in this issue:
BioTech Foundation: Phase I
Restoration ofCourt Square Underway
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.
BioTech Foundation: Phase I
Construction on Phase I of the Memphis BioTech Foundation's1.2 million square foot campus-style research and development park will begin by the end of this year.
This first phase of the new UT/Baptist Research Park is a dedicated six-story, 165,000 square foot biotechnology research facility. The facility, which will be built on Union Avenue in front of the former Baptist Medical Center, will hold biotechnology research activities for multiple tenants, including UT Health Sciences Center and The University of Memphis.
During construction of the Phase I building, the Baptist Medical Center building will be demolished to accomodate future phases of the research park. It is anticipated that demolition will occur in late 2004.
The $37 million Phase I building is expected to be complete by March 2005.
For more information on Memphis BioTech Foundation, contact Dr. Steven Bares, President and Executive Director, at (901) 448-8800.
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Restoration of Court Square Underway
Court Square, the "living room" of Downtown, is undergoing renovations to restore the park to its original design.
The Department of General Services is in the process of removing low growing shrubs and trees and the three foot walls lining the walkways to make room from new sod and plantings. Old park benches are being replaced with new ribbon-style benches that will match sixteen new trash bins.
Renovations on the gazebo will begin in late summer and include new paint, concrete repair, installation of new railings and period lighting fixtures, and an updated electrical system. Restoration to the gazebo is made possible by a grant from the Memphis Rotary Club.
Repairs to the sidewalks along South Court Avenue and Second Street will begin within the next few months.
These improvements are part of the 80-square block Downtown Streetscape Master Plan. Click here to view the Streetscape Master Plan.
For more information on streetscape improvements in Downtown, contact CCC Sr. VP of Operations Janet Pfaff at (901) 575-0590.
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Development Briefs
Baker Donelson, the largest law firm in Memphis and Tennessee, has signed a letter of intent to occupy up to 90,000 square feet in a new office tower and garage that would be built near Court Square. Click here for more info.
As part of the $500 million St. Jude Children's Hospital campus expansion, the new 65,000 square foot Good Manufacturing Practices (GMP) facility will open in August. Located on the corner of North Parkway and Third Street, the GMP facility will manufacture biological products like vaccines, proteins and pharmaceuticals.
The Downtown Parking Authority has issued a Request for Proposals for the demolition of the former Cook & Love building located on the corner of Main and Gayoso. Demolition of the building is part of a plan to construct Gayoso Place, a $40 million, 20-story residential tower that will include 260 apartments and a 300-space parking garage. Click here to view the RFP.
The 113-year old Front Row Building, located on the northeast corner of Union and Front recently sold for $950,000. New owners plan to convert this former cotton warehouse from apartments into condos. The condos will range from $116,000 - $190,000. The first floor will house the new offices of Northern Investment Properties. Click here for more info.
The FedEx Forum is opening its Preview Center this week which will house a full size suite, samples of general, club and suite seats, a theater presentation room, a club box and a seven-foot scale model of the arena. The display suite will include interactive, computer-generated views accurately portraying the view from each suite. This fall Grizzlies Season Ticket Holders will be invited to the Preview Center to select their seats for the 2004-05 NBA season, the Grizzlies’ first in FedExForum.
The Center City Development Corporation (CCDC) has named new officers: Ronald Redwing, Chair; Katrina Shelton, Secretary; and Mohamad Hakimian, Treasurer. CCDC is the affiliate board of the Center City Commission with the authority to grant development loans, acquire property and issue bonds.
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Available Property Spotlight:
387 South Main
Located in the historic South Main District, this prime piece of real estate along the trolley line offers 25,500 square feet of commercial space in two floors.Built in 1928, the building is constructed with brick and concrete and is equipped with a freight elevator, dock door, drive-in ramp and four restrooms.
The property is for sale at $1.1 million and is available for lease. Lease rate dependent upon use.
For information on this property, contact Chris Garland, at Garland Company Real Estate, (901) 527-7779.
To review other available properties in Downtown Memphis, click here.
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Upcoming Meeting Schedule
Center City Commission Board: Thurs, July 24 at noon
Design Review Board: Wed, August 6 at 5 pm
Center City Revenue Finance Corporation: Tues, August 12 at 9 am
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.
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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
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
Leonell Klank
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!