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in this issue:
Small DevelopersThink Big
Cotton RowMaking the Grade
New Medical DistrictApartments
A New MarriottFor Downtown
Downtown RetailStrategy & Market Study
Changes in CCCApplication Process
New Art on New Main 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
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Small Developers Think Big
Mention Downtown redevelopment to most Memphians, and a handful of big-name developers and development teams comes to mind. Large projects and familiar names get a lot of attention; however, the development game in Downtown Memphis is not limited to the big players. Three small developers have set out to prove that size doesn't matter.
Making the Grade
Germantown resident Joe Sinkovich has more than 15 years' worth of experience in the medical device industry. His professional background includes tenure at such prestigious companies as Medtronic (the local branch which was formerly known as Sofamor Danek) and Wright Medical Group, where he was Vice President of Sales. He is now using his expertise to sell his vision for a historic restoration on Front Street.Located in the historic Cotton Row district, the adjacent buildings at 56, 60, and 62 South Front were listed on the Center City Commission's list of Top Ten Redevelopment Sites and are known to most locals as the former site of Prince Mongo's Planet - a nightclub known to be as eccentric as its eponymous owner. What is less known is the fact that, as the Reichmann-Crosby Cotton Warehouse, the properties played a major role in supporting the grading and subsequent sale of cotton for more than 75 years.
Mr. Sinkovich plans to pay homage to this bit of Memphis history with The Grade Hotel. This $4.46 million restoration/renovation project will transform the buildings into a three-story, 30-room boutique hotel. The project will also include approximately 8,000 square feet of street-level retail space for a full-service restaurant, a coffee shop, and a bookstore. Construction is scheduled to begin later this month and is anticipated to be completed by spring of 2009. The project received both a PILOT from the Center City Revenue Finance Corporation and a $270,000 development loan from the Center City Development Corporation. Joey Hagan of Architecture, Inc. is the architect for the project; Gilluly & Associates is the contractor.
Stethoscopes and Gelato
Carey Frix and Nicole Jennings were completing their residencies in Virginia when they got the idea for a unique business model that would combine their medical practice and their passions into a successful enterprise.Inspired by Dr. Jennings' Italian heritage, the couple persuaded the owners of an award-winning local gelateria to sell their recipes. They then bought and renovated adjoining properties in Henderson, Tennessee, in which to house the Frix-Jennings Clinic and Besso's coffeehouse and gelato shop.
Frix and Jennings plan to bring this same successful business model to Downtown Memphis at 59 South Main Street. The ground floor of the property will contain a family & internal medicine and acute care clinic that will feature same-day and walk-in appointments. It will also serve as a second location for Besso's, which will feature the same fresh-roasted coffee and homemade Italian ice cream that is so reknown in Henderson. The second and third floors of the building will be converted into four rental apartments.
Dr. Frix will be the general contractor for the $1.6 million project and hopes to start contruction by the end of September. The project will take approximately 18 months to complete. The developers plan to apply for a PILOT from the Center City Revenue Finance Corporation.
For more information about downtown development projects, click here to view the CCC's Current Projects list.
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Cotton Row Still Making the Grade
The area around Front Street between Monroe and Gayoso was once the bustling regional hub of the Mid-South's cotton industry. When cotton was king, it was here that deals were brokered and fortunes were made.
Cotton Row is, once again, primed to become a center of activity as developers work to restore the area to its past elegant splendor:
- The building that formerly housed Mike's Restaurant at 73 Monroe Avenue will be renovated for mixed use. The project will consist of ground-floor commercial space and two fully furnished rental apartments on the second floor.
- The Cotton Exchange building recently underwent $1.1 million in renovations and is now home to the Memphis Cotton Museum.
- The University of Memphis Cecil B. Humphreys School of Law will be moving into the historic Customs House on Front Street with classes scheduled to start in the fall of 2009.
- The historic Shrine building at 66 Monroe was recently converted from apartments to condominiums with new, controlled access to Brinkley Plaza garage.
