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in this issue:
Out On The Edge
More DowntownHospitality
More Apartmentsfor Cotton Row
Building on Uptown CCDC DevelopmentLoan Program
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.
Out on The Edge
With more than 28,000 residents, Downtown Memphis has no shortage of neighborhoods and communities, each with its own unique character. Tucked away between Victorian Village, the UT campus, and the Medical Center, The Edge – an area that was once known as "Automobile Row" – is blossoming into one of the CBID's most creative and unique neighborhoods.
Living at The Edge
The Edge neighborhood is a conveniently located bridge between the Downtown Core and the Medical Center.It is just a stone's throw from the emerging $450 million UT-Baptist Research Park and only a few blocks away from AutoZone ballpark, FedExForum, and Beale Street. Two new residential development projects are poised to capitalize on this prime location and bring a new influx of residents to The Edge.
The contemporary design of The Edge at Monroe emerges from a two-acre site at the corner of Monroe and Lauderdale just across from the Wonder Bread Company. This gated residential community – designed by architect Jeff Blackledge – will consist of 14 one-bedroom flats and 11 two-bedroom townhomes, each with private balconies and either covered parking or a private garage.
Construction on phase I of the total $3.6 million project is scheduled to be completed in March of 2008. H & M Development is the contractor.
Developer Phil Woodard has begun construction on Madison19 at 670 Madison Avenue.
Located right on the trolley line, this residential development will feature 18 one-story condominiums and one two-story unit.
Like The Edge at Monroe, these condos are designed to appeal to young buyers who may be working in the Medical Center or attending school at UT-Memphis.
The $2.3 million project could be completed as early as late summer 2008. EB Construction Co., Inc. is the contractor; Todd Walker of Archimania is the architect.
Creative Community
The Edge at Monroe and Madison19 are just the two latest additions to the quietly thriving Edge community. The $53 million Medical Center expansion of the trolley line in 2004 helped to connect this area with the Downtown core. Since then, several new businesses have moved into the area, contributing to the eclectic mix of old and new, artistic and industrial for which the neighborhood is known.
Edge businesses provide everything from keys to custom, handmade rocking chairs; Edge residents have a variety of basic services from hair styling to car repair within walking distance. With a growing variety of restaurants and nightclubs in the area, it is clear that life on the Edge has its advantages.
Visit the Edge Neighborhood Association website to learn more about the community.
For more information about downtown development projects, click here to view the CCC's Current Projects list.
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More Downtown Hospitality
Town Center is a new mixed-use, $7.2 million development planned for the northeast corner of Third and Vance in SoFo, the 150-acre area south of FedExForum.Nelson Properties Development, LLC is developing the project, which will include a gas station, a convenience store, and an 80-room hotel component with restaurant space and both subterranean and surface parking.
Town Center is the latest in a steady stream of new Downtown hotel projects. There are currently more than 3,000 hotel rooms within the CBID and more than 600 are planned or currently under construction.
- Work on The Grade Hotel at 56-62 South Front will begin soon. The $4.4 million, 30-room boutique hotel is scheduled to be completed by March of 2009.
- Construction on the $30 million Westin Hotel across from FedExForum was recently completed earlier this spring, adding 220 rooms to the Sports & Entertainment district.
- The doors are open at the new River Inn of Harbor Town. The $9.3 million project includes 28 luxury rooms and suites; fine dining at Currents, which features American and Continental cuisine; casual, bistro-style dining at Tugs; and, exotic health and beauty treatments at the spa.
- Construction of a $3.9 million, 86-room Microtel Inn & Suites is underway in the South Forum area. The 4-story building will be completed by the end of 2008.
- Work on the 120-room Hilton Garden Inn at G.E. Patterson Place is scheduled to begin in early 2008. COGIC officials recently held a groundbreaking ceremony for the $12 million hotel, which is part of the larger redevelopment of the area around the Chisca Hotel site.
- Carlisle Corporation's $175 million One Beale project will include a 240-room Hyatt Regency Memphis Hotel and Spa.
- A new Courtyard Marriott Downtown will be built at the southwest corner of Main Street and Jefferson Avenue. The $21 million, 131-room building is scheduled to be completed by the end of 2008.
