooks the river, and one block from the trolley line.
For more information, contact the property owner J. Alan Kutner at 901.521.0613.
To review other available properties in Downtown Memphis, click here.
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Upcoming Meeting Schedule
Design Review Board: Wednesday, March 1 at 5 pm
Center City Revenue Finance Corporation: Tuesday, March 14 at 9 am
Center City Development Corporation: Wednesday, March 15 at 9 am
Center City Commission Board: Thursday, March 23 at 12 noon
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.
The next Inside Downtown meeting will be held on March 16 at 4:30 pm. The meeting will focus on Quality of Life issues. For meeting details, click here.
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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
Mika Hilliard
Charles Jackson
Bobby Parker
Amber Lane
Johnnie Willis
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Email your questions or comments to Leslie Gower, Editor.