- EFO Residential Properties is currently renovating the former Union Planters building at 67 Madison into 157 rental apartments and approximately 18,000sf of retail and office space. The nearby AutoZone Annex garage will be expanded to include a total of 400 parking spaces.
- 89 South Front Street is being renovated into 4 rental apartments.
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New Apartments for the Medical District
A new apartment community is planned for the Medical District. Linden Yards Loft Apartments will provide another affordable housing option for students in the area.Developer Stephen Turgeon will renovate three existing historic warehouse buildings at 690,708, and 713 Linden Avenue to create 103 one-, two-, and three-bedroom rental apartments. Each building will have an outdoor living area, and secured, on-site parking will be provided for each unit.
Construction on the $7.6 million project is scheduled to begin later this month and to be completed by the end of July 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. Recently completed apartment projects include the 117-unit April Woods Apartments on Chelsea Avenue and Riverbend Place, the affordable housing community on North Main at Looney (30 units).
Click here to learn more about Downtown housing options.
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A New Marriott for Downtown
The development team responsible for the Sleep Inn at Court Square, the Springhill Suites, and the historic Kress building annex to Springhill Suites is planning to construct a new Courtyard by Marriott hotel at the southwest corner of Main Street and Jefferson Avenue, adding to the $230 million in hotel projects that are currently planned or under construction in Downtown Memphis.
The eight-story, 131-room hotel will include a conference center and a ground-floor restaurant, lounge, and business center, along with a basement-level mini-spa and fitness area. The architectural and design team for the $21 million project consists of Bounds & Gillespie Architects and Architecture, Inc. Construction is scheduled to be completed by the end of 2008.
For more information about Downtown development projects, click here to view the CCC's Current Projects list.
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Strategies and Projections for Continued Growth
Downtown Memphis has seen a tremendous amount of growth in the last three years. The current residential population of 28,000 people and the daytime population - estimated to be in the tens of thousands - are both increasing every day. Two recently commissioned studies will analyze existing conditions within the CBID and provide guidelines for future economic growth.
Bringing New Business Downtown
In response to the growing need for additional retail businesses within the Downtown area, the Center City Development Corporation issued a Request for Proposals (RFP) for a consultant with expertise in retail strategies, market assessment, and urban design to prepare a plan that outlines the considerable opportunities for and challenges to retail growth within the CBID. The Downtown Memphis Retail Development Strategy will provide a framework for the development of a strong retail component in Downtown Memphis, which will strengthen the existing retail base while adding complementary new development.
The completed Retail Strategy document will provide a qualitative analysis of existing conditions and recommendations for merchandise mix, as well as a recruitment and retention guide. Economics Research Associates Downtown Works (ERA-DW), a division of Washington-based Economics Research Associates, will partner with Linx Consulting, an African American-owned business based in Memphis, on the project.
The project cost for creation of the Retail Development Strategy is $97,000; the final document should be completed by January 2008.
A Market Study Update
The Center City Commission Board of Directors has selected Economics Research Associates (ERA) to do an updated study of market conditions within the CBID. The goals of the market study are to inventory existing residential, office, retail, and tourism sectors and to determine the growth potential in the downtown marketplace. The study will be used as a resource for realtors, developers, investors, and business owners who are considering doing business in downtown Memphis. Knowledge gained from the study will also be used to guide the efforts of the Center City Commission.
The project cost for the 2007 Market Study update is $79,000; the final report should be completed by January 2008. For this project, ERA will partner with Urban Construct, an African American- and woman-owned business based in Memphis.
Click here to view the complete 2004 Market Study.
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Developer Resource Spotlight: Changes in CCC Application Process
The Center City Commission Board of Directors recently amended its bylaws to require that all staff recommendations prepared for the Center City Development Corporation, the Design Review Board, the Center City Revenue Finance Corporation, and the Downtown Parking Authority for matters valued at greater than $10,000 must first be reviewed and either approved, approved with conditions, or rejected by the CCC Board before being presented to the applicable affiliate boards.