More Apartments for Cotton Row
A new residential project is planned for the Cotton Row area. Developers Josh Haralson and Bert Robinson are renovating the property at 91 South Front Street.The project will include seven rental apartments, 2,250 square feet of ground floor retail space on the Front Street side, and 2,500 square feet of office space on the Wagner side.
Construction on the $1.5 million project is scheduled to begin this month and to be completed by the end of August 2008.
There are currently more than 5800 apartment units available for rent in Downtown Memphis, and the overall occupancy rate is generally above 90 percent. Work is currently underway for other apartments in Cotton Row including 67 Madison Avenue (157 apartments), 89 South Front (4 apartments), and 73 Monroe Avenue (2 apartments).
Click here to learn more about Downtown housing options.
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Building on Uptown
As the final phases of the $200 million Uptown Redevelopment Project are completed, private developers are stepping in to fill in the gaps. Two new renovation projects in the Uptown district will contribute to the revitalization of the area.
Developer Dwaine Quarrells is renovating the property at 267 Greenlaw. This existing multifamily structure includes a total of 16 affordable two-bedroom apartments.The total cost of renovations is $60,065; the work is scheduled to be completed by February 2008.
The property at 831 Danny Thomas Boulevard will be renovated for commercial use.
Work on the 3,600-square-foot building is scheduled to begin by the end of the year and to be completed in January 2008. Stone Investment Group, LLC is the developer for this $47,000 renovation project.Since the award of a $35 million Hope VI grant in 2000, the 100-block neighborhood known as Uptown Memphis has undergone a transformation from an area marked by blighted and neglected public housing projects into a vibrant, mixed-income community through a public- and private-sector partnership. Phase III of the redevelopment plan is currently underway and includes construction of new, single-family homes as well as a 69-unit senior facility at Third and Looney. Visit the Uptown Memphis website to learn more.
For more information about Downtown development projects, click here to view the CCC's Current Projects list.
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Developer Resource Spotlight: CCDC Development Loan Program
The Development Loan Program is a financial incentive designed to encourage commercial real estate improvements within the Central Business Improvement District. This low-interest loan program offers up to $90,000 for building renovations based on established project evaluation criteria. The loan is amortized over a 20 year period at a three percent (3%) interest rate with a balloon payment due at the end of the tenth (10th) year. It is administered through the Center City Development Corporation (CCDC) through an application and board review process.
To be eligible for a CCDC Development Loan, a project's building renovations, site improvements, or new construction must fall within certain categories such as:
- Exterior facade repairs like brick tuckpointing, painting, window and door replacement/repair, cornice line construction, storefront repair and canopy reconstruction;
- Other exterior improvements like roof repair and replacement;
- Interior structural improvements like floor joist installation and ceiling repairs;
- Building system improvements like installation of plumbing and electrical service as well as heating, cooling, and ventilation systems; and/or,
- First floor, non-residential, tenant improvements that are permanent in nature. Removable fixtures (lamps, switches, and interior doors) and equipment (sinks, refrigerators, and shelves) are not eligible.
For more information about the development loan program, contact Jay Goff, Development Project Manager, at 575-0582 or Dawn Vinson, Development Project Manager, at 575-0555.
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Development Briefs
The first ever RiverArtsFest was a smashing success. The weekend-long festival, which took place in the South Main Historic Arts District at the end of October, showcased 142 art vendors as well as local musicians and entertainers. An estimated 40,000 people attended the event.
The Bryan Company and Garland Company Real Estate held a groundbreaking ceremony for Phase I of The Horizon, a condominium development on Riverside Drive.The project will also include 54 townhomes that will be built terrace-style around the 700-space parking garage. The project cost is $90 million. Occupancy could begin as early as 2010.
St. Jude Children's Research Hospital recently held a dedication ceremony for its new $116 million Chili's Care Center. The seven-story, 340,000-square-foot facility will house the Department of Radiological Sciences, the bone marrow transplant inpatient unit, the Pediatric Brain Tumor Consortium, and new research labs for pathology, pharmaceutical sciences, and virology. Everything in the building is child-friendly; the interior features bright, happy colors, low counters, and unique, removable artwork on the walls.
