in this issue:
Residential Boom the South End
New Developmentnear Uptown
Main Street Update
Making Tracks on the Trolley Line
RDC TacklesFront Street
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.
South End Residential Boom
The Center City Commission predicts that the area known as the South End (south of GE Patterson to Crump) will be the next hot spot for residential redevelopment. This predominantly industrial area has caught the attention of developers and estimates indicate that, within the next five years, more than 5,000 may call the South End home.
This month, plans have been announced to convert the Memphis Import Building on Riverside Drive into a 68 condominium complex. The existing two-story structure, which serves as a gateway landmark into Downtown, will undergo substantial renovation including a three-floor addition. The property will increase in size from 74,000 square feet to 118,000 square feet and will have 126 parking spaces added to the facility. Units will range between 1,200 and 2,300 square feet and sell for $150,000 - $400,000. Construction is anticipated to begin in December and end in late 2004. Project costs are $15 million.
Around the corner, Southland Capital has started construction on the South End Apartments, a 310-unit apartment
complex being built at Georgia and Florida. This new apartment complex will include health facilities, structured parking, a pool, a coffee shop, and a cyber bar. Project costs for this development are estimated at $21 million.
Southland is also doing initial site work for South End Condos, a new 100 condominium complex to be constructed at Tennessee and Georgia. These condos will range in price from $100,000 - $300,000. Construction on the condos is expected to begin by year end.
Other residential developments are in the planning process but have not yet been announced.
For information on the Memphis Imports Building conversion, contact Jason Crews at Shelby Group Realty, (901) 202-6303.
For information on the South End Apartments or Condos, contact Terry Lynch at Southland Capital, (901) 680-0590.
Click here to review other Downtown projects in the works.
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New Development near Uptown
A new development is being built on the southeast corner of Auction and Front Street, just across the street from the newly opened First Alliance Bank.
Bluff City Group, LLC plans to demolish the current vacant structure located on the site and build a new facility that will have 8,000 square feet of retail space on the bottom floor, four loft apartments and three conventional-style apartments on the second floor, and a condo on the third floor. The facility will include a parking lot that is hidden from street view.
The unusual building design was created by architect Coleman Coker. The modern blueprint calls for a brick facade on the Auction and Front Street sides, and a metal facade for the building's entrance, which faces the intersection. The design will go before the Design Review Board on October 1 at 5 pm.
Project costs are estimated at over $2 million. The Center City Revenue Finance Corporation awarded this development a 7.5 year tax freeze. The project is slated to go before the Center City Development Corporation to request a $70,000 development loan on September 17. Demolition of the current structure is expected to begin in late October with a project completion date of August 2004.
For leasing information on this property, contact Srini Ravi at Bluff City Group, LLC at (901) 335-2580.
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Main Street Update
New Name? New Main!
To come up with a new designation for the area that has been called the Main Street Demonstration Block (Main Street between Union and Gayoso), the Center City Commission and the Commercial Appeal hosted a contest to request submissions from the community last month. Out of the 65 entries, the panelist of judges selected "New Main", an appropriate designation as this area will almost be completely redeveloped by the end of 2005. Once complete, New Main will have over 375 new residential units, 437 parking spaces, nearly 70,000 square feet of first floor retail and restaurant space, and over $1 million in streetscape improvements. In total, over $60 million will be invested in the block.
Demolition of Perez Building
One of the projects underway in New Main is a $3.5 million, 14-unit apartment complex that will have 7,000 square feet of first floor retail space.
Plans for project call for an historic renovation of the Omni Building (95 South Main) which will be incorporated with two adjacent properties on the north: a property that is vacant and the site of the Perez Building which is in the process of demolition. Demolition of the building is expected to be complete by early November. The project is anticipated to be complete by mid-2004.
Jean's Glory Building
The Center City Development Corporation has selected PJP, a minority-owned development group, as the developer for the Jean's Glory building located at 83 S Main. PJP's plan proposes Popeye's Chicken as a ground floor tenant with two apartments above.
For more information on New Main, contact CCC Director of Development Laura Morgan at (901) 575-0584.
For leasing information on 85-95 South Main, contact
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Making Tracks on the Trolley Line
Construction on the trolley line's $72 million Medical Center Rail Extension is nearing completion. This east-west extension of the trolley line will create a link along Madison Avenue from Main Street in the business district to Cleveland in the Medical Center.
