in this issue:
Breathing New Lifeinto Main Street
Seeking Funding forDowntown Infrastructure
Westin Hotel
Planned Near Arena
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.
Breathing New Life Into Main Street
The Center City Commission's Main Street Redevelopment Plan, which calls for the comprehensive redevelopment of Main Street between Adams and Gayoso Avenues, comes closer to a reality with the announcement of two new Main Street projects.
The Kress Building will become the historic annex of the adjacent Marriott Springhill Suites, adding an additional 46-suites and meeting space. The first floor will offer 9,000 sf for restaurant and retail tenants. Renovations to this National Historic Register building will cost $6 million. The development company, Summitt Management of Atlanta, plans to begin construction this spring with hopes that the annex will be operational in spring 2005.
The Lawrence Building, located next to the NBC Building, will also undergo a historic renovation to transform this building into 40 luxury condominiums. Units will range from 900 to 1,200 square feet with unique "live-work" mezzanines on the first floor for professionals that work out of their homes. Developers Bob Williams and Andrew Crosby expect to begin construction in late 2004.
These two projects continue residential and hotel growth along Main Street between Adams and Gayoso. Development, both underway and recently completed, is bringing over 580 new residential units, 238 new hotel rooms, and over $121 million in investment to this six-block stretch of Main Street.
Click here to review other Downtown projects in the works.
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CCC Searches for Infrastructure Funding
More than $2 billion in development projects are underway in Downtown, yet infrastructure and public realm surrounding these projects remains substandard and, in some cases, dangerous.
To address this serious problem, the Center City Commission has suggested to City of Memphis Mayor W.W. Herenton that he consider including funding for two high priority infrastructure projects in the city's five-year Capital Improvement Project (CIP) Budget.
The proposed projects were identified after a block-by-block analysis showed that much work still needs to be done before Downtown's turnaround is complete.
Downtown Infrastructure and Replacement, Phase 2, will address public improvements in an 80-square block area in the Downtown Core, including neighborhoods around the FedEx Forum, the Chisca Hotel area, the Pinch, and key streets in the core of Downtown (Madison, Monroe and Third Street). Phase 1 is already underway with improvements South Court Street, Union Avenue, and key alleys off Main Street. The cost for Phase 2 is $25 million which, if approved, would be paid for during the course of the next five years.
The second project for consideration, South CBID Residential Project Infrastructure Replacement, Phase 1 & 2, will support what could become a new neighborhood to more than 3,000 people within the next five years. This $152 million residential project will be undertaken by multiple developers - but only if fundamental infrastructure is in place. Infrastructure in this area is virtually non-existent. Cost for providing infrastructure to this new community would be $5.7 million. Based on tax revenues generated from new property taxes, the front-end public investment would pay for itself in less than ten years.
For information on the CCC's CIP funding request, contact the CCC's Assistant to the President, Nicole Hernandez, at (901) 545-0542.
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Westin Hotel Planned Near Arena
Senate Hospitality of Nashville and Memphis-based Performa Realty have announced plans to construct a Westin Hotel directly west of the FedEx Forum. Plans call for building the $30 million hotel in what is now a parking lot between Beale Street and Lt. George W Lee near Gibson Guitar Factory. The hotel will offer 220-rooms and a new 420-car parking garage. Local architects Hnedak Bobo Group have been selected for design work.
Construction is expected to begin in mid-2004 and will take approximately 15 months to complete.
For more information on current projects in Downtown Memphis, go to the Center City Commission's Current Project List.
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Development Briefs
The Center City Commission and the Memphis BioTech Foundation continue efforts at creating a world-class Medical District by focusing attention on the District's Victorian Village neighborhood. In December, Looney Ricks Kiss Architects (LRK) was chosen by a selection committee to design a plan that will foster thoughtful residential growth in Victorian Village. For more information, contact Nicole Hernandez at the Center City Commission, 575-0542 or hernandez@downtownmemphis.com.
Developer James Rasberry announced plans to convert the former D Canale Warehouse located at 415 South Front into 20 condos. Each condo will range from 800 - 1,200 square feet and sell fro $100,000-$175,000.
The CCC, in conjunction with the Memphis Grizzlies, is undertaking a traffic control study to create a plan for events at the FedEx Forum. The plan will be developed by the local office of Kimley-Horn and Associates with input from the CCC, the Memphis Grizzlies, and other Downtown stakeholders. The initial plan will be completed by the end of May with final revisions after observing traffic issues during the the first few arena events.
Demolition of the Cook & Love Building (located on the corner of Main and Gayoso) is slated to begin on January 26. The building is being torn down to make way for Gayoso Place, a new 20-story, 281-unit residential tower and 441-space parking garage. The demolition process is expected to take 35-40 days. During that time, Gayoso Avenue will remain open but the parking lane on the north side of the street will be closed. (The developer intends to change the name of this project.)
The first residential project in Uptown Memphis is complete. Greenlaw Place is now leasing 2-3 bedroom apartments, which include granite vanities, wood floors, washer & dryer, gated parking and other great amenities. Uptown Memphis, when complete, will be a restored historical neighborhood covering 100 city blocks and offering 1,000 new residences. For Greenlaw Place leasing, call 523-8662. To stay posted on Uptown news, visit their new website at www.uptownmemphis.org.
The historic building that housed Jack's Food Store on the corner of Main and Jefferson, burned to the ground in a two-alarm fire on December 21. Owner Pinkney Herbert was in the process of remodeling the building. Herbert intends to rebuild on the site but final plans have not been announced.
The Memphis Grizzlies House, the new short-term housing
facility for St. Jude patients and their families, celebrated its opening on Monday, January 5. The new $10 million, 70,000 sf facility can accomodate up to 100 families at a time. Sixty-four of the units are hotel-style for short-term stays, and thirty-six suites are modeled for longer stays. The new facility eliminates the need for families to stay in hotels when traveling to town for treatment.[back to table of contents]
Available Property Spotlight:
234 East Butler
Built in 1950, this one-story brick and corrugated steel building is located on the northwest corner of Butler and South Third Streets, just two blocks south of the FedEx Forum. The building has served as a large warehouse and industrial space since it was constructed, but would be well-suited for loft development and offices. The adjoining lot brings the total land area to 33,500 square feet.
The purchase price is listed at $362,000.
For information on this property, contact Sam Bond at Crye Leike Realty, (901) 758-5670 or go to the website at www.crye-leike.com.
To review other available properties in Downtown Memphis, click here.
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Upcoming Meeting Schedule
Design Review Board: Wed, February 4 at 5 pm
Center City Revenue Finance Corporation: Tues, February 10 at 9 am
Center City Development Corporation: Wed, February 18 at 9 am
Center City Commission Board: Thurs, February 27 at noon
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 Center City Commission office will be closed on January 30 for the CCC Annual staff planning retreat.
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Center City Commission Staff
Executive
Jeff Sanford, President
Nicole Hernandez, Assistant to the President
Development
Laura Morgan, Director of Planning & Development
Brad Elmer, Planning & Development Coordinator
Jaske Goff, Development Project Manager
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
Jerome Rubin, Business Recruitment and Retention Coordinator
Stephanie Ziemba, Special Events Coordinator
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 Brassell
Fannie Garner
Mika Hilliard
Jarvis Jenkins
Kay Jennings
Bobby Parker
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Email your questions or comments to Leslie Gower, Editor.