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in this issue:
New DowntownRetail Incentives
Driving Main Street'sFuture
Downtown Gets AResidential Boost
2008 CCCAnnual Luncheon
Diversity OutreachProject Alert
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.
New Retail Incentives Are All Business
The implementation phase of the Downtown Retail Strategy – created by Washington-based Economics Research Associates Downtown Works (ERA-DW) and local firm Linx Consulting – has officially begun. The Center City Development Corporation (CCDC) has unveiled two new incentives designed to increase retail in Downtown Memphis, improve the public environment, and increase street-level pedestrian activity.
Retail Forgivable Loan Program
The Retail Forgivable Loan program was created as an incentive to new and additional retail business operations to locate in Downtown Memphis. The program offers subordinated direct loans from the Center City Development Corporation that can be forgiven with no principal or interest due if the business remains in operation for at least five years. The CCDC loans will require private sector leverage of at least 2 to 1 – for every dollar of CCDC forgivable loan, there must be two dollars of bank financing as well as a minimum of 20% equity investment in the total business development cost of the project.
The CCDC loan will be forgiven at a rate of 20% per year for each year that the business remains in operation. The loan is amortized monthly over a five-year period at a zero percent (0%) interest rate. In the event of default or closing of the business, the remaining balance shall not be deemed as “forgivable”. Monthly principal will be put into an escrow account each month based on amortization schedule. After each business year, the retailer will submit a financial report to the CCDC to receive the 20% forgivable return for the previous year of business.
Business development training scholarships for up to 20 hours of one-on-one consulting with an approved Retail Consultant are available for all business owners who are approved for the Retail Forgivable Loan and may be required as a condition for eligibility for business owners with limited experience in their commercial category.
Façade Improvement Grant Program
The Façade Improvement Grant program provides financial and practical assistance to new Downtown retailers for improving storefronts and signage, encouraging a high level of quality and design of retail storefronts.
This program is available for new or additional retail business operations that occupy first-floor space with an active street presence. Both for-profit and non-profit retail businesses that physically occupy Downtown space are eligible. Building owners and developers are not eligible unless they are the operator of the applying retail business. Matching grants are available for up to 50% of the cost of façade improvements. In addition to signage and awnings, grant money can be used for such improvements as:
- water cleaning
- prepping and painting
- window replacements/repairs
- door replacement
- entry foyer repairs
- exterior lighting
- façade restoration/rehabilitation
- architectural/design fees
- streetscape improvements
- building permits/planning fees
The programs went into effect on July 1, and applications will be accepted through the fiscal year for as long as funds - approximately $340,000 total - are available. The CCDC Board will award the incentives, and the Design Review Board will review each approved project for compatibility with CBID design guidelines and sign code regulations.
For more information about these incentives, please contact Lisa Brumleve, Manager of Business Recruitment and Retention, at 575-0552.
Click here to download the Retail Forgivable Loan application.
Click here to download the Façade Improvement Grant application.
Click here to download the Downtown Retail Strategy.
Driving Main Street's Future
Among its other suggestions for Downtown retail growth and expansion, the Downtown Retail Strategy included a recommendation to open the Main Street Mall to vehicular traffic. The Center City Commission, through its Traffic & Transportation Committee, is currently researching the feasibility of this recommendation as well as exploring other transportation options for Main Street.The CCC invites you to share questions and comments about transportation options for Main Street Mall at an upcoming public meeting to be held on Tuesday, July 22 at 5:00 pm at the Memphis Cook Convention Center in the Riverbluff Room on the Mezzanine Level. Your comments will be used to evaluate the option of returning vehicular traffic to the Main Street Mall. Attendees are invited to make comments at the meeting. Comments will be limited to 2 minutes per person. Speaker registration cards will be available at the meeting.
Please contact Christine Taylor at 575-0540 if you plan to attend this meeting.
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Downtown Gets A Residential Boost
Downtown housing options are increasing at a brisk pace. Two new development projects will help to ensure a greater range of economic diversity in Downtown's residential population.
A Green Light for the Blue Light
The former Blue Light Studio at 115 Union Avenue will get a new life as a mixed-use development. 115 Union LLC, the African American development team that includes local businessman Tyrone Burroughs, is renovating this historic five-story building into 18 rental apartments – three of which will be designated as affordable housing – and approximately 7,200 square feet of ground-floor commercial space. The project will also include approximately 4,200 square feet of office space on the second floor.Construction on the $4 million project is scheduled to begin this fall and to be completed by October 2009. Looney Ricks Kiss is the architect.
The Big Apple Meets The Bluff City
Butler Rows is a new, $27 million gated community that will be developed in the South Forum neighborhood. A ground-breaking ceremony was held last month for this project, which will include 36 New York-style, five-story brownstone townhomes. Planned amenities for each unit include a private, two-car garage, roof terraces, and an elevator.
The development team for this project consists of Butler Rows Development LLC and Coggins Construction. Two model units are scheduled to be completed by this fall.
Click here for more information about current Downtown development projects.
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2008 CCC Annual Luncheon: Lessons on City Design
The Center City Commission held its 2008 Annual Luncheon on July 12 at the Peabody Hotel. Maurice Cox, Director of Design for the National Endowment for the Arts, noted urbanist, professor of architecture at the University of Virginia, and former mayor of Charlottesville, Virginia, presented the keynote address to more than 500 attendees. Mr. Cox identified the adaptive challenges facing Memphis and provided suggestions of ways to engage the public in meeting those challenges. His city design recommendations for Memphis included:
- Engaging the public in an open dialogue about the principles that should guide city development and then designing according to those collective values;
- Using institutions such as area universities and hospitals to help reinvent the city;
- Favoring a strategy of neighborhood redevelopment that is guided by comprehensive development plans; and,
- Having the courage to change course when necessary.