MATA officials say that all of the track work (concrete slab & rail) should be complete by the end of October, and overhead electric wires and station installation should be finished in November. During the winter months MATA will conduct testing of the new system as well as hire and train new operators. The trolley line is expected to be up and running by March 16, 2004.
For more information on the trolley line, contact Dorothy Harris at MATA at (901) 577-2652.
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Riverfront Development Corporation
Tackles Front Street Promenade
At the request of the Riverfront Development Corp, the Urban Land Institute’s Advisory Services Panel, a group of real estate and land use planning experts that review complex development issues, conducted an independent assessment of the Memphis Riverfront Master Plan. This 50-year plan proposes a massive transformation of the riverfront which would result in billions of dollars of economic growth for the city.The Panel's recommendations for implementation of the plan identified the "Promenade" as the first place where development should be taken. The Promenade includes property on the west side of Front Street atop the bluff.
The RDC is taking immediate action on the Panel’s advice by hosting a public visioning process to garner input on best uses for the Promenade. The next meeting will take place October 6. The time and place will be announced in the Commercial Appeal. Everyone throughout the community is encouraged to attend and participate in this process.
For more information on riverfront planning or to obtain a copy of the ULI Executive Summary, contact Dorchelle Spence, RDC's Communications Director, at (901) 312-9190.
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Development Briefs
The Center City Commission will take its proposed Tax Increment Financing Plan for Downtown to City Council's Planning and Zoning Committee for approval on September 23. To learn more about the TIF, click here.
Downtown Business Openings:
Six50, a health and fitness club, is now on the corner of Madison and Main in the old Lerner building, 335-7070.
South Main Convenience Store has opened at 115 GE Patterson, 527-5866.
Kypos, a Greek restaurant, is now open in the Comfort Inn Hotel (100 North Front Street), 864-1008.
Downtown Buggy is a new company offering motorized buggy rides throughout Downtown for $1 per minute, 529-9677.
Cafe 61, an eclectic seafood and creole restaurant, is open at 85 S Second Street, 523-9351.
Parallax Movies, a DVD and video rental company, is now open at 107 GE Patterson, 526-1393.
Muse, inspired women's fashions, is now open at 517 South Main, 526-8737.
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Available Property Spotlight:
Brinkley Plaza
This 8-story historic building was built in 1869 as the original site for The Peabody Hotel. Today, Brinkley Plaza serves as one of Downtown Memphis' premiere office buildings. The building is located in the heart of Downtown on the northwest corner of Main and Monroe with an adjacent parking garage that provides ample parking for tenants. The property includes 24-hour security, storage areas, magnificent lobby, an on-site deli and a fine dining restaurant, generous tenant improvement allowances, and many other amenities.
The building offers up to 21,000 square feet of rentable space per floor. Rental rates are $12.50 - $15 per square foot for office space, and $13 per square foot for retailers.
For information on this property, contact Ron Kastner at CB Richard Ellis, (901) 260-1050 or go to the website at www.cbre.com
To review other available properties in Downtown Memphis, click here.
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Upcoming Meeting Schedule
Center City Development Corporation: Wed, September 17 at 8:30 am
Center City Commission Board: Thurs, September 25 at noon
Design Review Board: Wed, October 1 at 5 pm
Center City Revenue Finance Corporation: Tues, October 14 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.
The Riverfront Development Corporation will hold a public visioning session for the Front Street Promenade on Monday, October 6. Location and times TBA. Call 312-9190 for more information.
The Downtown Neighborhood Association will meet at 6:30 pm on Thursday, September 18 at the St. Patrick Center on the corner of Fourth and Linden. Speakers will be district councilmembers Myron Lowery, Joe Brown, and Rickey Peete.
The South Main Association will have a social meeting at 6 pm on Tuesday, September 30 at the Charcoal Store, 136 GE Patterson. Attendees are encouraged to bring a covered dish.
The next Pinch District Association meeting will be held at 6 pm on Tuesday, October 14 in the old Antique Mall on Main near Auction. For more information, contact Precious Cargo at 578-8446.
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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
Jerome Rubin, Business Recruitment and Retention Coordinator
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 Brassell
Fannie Garner
Jarvis Jenkins
Kay Jennings
Bobby Parker
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Email your questions or comments to Leslie Gower, Editor.