This means that the PILOT, Development Loan, and/or Design Review Board application for any project valued at greater than $10,000 must be reviewed by the CCC Board before it is reviewed by any other board.
The Center City Commission Board of Directors meets at noon on the fourth Thursday of every month from June through December and on the fourth Friday of every month from January through May unless otherwise noted. Meeting dates for the remainder of 2007 are as follows:
- Thursday, September 27
- Thursday, October 25
- Thursday, November 15
- Thursday, November 20
For more information about the CCC application process or about CCC development incentive programs, contact Jay Goff, Development Project Manager, at 575-0582 or Dawn Vinson, Development Project Manager, at 575-0555.
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New Art on New Main
Three new public art projects have been installed on Main Street.
Sponsored by the Center City Commission, the installations are part of a larger CCC initiative to improve the appearance of vacant storefronts along the Main Street Mall and to showcase the works of local visual artists.The projects at 75 and 77 South Main were done through a partnership with the Center for Outreach in the Development of the Arts (CODA) at Rhodes College.
Rhodes CODA student Lauren Kennedy served as project manager for this initiative and recruited local artists to develop the art installations.At the former location of Debbie's Hair Affair, artist Melanie Spillman installed a set of collages that feature retro salon images and paraphernalia.
Next door, in the space previously occupied by Smooth Moves, artist Dwayne Butcher has displayed sets of abstract, biomorphic designs. As the properties are leased, the installations will be relocated to other vacant storefronts on the Main Street Mall.
The installation at 76 North Main was created in collaboration with Lantana Projects, a non-profit, international artist residency program. Dutch artist Eric Knoote installed a series of mirrored flowers at the site next to Easy Way at Main and Jefferson.Lantana Projects seeks to bring groundbreaking art from around the world to Memphis by providing customized residencies for visual artists that include a stipend, exhibition space, and marketing. Elizabeth Lemmonds is the Executive Director.
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Development Briefs
The Cadence Bank Court Square concert series continues to showcase local music talent every Wednesday evening from 5:30 - 8:30 in Court Square. The series runs through October 17 and will include such artists as Charlie Wood and the New Memphis Underground, Reba Russell Band, and FreeWorld.Click here to download the complete series lineup and photo gallery.
Beale Street Landing has been given the green light by the Memphis City Council. The $29.4 million project will consist of a docking facility for local and touring riverboats that includes a 500-foot floating dock, restaurants, a river park, and a 150-car underground parking garage. Construction is anticipated to begin in January.
Construction on the $116 million Chili's Care Center at St. Jude Children's Research Hospital is almost complete. The 300,000-square-foot facility will house the Department of Radiological Sciences and will include 24 laboratories and 16 hospital beds. The Chili's Care Center is scheduled to open later this fall.
The Bryan Company and Garland Company Real Estate have begun construction on The Horizon, two 16-story condominium towers 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.
The second season of the Memphis Farmers Market is in full swing at the Central Station Pavillion. The market is held every Saturday from May through October between the hours of 7:00 a.m. to 1:00 p.m. and features fresh produce, artisanal goods, and craft items from more than 50 hand-selected vendors. The new market café serves breakfast and lunch.The Center City Commission celebrated 30 years of Downtown revitalization at its Annual Luncheon in July. The luncheon featured an informative presentation by Brad Segal, President of Denver-based Progressive Urban Management Associates, about the global demographic, lifestyle, technological, and environmental changes that will have an impact on the future of American downtowns. The following 2007 Vision Awards were also presented at the luncheon:
- Organization or Company:
Memphis Development Foundation - Orpheum Theater - Individual:
John W. Stokes, Jr., Vice Chairman, Riverfront Development Corporation Board of Directors and Downtown Parking Authority board member - Lifetime Achievement:
Charlie Vergos, The Rendezvous
Click here to download a copy of Brad Segal's "Global Trends" presentation.
