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in this issue:
Court Square Area Rejuvenation
Landing on the River
Downtown Alive!
DiversityDeveloper Incubator
Development
Briefs New
DowntownBusinesses
Available PropertySpotlight
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.
Court Square Area Rejuvenation
Court Square, one of four squares in the original 1819 plan for the city of Memphis, was restored by the Center City Commission in 2005 as part of the first phase of its Streetscape Improvements project.The $1.5 million project included enhancements to the the two-acre park at Main and Court, the gazebo, and to the bronze fountain that features Hebe, goddess of perpetual youth. Since then, increased redevelopment activity in the area around Court Square continues to contribute to a fresh, new look for this historic neighborhood.
Welcome to Court Square
The most recently announced project in the area is the renovation of the former Welcome Wagon building at 30 North Second Street.The 31,000-square-foot property will be renovated for mixed commercial uses.
BankTennessee will have a branch on the ground floor of the building, and the upper three floors will be leased as office space targeted for law, accounting, architectural, and other professional firms.
Finard Court Square, LLC is the developer for this $2.6 million project. Work is scheduled to begin in the second quarter of this year and to be completed by early 2009.
Other developments in the area:
- In 2005, $1.7 million in renovations were completed at 107 - 113 South Court to create six condominiums and ground floor restaurant space.
- Court Square Center, the $49 million project that will transform three historic properties into a total of 79 apartments and 39,000sf of commercial space is currently under construction. Work on Lincoln-American tower, which will include 31 apartments and a Ceriello Fine Foods on the ground floor, will soon be completed.
- Work on $550,000 in public infrastructure and sidewalk improvements is currently underway along Court, Main, Jefferson, and Second.
- A new 8-story, 131-room Courtyard Marriott Downtown will be built at the corner of Main and Jefferson. The $21 million project will include approximately 23,000 square feet of commercial space.
Current and recently completed projects in and around Court Square represent more than $55.3 million total investment. Increased pedestrian activity as a result of new businesses, street animation initiatives, and public improvements will continue to contribute to the youthful glow of eternal Court Square.
For more information about downtown development projects, click here to view the CCC's Current Projects list.
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Landing on the River
This summer, construction will begin on Beale Street Landing, one of Downtown's most exciting public projects.
The project began in 2004 when Riverfront Development Corporation - in conjunction with AIA Memphis and the UrbanArt Commission - held an international competition and selected the design concept created by Argentine-based RTN Architects.The new "civic ending" project will serve as a passenger center for small excursion boats and docking place for larger vessels while also providing safe public access to the river.
Beale Street Landing will include a 590-foot floating dock, a 10,000-square-foot building with both public and commercial space, and park areas.
The floating dock will consist of three steel barges and will include a 50-foot helical access ramp that will allow boat access at all river elevations.The park space will include several alternating landscaped and concrete terraces at different levels that descend down to the river. The lower terraces are designed to provide visitors with a unique and intimate experience with the river during periods of high water levels. Public access to the water was one of the top priorities identified in the Memphis Riverfront Master Plan created in 2002.
The grass-topped building will house a restaurant and a ticket office in addition to providing such public amenities as restrooms and seating. Public parking will be available in the adjacent 56-space surface lot. The total project cost is $29.4 million, and construction should be completed in 2010.
For more information, please visit the Riverfront Development Corporation website.
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Downtown Alive!
Downtown Alive! is a new initiative designed by the Center City Commission to showcase the diversity and creativity of our city's arts, cultural, and innovative organizations in the streets of Downtown Memphis. Participating organizations will be offering performances and demonstrations during the workday lunch hour in April, May, and June on or along Main Street and Court Square in order to capture the large Downtown employee population as an audience.
Since its conception, Downtown Alive! has generated tremendous response from Memphis' creative community. Participating organizations so far include Salsa Memphis, The Orpheum, Ballet Memphis, Hattiloo Theatre, Memphis Metal Museum, Church Health Center, Africa in April, Center for Southern Folklore, Belz Museum of Asian and Judaic Art, Memphis Chinese Association, Latino Memphis, Alf Leyla We Leyla We Leyla Dance Company, Memphis Symphony Orchestra, and more. Visit the new Downtown Alive! website to view the most current schedule of performances and demonstrations.
There are still dates and times available for the inaugural season. Representatives from interested organizations should contact Leslie Gower, Director of Marketing and Communications, at 575.0561 for additional information.
click here to visit the Downtown Alive! website.
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Developer Resource Spotlight:
Diversity Developer Incubator
Based on the success of the Center City Commission's award-winning Diversity Outreach program, the City of Memphis has created the Diversity Developer Incubator - an expansion of the program into a 13-week combination of course study and real-life document submission.The first portion of the program is designed as an introduction to real estate development and will entail a number of courses on various topics such as project feasibility, real estate law, appraisal, financing, and sales and marketing. The classes will run over a period of three months on Wednesday evenings and occasional Saturdays. Participants will have an opportunity to interact with successful developers from around the country and to network with class facilitators and other participants.
The second part of the program will be a class competition for a prized piece of city-owned real estate. Participants will respond to both a Request for Qualifications (RFQ) and a Request for Proposals (RFP) from the City. A guest panel of judges will select the winning development proposal, and the land will be awarded to the winning participant.
The Diversity Developer Incubator program begins this month with a sold-out "Real Estate Development Deal Clinic" at the Cook Convention Center on March 28 - 29. Anyone interested in future participation in the program should contact Carlee McCullough with the City of Memphis at 576-6210 or Jerome Rubin at the Center City Commission, 575-0581.