- Organization or Company:
Africa in April, Inc. - Individual:
John Dudas, Vice President & Director of Strategic Planning for Belz Enterprises and former CCC President - Special Award of Merit:
the late Thomas Boggs, Huey's Restaurant
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Developer Resource Spotlight:
Diversity Outreach Project Alert
The Center City Commission recognizes the benefits of initiatives that encourage the development of minority-owned businesses and reflect the diversity of the Memphis business community. In order to promote diversity, the CCC asks all recipients of its incentives to make best-faith efforts to include minority-owned businesses in their respective projects to amounts equal to twenty percent of the project's value.Diversity Outreach Project Alert is a new e-mail bulletin that will include a list of new development projects that may present business opportunities for certified and qualified minority contractors and vendors. The bulletin will be sent on a monthly basis, and anyone interested in bidding on jobs within an individual project should contact the deevloper directly.
To sign up for Diversity Outreach Project Alert or to have your project listed, please contact Jerome Rubin, Diversity Outreach Manager, at 575-0581.
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Development Briefs
The development/design team of Phil Woodard and Archmania has completed construction on Madison19, the 19-unit condominium project in the Edge neighborhood. Located right on the Madison Avenue trolley line, amenities for the $2.3 million project include free WiFi and community bicycles.
The Memphis Farmers Market is back 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 a variety of hand-selected vendors from all over the Mid-South. Breakfast and lunch are served in the café.The Center City Development Corporation Board of Directors has approved revisions to the Development Loan grading matrix to include an incentive for public streetscape and infrastructure improvements. Eligible projects can receive up to $20,000 for these improvements. Click here to download the Development Loan information packet or contact Jay Goff at 575-0582 for more information.
Developer Mack Pepper has started renovation and restoration work on 321 South Main Street. The facade on the 11,000-square-foot building will be restored to recreate the appearance of its original historic storefront. The project cost is $84,000, and work is scheduled to be completed by October 2008.Riverfront Development Corporation has launched River Vision, an e-newsletter designed to keep the public informed as the Memphis riverfront comes to life. Visit the RDC website to view the latest issue and subscribe.
The Uptown Community Redevelopment Plan Update for the Pinch District and Wolf River Harbor Area has been approved by the CCC Board of Directors and will now be sent to the Land Use Control Board and to City Council for review and approval. Developed by the Uptown Harborfront Committee, the plan addresses the needs and opportunities for community reinvestment in the Pinch and Wolf River Harbor study areas and provides a framework for accomplishing sustainable community development in these neighborhoods. Click here to download the Executive Summary.
UrbanArt Commission, in conjunction with Riverfront Development Corporation, will install a public art sculpture at the Auction Street Traffic Circle on July 17. Entitled, "Zephyr", the stainless steel sculpture was designed by Calfornia artist James Russell to force drivers to slow down as they go around the circle.Plans for Midtown Memphis, a multi-use development project on a 26.27-acre site along Poplar and Watkins, have been submitted to the Land Use Control Board. Click here to read the article in The Daily News.
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New Downtown Businesses
Red Fish Gallery: Gifts and glass work, 356 N Main St, (901) 577-1468
Safari World Tapas Bar: Tapas & live music, 414 S Main St, (901) 870-7054
Blue Monkey: Bar & grill, 513 S Front St, (901) 527-6665
Ground Zero Blues Club: 158 Lt George W Lee Ave, (901) 522-0130
Gundlach, Lee, Eggmann, Boyle & Roessler LLC: Law firm, 80 Monroe Ave Ste 410, (901) 322-8205
Big Ono Bake Shops: Hawaiian bakery, 116 S Front St, (901) 522-8999
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Available Property Spotlight:
18 South Main Street
This 30,000-square-foot building is located in the Downtown Core on the Main Street Mall. Situated right on the trolley line, this property is suitable for mixed residential and retail or office redevelopment with basement-level parking.The property is for sale at $1.4 million. For more information, contact Brad Renshaw at The Renshaw Company, 756-5299.
For more information about downtown properties that are for sale or lease, click here to view the CCC's Available Properties list. To add your commercial property to the list or to update a listing, please contact Dawn Vinson at 575-0555 or send the pertinent information to vinson@downtownmemphis.com.
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Upcoming Meeting Schedule
Downtown Parking Authority: Monday, July 21 at noon
Center City Commission Board: Thursday, July 24 at noon
Design Review Board: Wednesday, August 6 at 5 pm
Center City Revenue Finance Corporation: Tuesday, August 12 at 9 am
Center City Development Corporation: Wednesday, August 20 at 9 am
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
Eric Robertson, Chief Administrative Officer
Jerome Rubin, Manager of Diversity Outreach
Development
Andy Kitsinger, VP of Planning & Development
Lisa Brumleve, Business Recruitment and Retention Manager
Lorie Chapman, Urban Planner
Jaske Goff, Development Project Manager
Dawn Vinson, Development Project Manager, Editor
Nick Oyler, Planning & Development Intern
Financial
Jim Street, Chief Financial Officer
Marketing
Lee Warren, Senior VP of Marketing
Leslie Gower, Director of Marketing and Communications
Sridhar Sunkara, Director of Information Systems
Stephanie Bennett, Marketing and Communications Specialist
Lizzy Street, Marketing and Communications Intern
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, BSB Field Supervisor
Robbie Farmer
Hugh Grogan
Sally Hayes
Carl Hibler
Charles Jackson
Terry Johnson
David Martinez
Johnnie Willis
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Email your questions or comments to Dawn Vinson, Editor.