in this issue:
Planning South of the FedExForum
Downtown Market StudyResults
New Main News
Development Briefs New DowntownBusinesses
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.
New Development Plan for Area South of Forum
As hoped, the $250 million FedExForum, the largest public building project in Memphis' history, is serving as a catalyst for new development surrounding the arena. Over $145 million in new investment around the arena is planned, underway or recently complete. Click here to view a map of new development around the FedExForum.
To continue this momentum, the Center City Commission (CCC) is initiating and coordinating an effort to create a plan for development in the area south of the FedExForum. This study area is approximately 150 acres and is roughly bounded by Mulberry, Danny Thomas, Linden, and GE Patterson.
Working partners at the city, Office of Planning & Development and the Memphis Housing Authority, CCC urban planners have taken inventory of current conditions in the study area, including zoning, environmental issues, property ownership, public investment, demographics, and traffic analysis. Next, staff will solicit development ideas, plans and suggestions from stakeholders, property and business owners, developers, and the general public before creating the development plan.
Once data and input is gathered, CCC will create a development plan for the area that will include implementation strategies with specific recommendations for:
- Appropriate uses
- Funding sources and acquistion
- Density
- Design
- Pedestrian and Vehicular Connectivity
- Partner responsibilities
- Infrastructure
- Marketing
Tuesday, September 21
2:00 – 3:30 p.m. - Nonprofit Organizations and Churches
3:30 - 5:00 p.m. - Developers/Brokers/Investors
5:30 - 7:00 p.m. – Residents/Business Owners/Property Owners
Wednesday, September 22
3:30 - 5:00 p.m. - Government Agencies and Divisions
5:30 - 7:00 p.m. - General Public
Parking is available in the lot on the east side of St. Patrick's Church.
For information about these public meetings, or to email your comments on the study area, contact Nicole Hernandez, Special Asst. to the President and Manager of Stakeholder Relations, 901.575.0542.
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New Downtown Market Study Shows Bright Future
Results are in from a new, comprehensive Downtown Market Study commissioned by the Center City Commission and conducted by Cushman & Wakefield, Commercial Advisors, The NBM Associates, and Trust Marketing. The goal of the study was to provide a detailed profile of the Downtown Memphis residential, office/employment, retail and tourism markets. The tourism data is still undergoing further analysis.
Highlights from the report follow. The complete report, including methodologies and more detailed information, is available for download from the Center City Commission's website at www.downtownmemphis.com.
Residential
- Downtown's "high growth area" (see map above) contains one of the fastest-growing residential areas in the Memphis MSA with an average annual growth of 10.3%, versus the Memphis MSA which gained 1.1% in annual population growth.
- The Downtown population will continue to grow. The current population is 25,142 and is projected to grow to 31,000 by 2009, and 38,000 by 2014.
- Downtown residents are well-educated, with 72.3% of residents in the "high growth area" holding at least a bachelor's degree (35.3% of whom have a graduate or professional degree), versus 22.7% for the Memphis MSA and 24.4% nationally.
- One third of Downtown residents in the high growth area have moved directly from other states or countries.
- Downtown residents are diverse in terms of age, with over 44% of residents 45 years of age or older. Furthermore, 44% of families in the "high growth area" have children under 18.
- Over 60% of homeowners in the "high growth area" have a household income over $76,000 and 47% over $100,000. Of this area's population, 50% of the residents are professionals or managers and 14% are students or post-graduate researchers.
- The racial mix in the Central Business Improvement District (CBID) is diverse, with estimates showing 60% African American, 31% white, 6% Asian, and 3% other.
Office and Employment
- There are 68,000 employees in Downtown.
- The average household income of Downtown employees is almost $60,000.
- Sixty-six percent of CBID employees are between the ages of 25 - 44.
- An estimated 58% of the Downtown workforce have at least a college degree.
- Downtown's 3.6 million square feet of office space accounts for 17.4% of the Memphis total. Class A space dominates the Downtown market, accounting for 1.5 million square feet. There are 1.3 million square feet of Class B space and 819,000 square feet of Class C space.
Retail
- With total retail sales of $245 million, the 38103 zip code has averaged
5.1% annual sales growth since 1998. During the same period of time, Shelby County experienced only 2.2% in annual sales growth.
- The Downtown retail vacancy rate has been below the Memphis average since the first quarter of 2002.
- Retail rents Downtown have been above the Memphis average since the third quarter of 2000 and currently average just over $14 per square foot.
- Almost 80% of Downtown residents agree that Downtown needs a grocery store.
For information on the Downtown Market Study, contact Brad Elmer, Development Project Manager, 901.575.0552.
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New Main News
Redevelopment continues on New Main , the historic block on Main Street between Union and Gayoso Avenues that is transforming into an urban-chic neighborhood that soon will be home to more than 500 people. Over $57 million in investments in this one-block area are bringing more than 70,000-square feet of retail and restaurant space and new convenient parking in a 425-space public parking garage.
100 South Main
The Landmarks Commission and the Design Review Board gave approval earlier this month on the re-design for the new 29-story, 289-foot residential tower and parking garage planned for the corner of Main Street and Gayoso.
The new design allows for 285 apartments and 425-parking spaces in a six-story public parking garage. First floor retail will accomodate up to 16,000-square feet. Construction on the project is expected to begin in the spring of 2005 with a 15 month construction schedule.
Cornerstone Apartments
This 15-loft historic apartment building is the first project on the block to be complete. Apartments are fully leased and building owners are in the process of securing a retail tenant for the first floor of the building.
Family Dollar
The Center City Commission is in the process of installing a new roof on the Family Dollar building. Nelson, Inc. was recently selected to develop this project.
