With renovation plans totaling $220,000, the company plans on opening an office in the 101-year old historic site. The new office will staff nine people and provide full real estate services with an emphasis on property management.

The company has management contracts with seven downtown owners associations and property owners. The building was purchased for $1.3 million from a limited partnership whose principals are Dean Jernigan and Willard Sparks. The ownership group received approval last month to assume the remaining six years of the 25-year PILOT issued by the Center City Revenue Finance Corporation in 1984 when the building underwent extensive renovations.

The four investors in Scimitar LLC, the firm that purchased the building, include Tony Fletcher, president of Crye-Leike Property Management; Dick Leike, co-founder and president of Crye-Leike Inc.; Chet Whitsitt, vice-president of Crye-Leike Inc.; and Collins Mikell, property manager for Crye-Leike Property Management.

Crye-Leike is spending $60,000 in tenant finish to its 1,500 square-foot office as well as $160,000 on renovations of the copper canopy, wrought iron exterior, elevators, and inside lobby.

Click here to see a list of current development projects underway or recently completed in Downtown.

Empire Coffee Company will open at 2 S Main St in the former location of The Map Room. Owner John Gasquet plans to offer various coffees, espressos, and a no-smoking environment. Empire Coffee also plans to feature Internet access, a walk-up window and possibly a restaurant downstairs.

Congratulations! The Madison Hotel, located on 79 Madison Ave., has been awarded three prestigious awards since its opening last year in downtown Memphis. The small luxury hotel received the Four Diamond Award from the American Automobile Association, which is presented to only 4 percent of the 44,000 hotels and restaurants it rates. It also received the Connoisseur's Choice designation and was named A Small Luxury Hotel of the World in the 2003 edition of the annual Connoisseur's Guide to the World's Best Resorts and Great Hotels. The Madison Hotel received both a PILOT and development loan from the Center City Commission.

The Comfort Inn Downtown, located at 100 North Front Street, was recently awarded the Platinum Hospitality Award from Choice Hotels International, franchisor of the Comfort Inn hotels. The Platinum Hospitality Award, which honors the top 1 percent of hotels in the Choice Systems, is only awarded to hotels that not only demonstrate extraordinary service and facilities, but also achieve at least a 98 percent on a quality assurance review in all departments.

Plans for the redevelopment of the Rhodes Jennings and Court Annex buildings are moving forward. Now, the Lincoln American Tower is being added to the project. The new development will be called Court Square Center. According to information provided by developers, CGI & Partners Court Square Center, LLC, "three landmark buildings occupying an entire city block, will be transformed into a complex of striking design, craft detailing and openness, for use as residential, commercial loft and retail space." The Center will also include a three level, secured underground parking garage.

For additional information, please contact Mr. William Chandler or Yorke Lawson at 458-8080



[back to table of contents]

Available Property Spotlight
629 South Front Street

629 South Front Street offers an excellent location for residential or retail development in a rapidly growing area. The building is approximately 49,000 square feet and 144 feet deep. It also has a basement with 30,000 square feet of space. The building sits on 1.41 acres of land with 534 feet of frontage on Front Street. The historic, 100 year-old structure contains large amounts of brick and timber that can be sold if the building is razed. The property is listed at $825K.

For leasing information on this property, contact Chris Garland , at The Garland Company, (901) 527-7779.

To review other available properties in Downtown Memphis, click here.

[back to table of contents]

---

June Meeting Schedule

Downtown Parking Authority:  Fri, June 13 at 9:30 am
Center City Revenue Finance Corporation:  Tues, June 17 at 9:00 am
Center City Development Corporation:  Wed, June 18 at 8:30 am
Center City Commission Board:   Fri, June 20 at 12:00 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.

[back to table of contents]

---

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
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
Ashley Foxx, Marketing Intern
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
      Michael Williams

[back to table of contents]


This issue of the Downtown Developer was produced by Ashley Foxx, Marketing Intern.

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!