The Memphis Mental Health Institute has moved to its newly constructed facility located at 951 Court. The $26.9 million, 75-bed facility on the site of the former UT Bowld Hospital will provide individualized treatment and short-term housing for patients with chronic mental illnesses.The Shelby County Historical Commission has erected a historical marker in the South Main district in recognition of the impact of the film industry in Memphis. The marker is located at the corner of G.E. Patterson and South Main Street where "Mystery Train" was filmed in 1988.
The Third Street post office branch has been renamed in honor of the late Kenneth Whalum, Sr. President Bush signed the bill into law at the end of October.
Renovation work has begun on the Universal Life building at Linden and Danny Thomas. The Egyptian Revival building, built in 1949, was recently added to the National Register of Historic Places. It was designed by McKissack and McKissack, the first African American architectural firm in the country and is being renovated by Self Tucker architects as its headquarters. The $1.5 million project is expected to be completed by May 2009.
Mark your calenders! The Bank of America Downtown Holiday Parade will take place on Saturday, December 15 at 4:00 p.m. on Beale Street. The parade line-up will include floats, marching bands, dancers, and one jolly old elf.Pinnacle Airlines Corporation is considering a move to Downtown Memphis. The Memphis-based airline has indicated an interest in relocating its headquarters to One Commerce Square.
EmergeMemphis has announced that it will renovate the fourth floor of its building to create space for 15 additional companies. The total $875,000 will be covered by a fast-track infrastructure grant from the state and donations from Hyde Family Foundation and Kemmons Wilson Family Foundation. Work is scheduled to begin in early 2008.
Money magazine has included the South Main neighborhood on its 2007 list of "Best Places to Retire".
The Downtown Storefront Project continues with a new public art installation at the old Stuart's building at 84 South Main. Artist Darla Linerode-Henson created a series of six-foot-tall figures dressed in retro women's clothing to recall a golden era of the downtown shopping experience.[back to table of contents]
New Downtown Businesses
Hollywood Disco, Raiford's is back!, 115 Vance Ave, (901) 528-9313
Berclair Downtown Animal Hospital, 668 S Main St, (901) 590-1228
Downtown Churches' Hospitality Hub, A spiritual sanctuary that provides basic services for the homeless, 146 Jefferson Ave, (901) 522-1808
Currents, Fine dining featuring American and Continental cuisine, 50 Harbor Town Sq, (901) 260-3300
Tug's, Casual bistro-style dining, 50 Harbor Town Sq, (901) 260-3344
River Inn of Harbor Town, 50 Harbor Town Sq, (901) 260-3333
Teen Flava, Downtown's hottest new spot for teens, 14 S Second St, (901) 672-5384
Saint Blues Guitar Workshop, 645 Marshall Ave, (901) 578-3588
Mesquite Chop House, 88 Union Ave, (901) 527-5337
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Available Property Spotlight:
400 North Main Street
This historic, two-story brick structure was built in 1905 and is located in the Pinch District near both the Pyramid and St. Jude Children's Research Hospital. The building is approximately 8,400 square feet and includes both a two-bedroom and an efficiency apartment on the upper floor.
For sale at $698,000, the property is suitable for mixed retail and residential development.
For more information, contact Alison Restivo at The Restivo Group Realtors, 901.725.5677.
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Upcoming Meeting Schedule
Design Review Board: Wednesday, December 5 at 5 pm
Center City Revenue Finance Corporation: Tuesday, December 11 at 9:00 am
Center City Development Corporation: Wednesday, December 19 at 9:00 am
Center City Commission Board: Thursday, December 20 at 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.
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Center City Commission Staff
Executive
Jeff Sanford, President
Jerome Rubin, Manager of Diversity Outreach
Development
Andy Kitsinger, VP of Planning & Development
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 Communications
Sridhar Sunkara, Director of Information Systems
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
Christopher Hence
Carl Hibler
Charles Jackson
Terry Johnson
David Martinez
Tara Maxwell
Bobby Parker
Timothy Parks
Johnnie Willis
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Email your questions or comments to Dawn Vinson, Editor.