77 South Main
Architect Jeff Blackledge is creating a new design for the building facade. Building renovations are expected to be around $100,000.
85-93 South Main Construction continues on this residential project that includes the historic renovation of the Omni Building and 50,000-square feet of new construction.
For information on New Main projects, contact Laura Morgan, Director of Development, 901.575.0584.
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Development Briefs
Plans have been announced to make $2.7 million worth of renovations to Church Park, the park due east of the FedExForum between Beale Street and Linden. Renovations will begin in 2005.
The federal government put an initial down payment of $6.7 million on plans to give Memphis a light rail system linking downtown to a proposed intermodal facility at the Memphis International Airport within five to seven years. Click here for more information.
Several Downtown projects are expected to receive federal funding through Congress' Omnibus Conference Report, a bill designed to create jobs, spur the economy and encourage continued growth. Downtown projects included in the bill are:
- $4 million for the Memphis Biotech Foundation to establish a biotechnology center;
- $400,000 for lab and research equipment for St. Jude Children's Research Hospital's work against childhood cancers and AIDS;
- $1 million for Beale Street Landing to provide safe docks;
- $500,000 for the National Civil Rights Museums to improve exhibits and expand its historical collections;
- $1.2 million for LeBonheur Children's Medical Center to expand its outreach to underserved children;
- $1 million to reconstruct the 1-40/1-55 ramps off Riverside in Memphis; and
- $9.2 million for the Memphis Medical Center Light Rail.
Work is underway to stabilize the bluff behind the Post Office on Front Street. The USPS is installing 20 foot concrete piers into the bluff and adding a retaining wall for stabilization.
A ribbon cutting ceremony was held on August 21 for the new Fire Station No. 4 located at 1460 N. Second Street. Station No. 4 will serve Northwest Memphis and Mud Island.
The Center City Commission recently produced a new Downtown Guide to help steer visitors to destination points and parking, and provide general information about Downtown Memphis. The guides are free and are available from any Blue Suede Brigadier or by calling the Center City Commission at 575-0540.
The Center City Commission is working with City of Memphis, Memphis Convention and Visitors Bureau, Riverfront Development Corporation, and the Tennessee Department of Transportation to complete the steps necessary to implement the Downtown Memphis Wayfinding Program. The Wayfinding Program is a district-themed signage system designed to direct tourists, visitors, and downtown residents to various attractions, including public parking facilities around Downtown. Installation of the signs is expected to commence in February 2005.
The Riverfront Development Corporation has initiated several projects to better connect the riverfront to downtown by providing safer and more accessible
pedestrian use: - New stairs were installed down the bluff at Butler Park and Huling Avenue this month
- Installation of new crosswalks on Riverside Drive is underway and expected to be complete in December
- The "Beale Street Landing Project: A Modern Docking Facility and Civic Plaza" will begin in the Spring of 2005.
Home sales in Uptown are starting out strong! To date, three contracts have been received on Hope VI built homes, with reservations on two Hope VI home sites. Six reservations have been received for market-rate home sites. Houses on home sites are expected to be ready for move-in in spring 2005. For sales information, contact Uptown Homes at 901.527.7001 or visit the website at www.uptownmemphis.org.
The Center City Commission welcomes Molly Frey to its staff as the new Real Estate Analyst. Brad Elmer has been promoted to Development Project Manager andDawn Vinson has been promoted to Development Coordinator.
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New Downtown Business
Armond's, a gift and home accessory store, has moved to 136 East G.E. Patterson. 525-6262.
Uptown Square, the new retail and commercial center on Auction Avenue between Second and Main, has signed leases for several new tenants: Insights ATA Black Belt Academy (Taekwondo school),Kraus Model Cleaners,Uptown Pet Supply, and H&R Block.
Memphis Grits, a new restaurant located on Main Street near Monroe is now open for breakfast and lunch, serving southern-style dishes. 577-9937.
Glasshouse 383, a glass-blowing studio, bistro and wine bar, is now open at 383 South Main. 527-0055.
The Memphis Rock 'n Soul Museum has re-opened in its new location at the FedExForum. Call 543-0800 for times and ticket information.
Holiday Deli & Ham is now open at 119 S. Main Street at the Peabody Place Trolley Stop. 507-7009.
Westy's a new restuarant located in the old "North End" building, is now open for lunch and dinner. Delivery available. 543-8646.
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Available Property Spotlight:
285 Union Avenue
Several buildings comprise this prime piece of property on Union Avenue across from AutoZone Park.
The total property area is 3.28 acres with frontage on both Union and Gayoso Avenues in the highly active Sports & Entertainment District. This gateway property into Downtown is near other key attractions, including the FedExForum, Beale Street, and the Peabody Hotel. A mixed-use development could incorporate the existing 2-story, 115,007-square foot buildings or serve as a demolition property for new construction.
Interested parties are encouraged to contact the broker for pricing. For more information on the property, contact Matt Weathersby at Commercial Advisors LLC, 901.366.6070.
To review other available properties in Downtown Memphis, click here.
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Upcoming Meeting Schedule
Design Review Board: Wed, Oct 6 at 5 pm
Center City Revenue Finance Corporation: Tues, Oct 12 at 9 am
Center City Development Corporation: Wed, Oct 20 at 8:30 am
Center City Commission Board: Thurs, Oct 28 at noon
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.
Downtown marketing professionals are encouraged to attend monthly networking sessions to learn about, and become involved in, interesting Downtown initiatives. The next meeting is scheduled for Wednesday, September 29 at 4 pm at the Cannon Center for the Performing Arts. Guest speaker is Carissa Hussong with the UrbanArts Commission. For more information, contact CCC Communications Director Leslie Gower, 575.0561.
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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
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Email your questions or comments to Leslie Gower, Editor.