in this issue:
South ForumPlanning Continues
Condo Crazein South Main
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.
Planning for South Forum District
The Center City Commission continues its efforts to create a plan for future development in the 150 acres south of the FedExForum, roughly bounded by GE Patterson, Linden, Mulberry and Danny Thomas.
After gathering input during a series of public meetings at which nearly 350 people participated, the CCC created the following draft to illustrate what this forgotten pocket of Downtown could be.
Success stories in areas around the South Forum District are creating pressure to find better uses for the South Forum District. To the north is the thriving Sports & Entertainment District with Peabody Place Entertainment & Retail Center, AutoZone Park, the FedExForum and Beale Street. To the west, the burgeoning South Main Historic District. Growth and development momentum from these flourishing areas are defining what the South Forum District can become.
The Center City Commission will present the final draft to its board in November and will ultimately present it to city council early next year.
The final draft of the plan will be available on the Center City Commission website, www.downtownmemphis.com, on November 11.
The draft presentation is available for download at www.downtownmemphis.com. Comments and public input on the draft can be submitted to Nicole Hernandez, 901.575.0542.
[back to table of contents]
Condo Craze in South Main
Results from the Center City Commission's recent Downtown Market Study show that the residential population in the South Main Historic Distric is burgeoning, with the number of South Main residents nearly doubling from 2001 to 2004. In addition, condo prices reflect the high desirability of this area with average condo sales prices of $212,141.77, an average of $141 per square foot, from April to September 2004.
Recognizing this extraordinary trend, developers have responded to market demand with an upsurge of new condo projects planned in this area.
Today there are a total of 229 condominium units in the southern part of downtown. Eleven new condominium projects in this area are under construction or in the planning process that will add more than 330 new condo units.
Developer Phil Woodard has three condo projects underway in this area: GEFive, 8 GE Patterson and Gardens of South Main.
The GEFive condos are under construction on GE Patterson near the Arcade Restaurant and are expected to be complete in February. Units will start at $360K with up to 2600-square feet per condo.
Work will begin in early spring on 8 GE Patterson, a warehouse next to the future site of City House, a new $12 million, 40-unit condo complex being developed by Architectural CustomWorks. Renovations to 8 GE Patterson will turn this historic property into 20 condo units with five live/work spaces on the first floor.
Woodard's high-end Gardens of South Main project is underway, bringing seven condos to Main Street. These luxury units are expected to sell for around $500K per unit.
For other residential listings in Downtown Memphis, go to the "Live" section at www.downtownmemphis.com.
[back to table of contents]
Development Briefs
The Center City Commission is seeking candidates for the position of Director of Planning & Development. Resumes are due to the CCC by November 19. For the job description and more information, click here.
Due to recent city budget cutbacks, the annual citywide ground maintenance budget has been reduced by more than $400,000. As a result, landscaping in Downtown will be drastically reduced, eliminating most flowers and all hanging plants in Downtown. Flower pots are being removed from the Main Street Mall. The city's weed cutting program on neglected properties will also be reduced, with only one or two cuttings scheduled per year.
The Riverfront Development Corporation reports that the crosswalks along Riverside Drive at Union, Monroe, Court and Jefferson will be complete in late November, enabling pedestrians to more easily access the water's edge. These new crosswalks will have different paving material alerting vehicles to pedestrians. It is another step in RDC's continuing efforts to connect the riverfront to the city.
The First Tennessee Bank on Madison Avenue will undergo a $37 million renovation to upgrade its 25-story office tower into Class A office space. The building, built in 1963, comprises 411,000-square feet in the core of Downtown. The building owner is seeking approval for exterior improvements from the Design Review Board on November 3. The owner will also apply for a PILOT from the Center City Revenue Finance Corporation.
Wang's Madarin House, currently located at Number One Beale, is relocating to the ground floor of the Cornerstone Apartments at 113 South Main Street. Wang's will be the first restaurant on New Main, the block on Main Street between Union and Gayoso that is undergoing a $57 million transformation.
Construction is underway at 111 South Court Avenue for the Blue Plate Cafe, which is scheduled to open in December.
Improvements to November 6th alley between South Court and Madison Avenue are expected to be complete in early November.
The Center City Commission will reveal results from a Main Street Vehicular Study to its board on Thursday, October 28. The study was commissioned in response to requests to determine the impact of vehicular traffic to businesses along Main Street.
The Center City Commission will be seeking proposals for Construction Management and Construction Administration services for the next phase of Downtown streetscape improvements. These improvements will be on Union, Monroe, and several downtown alleys. More information will be available on www.downtownmemphis.com after November 1.
CB Richard Ellis has launched Bluff City Realty, LLC, the first full-service residential brokerage company entirely devoted to Downtown Memphis. For more information, contact Jennifer Murff at (901) 260-1100.
[back to table of contents]
Available Property Spotlight:
56,60,62 South Front Street
Four historic buildings are now available on Front Street between Monroe and Union in the core of Downtown Memphis.
The buildings total over 42,000-square feet and are prime candidates for residential redevelopment with first floor retail and restaurant opportunities.
The buildings have 18-foot ceilings in most areas, brick exteriors with wood infrastructure, and river views from the rooftops. The buildings are connected on the exterior and could be connected internally.
Asking price is $1.6 million ($38.10 per square foot).
For more information on the property, contact Sam Bond at (901) 758-5670.
To review other available properties in Downtown Memphis, click here.
[back to table of contents]
November Meeting Schedule
Downtown Parking Authority: Monday, November 1 at 9:30 am
Design Review Board: Wednesday, November 3 at 5 pm
Center City Revenue Finance Corporation: Tuesday, November 9 at 9 am
Center City Development Corporation: Wednesday, November 17 at 8:30 am
Center City Commission Board: Thursday, November 18
The above meetings will be held at the Center City Commission, 114 North Main Street. For more information, contact Dawn Vinson at 901.575-0555.
The Center City Commission office will be closed on Thursday and Friday, November 25 & 26, for the Thanksgiving holiday. [back to table of contents]
Center City Commission Staff
Executive
Jeff Sanford, President
Nicole Hernandez, Special Assistant to the President and
Manager of Stakeholder Relations
Development
Laura Morgan, Director of Planning & Development
Brad Elmer, Development Project Manager
Molly Frey, Real Estate Analyst
Jaske Goff, Development Project Manager
Dawn Vinson, Development Coordinator
Financial
Jim Street, Chief Financial Officer
Marketing
Lee Warren, Senior VP of Marketing
Leslie Gower, Director of Communications and Editor
Sridhar Sunkara, Director of Information Systems
Jerome Rubin, Business Recruitment and Retention Coordinator
Stephanie Ziemba, Marketing and Special Events Manager
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:
Fred Beckham
Eugene Brassell
Fannie Garner
Mika Hilliard
Charles Jackson
Bobby Parker
Richard Richardson
Johnnie Willis
[back to table of contents]
Email your questions or comments to Leslie Gower, Editor.