Work on the new North End Terminal trolley stop has begun. MATA is constructing the platformed, wheelchair-accessible trolley stop on Main Street near Auction Avenue. Construction should be completed by the end of the year. The project cost is $585,000.TDOT has begun construction on the North Parkway Realignment Project, which will connect North Parkway directly to Auction Avenue at Danny Thomas Boulevard. The $6 million project will also include realignment of Jackson Avenue with Mill Avenue.
Construction on FrontBluff, the $5.9 million residential project at the southeast intersection of Front Street and Vance Avenue is underway. Phase I will consist of 10 townhomes and is anticipated to be completed by February 2008. Phase II will consist of a 19-unit condominium building.
Forbes.com has ranked Memphis 23rd on its list of the 40 "Best Cities for Singles". Urban areas were judged on culture, nightlife, job growth, the cost of living alone, online dating, the number of other singles, and "coolness." This was the first time that Memphis appeared on the list.
The historic property at 431 South Main Street is being renovated for office use. Architect John Jones and builder Tom Archer plan to transform the building into open loft spaces with a kitchenette in every office. The $400,000 project should be completed in October.Work on the $9.3 million River Inn of Harbor Town is nearing completion. Scheduled to open in October, amenities at the 28-room boutique hotel will include fine dining at Currents, which will feature American and Continental cuisine; casual, bistro-style dining at Tugs; and, exotic health and beauty treatments at the spa.
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New Downtown Businesses
Sidi Bou Café and Swisha Lounge, 111 N Main St, (901) 522-0035
Molly Fontaine Lounge, Specializing in tapas featuring global cuisine, 679 Adams Ave, (901) 524-1886
Itta Bena, A speakeasy with bistro-style dining, 143 Beale St, third floor, (901) 578-3031
Second Street Shoppers, Convenience store, 99 S Second St
My Greek Café @ Stop 345, 345 Madison Ave, (901) 507-2720
Riverside BP Gas Station, 694 Riverside Dr, (901) 527-3946
United States Post Office, 100 Peabody Pl Ste 150, (800) 275-8777
Miss Polly's Soul City Café, 154 Beale St
Express Deli, Convenience store and deli, 137 Madison Ave
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Available Property Spotlight:
246 E Court
Built in the 1900s, this two-story structure is located one block from AutoZone park and two blocks from Main Street. There are 10 parking spaces in the rear of the building.
The property can be redeveloped for office, retail, warehouse, or mixed use and is for sale at $670,000. The owner is willing to finance up to 50% of the sales price.
For more information, contact Willie Bearden at Bearden Company, 901.522.9313.
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Available Property Spotlight:
200 Madison Avenue
This 36,000-square-foot building is located within the Sports & Entertainment District on a .73-acre site right across from AutoZone park.
The property is available for immediate sale.
For more information, contact Nick Clark at 901.537.2206.
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Upcoming Meeting Schedule
Center City Revenue Finance Corporation: Tuesday, September 11 at 9:30 am
Design Review Board: Wednesday, September 12 at 5 pm
Center City Development Corporation: Wednesday, September 19 at 9 am
Center City Commission Board: Thursday, September 27 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
Nicole Hernandez, Director of Executive Programs
Jerome Rubin, Manager of Diversity Outreach
Development
Andy Kitsinger, VP of Planning & Development
Lorie Chapman, Urban Planner
Jaske Goff, Development Project Manager
Katrina Shelton, Business Recruitment Manager
Dawn Vinson, Development Project Manager
Financial
Jim Street, Chief Financial Officer
Marketing
Lee Warren, Senior VP of Marketing
Leslie Gower, Director of Communications
Sridhar Sunkara, Director of Information Systems
Stephanie Ziemba, Director of Marketing and Special Events
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:
Eugene Brassel
Fannie Garner
Sally Hayes
Christopher Hence
Carl Hibler
Charles Jackson
Tara Maxwell
Bobby Parker
Timothy Parks
Johnnie Willis
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Email your questions or comments to Dawn Vinson, Editor.