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Development Briefs
GTx, Inc. is moving into the Toyota Center. The men's health biopharmaceutical company, will occupy the entire seventh floor and half of the eighth floor in the historic building. Renovated in the year 2000, Toyota Center is part of Downtown's 1.74 million square feet of Class A office space, which has a 21.5% vacancy rate and an average asking lease rate of $16.79 per square foot.
Lisa Brumleve has joined the staff at the Center City Commission as Manager of Business Recruitment and Retention. Her duties will include establishing and maintaining relationships with Downtown business owners and recruiting targeted retail to the CBID. She will also coordinate implementation of the Downtown Retail Strategy that will be completed this quarter.Construction on the University of Memphis Law School is now underway on the historic site of the old Customs House on Front Street. Work on the $42 million project is scheduled to be completed in time for Fall 2009 classes. In addition to classroom, library, and auditorium space, the renovated structure will include such retail outlets as Starbucks Coffee and a university branch of Barnes & Noble. Click here to read about architectural gems uncovered during preliminary work on the building.
Officials at Le Bonheur Children's Medical Center held a groundbreaking ceremony for a new 650,000-square-foot facility that will be built at Poplar and Dunlap. The $327 million facility will incorporate a 12-story tower, 14 surgical suites, an expanded emergency center, and a family-stay unit for ICU patients. Work is scheduled to be completed in 2010.The building at 8 South Main Street will be renovated into three rental apartments and approximately 1,800 square feet of ground floor office and retail space. The development team includes Richard Wallace & Company, architect Kenneth Nazor, and Barron Construction as the general contractor. The total project cost is $850,000, and work is scheduled to be completed by October 2008.
Work on the first phase of RiverTown on the Island is nearing completion. Each condominium in this $70 million project will have its own private garage. All phases of the project are expected to be completed by 2009.Downtown remains the safest precinct in the city. Click here to download the latest Downtown crime stats for February 2008.
An Operation Safe Community (OSC) progress briefing is scheduled for Tuesday, March 25 from 8 am to 10 am at FedExForum Center Court. The OSC partners will provide a briefing on 2007 progress, next steps for 2008, and how the OSC plan for public safety is playing a critical role in economic growth as part of Memphis Fast Forward. Advance reservations are required. Please contact LaTorya Ceruti at 901-527-2600 to make a reservation.
The future of the C&I Bank building at 200 Madison Avenue is uncertain. Once slated as the future headquarters for the Memphis Regional Chamber, the vacant property is now available for sale. Click here to read a summary of architect Keith Kays' persuasive essay in favor of preserving the building.
Construction is underway on the new facility for Juvenile Intervention & Faith-based Follow-up (JIFF) at 254 South Lauderdale. The project includes a new 16,500-square-foot addition which will include a state-of-the-art culinary vocational center. The $3.5 million development should be completed by fall 2008.The Center City Commission is requesting proposals for market research and analysis to gauge public opinions and perceptions of Downtown Memphis. The information obtained will be used to develop local marketing campaigns to increase residential occupancy, office space use, and use of entertainment and retail amenities in Downtown. Download the RFP document for more information.
Join Ballet Memphis for an open rehearsal on Thursday, March 27 at 100 Peabody Place on Main Street across from the Majestic Grille . From 11:30am-1pm, you can bring your lunch and dine with some true professionals - dancers, that is - as they prepare for the upcoming production of Under the Sea - a unique performance of two original pieces choreographed specifically for Ballet Memphis. This come-and-go rehearsal is FREE and open to the public.[back to table of contents]
New Downtown Businesses
Calhoun's Sports Bar & Grill, 115 E GE Patterson Ave, (901) 528-8600
Onix, Restaurant and jazz club, (901) 552-4609
Red Rooster Bar & Music Hall, 140 Lt George W Lee Ave, (901) 818-2950
The Rumba Room, Latin-themed event space, Cuban café, and event home of Salsa Memphis, 303 S Main St
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Available Property Spotlight:
330 North Main Street
This property is located in the historic Pinch district along the Main Street trolley line and with easy access to I-240.
The building has measures a total of 8,789 square feet, and there is approximately 4,431 square feet of office space available for lease at $13.00/sf/year. Surface parking is available.
For more information, contact Chris Brown or Don Drinkard at CB Richard Ellis, 901.528.1000.
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Upcoming Meeting Schedule
Center City Commission Board: Friday, March 28 at noon
Design Review Board: Wednesday, April 2 at 5 pm
Center City Revenue Finance Corporation: Tuesday, April 8 at 9:00 am
Center City Development Corporation: Wednesday, April 23 at 9:00 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
Eric Robertson, Chief Administrative Officer
Jerome Rubin, Manager of Diversity Outreach
Development
Andy Kitsinger, VP of Planning & Development
Lisa Brumleve, Business Recruitment and Retention Manager
Lorie Chapman, Urban Planner
Jaske Goff, Development Project Manager
Dawn Vinson, Development Project Manager, Editor
Financial
Jim Street, Chief Financial Officer
Marketing
Lee Warren, Senior VP of Marketing
Leslie Gower, Director of Marketing and Communications
Sridhar Sunkara, Director of Information Systems
Stephanie Bennett, Marketing and Communications Specialist
Operations
Janet Pfaff, Senior VP of Operations
Larry Bloom, Public Safety Coordinator
Dave Rice, Parking Manager/Environmental Coordinator
Christine Taylor, Office Manager/Administrative Assistant
Gaston Davis, Blue Suede Brigade Manager
Blue Suede Brigadiers:
Fannie Garner
Sally Hayes
Carl Hibler
Charles Jackson
Terry Johnson
David Martinez
Timothy Parks
Johnnie Willis
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Email your questions or comments to Dawn Vinson, Editor.