4 replies to this topic

[Memphisborn]

Hey guys, it's been a while since I posted if you remember, a while back I told you about a potential development for The Sterick building well, here is a rough draft of what I have seen put together. My understanding is 2010 is the target to get this off the ground. Preliminary meetings have been held with the center city commission. Everybody cross your fingers on this one.  A legend Reborn........


             Legendary style and glamor will return to  Memphis, following a 200 million renovation to the historic Sterick building.  Experience the elegance and style of the 1930's at this beautifully restored  historic building, situated in the heart of downtown, minutes from area  attractions and offering unrivaled accommodations and amenities. Discover a  haven of serenity with sweeping views of the Mississippi river & the city  skyline. Conjured from a Gothic showplace once called the" Queen of Memphis"  Sterick Grand Plaza features a Saks Fifth Avenue,50 historic condos & more  than 300 world class rooms & suites. This 29 story, 350,883-square-foot  building has been carefully planned to reclaim its position as Memphis' premier  gathering destination.




        

            

    ·          JW  Marriott: (340 Rooms & Suites): Designed to embrace comfort and  proclaim lavishness the Sterick JW Marriott not only raises eyebrows, it raises  the bar. In luxury. In service. In dining. In everything.

    ·          Residences:  (50) The residences at Sterick Grand Plaza bring unequalled design, quality and  timeless attention to detail. Choose from our distinctive one, two, and three-bedroom  floor plans. Private residences starting from $200,000.

    ·          Saks  Fifth Avenue: (Ground floor) Off Fifth, the premier source of designer  clothing and accessories.

    ·          Regency  Room: (10,000SF) High atop the Sterick Grand Plaza, offering highly  inspired cuisine in a stylish, cosmopolitan setting with captivating scenic  views of the Memphis skyline.

    ·          The  Memphian: (Ground floor) Settle into the warmth & charm of an historic  bar complete with fireplace, leather club chairs, extensive video screens and a  large selection of premium drinks & appetizers. Making it the perfect  location before or after a night on the town.

    ·          Spa &  fitness center: (10,000SF) Offering an exotic array of pampering services,  you won't just feel refreshed, you'll be utterly reborn.

    ·          Events  & meetings: (20,000 SF) When every detail must be perfect you can count  on our advanced facilities & expert professionals to deliver a productive  and successful outcome.

    ·          Executive  Boardroom: (860SF.) Provides a convenient caucus room, and creates a  prestigious atmosphere with its exceptional appointments.

    ·          Roof Top  Helipad: A discreet point of arrival/departure for corporate executives and  VIP's.

    ·          State-of-the-art security and safety systems:  provide tenants with controlled entry to parking lot. Other features include  tenant-controlled card access readers, a 24-hour, 7-day security staff and  digital tracking cameras.

    ·          Parking:  Adjacent 377-space parking garage.

[paribasomw]

I'm afraid we will all be holding our fingers for a very long time on this one.  

First of all, the Sterick Bldg. is in terrible condition, with major structural and eivironmental  issues to be addressed and remedied.  Its renovation has been studied by several groups in the past and all have quickly walked away from it because it is just too much work and way too expensive.  $200 million would not even begin to address the full costs of such a project.  

JW Marriott is the most upscale of all Marriott brands and downtown Memphis simply does not have the ability to support such a hotel.  Let's be clear too, the "Saks Fifth Ave." referenced is actually an "Off Fifth" the outlet division that has stores everywhere and is hardly upscale.  Remember what happened at nearby Peabody Place--its mostly empty now if I recall correctly.  Retail dept stores will simply not work in today's downtown.

Let's face the facts, downtown Memphis is in very sad shape.  The empty, and much newer, Pyramid might be a better candidate than the Sterick Bldg. at this point for such an ambitious plan.  The highrise condo market is on life support, especially given the bankruptcy of the Horizon where construction has stopped.  

Downtown has major crime issues and most nights the area around the Sterick Bldg is like a ghost town.  Beale St. has had a number of establishments closing and crime is a problem there as well as all over the city.  With such a negative environment, I just don't see anybody in their right mind risking a redevelopment of the Sterick Bldg.  

Memphisborn, on Aug 7 2009, 09:37 PM, said:

Hey guys, it's been a while since I posted if you remember, a while back I told you about a potential development for The Sterick building well, here is a rough draft of what I have seen put together. My understanding is 2010 is the target to get this off the ground. Preliminary meetings have been held with the center city commission. Everybody cross your fingers on this one.  A legend Reborn........


             Legendary style and glamor will return to  Memphis, following a 200 million renovation to the historic Sterick building.  Experience the elegance and style of the 1930's at this beautifully restored  historic building, situated in the heart of downtown, minutes from area  attractions and offering unrivaled accommodations and amenities. Discover a  haven of serenity with sweeping views of the Mississippi river & the city  skyline. Conjured from a Gothic showplace once called the" Queen of Memphis"  Sterick Grand Plaza features a Saks Fifth Avenue,50 historic condos & more  than 300 world class rooms & suites. This 29 story, 350,883-square-foot  building has been carefully planned to reclaim its position as Memphis' premier  gathering destination.




        

            

    ·          JW  Marriott: (340 Rooms & Suites): Designed to embrace comfort and  proclaim lavishness the Sterick JW Marriott not only raises eyebrows, it raises  the bar. In luxury. In service. In dining. In everything.

    ·          Residences:  (50) The residences at Sterick Grand Plaza bring unequalled design, quality and  timeless attention to detail. Choose from our distinctive one, two, and three-bedroom  floor plans. Private residences starting from $200,000.

    ·          Saks  Fifth Avenue: (Ground floor) Off Fifth, the premier source of designer  clothing and accessories.

    ·          Regency  Room: (10,000SF) High atop the Sterick Grand Plaza, offering highly  inspired cuisine in a stylish, cosmopolitan setting with captivating scenic  views of the Memphis skyline.

    ·          The  Memphian: (Ground floor) Settle into the warmth & charm of an historic  bar complete with fireplace, leather club chairs, extensive video screens and a  large selection of premium drinks & appetizers. Making it the perfect  location before or after a night on the town.

    ·          Spa &  fitness center: (10,000SF) Offering an exotic array of pampering services,  you won't just feel refreshed, you'll be utterly reborn.

    ·          Events  & meetings: (20,000 SF) When every detail must be perfect you can count  on our advanced facilities & expert professionals to deliver a productive  and successful outcome.

    ·          Executive  Boardroom: (860SF.) Provides a convenient caucus room, and creates a  prestigious atmosphere with its exceptional appointments.

    ·          Roof Top  Helipad: A discreet point of arrival/departure for corporate executives and  VIP's.

    ·          State-of-the-art security and safety systems:  provide tenants with controlled entry to parking lot. Other features include  tenant-controlled card access readers, a 24-hour, 7-day security staff and  digital tracking cameras.

    ·          Parking:  Adjacent 377-space parking garage.

[memp600]

^
Downtown Memphis in bad shape?  Have you been down there recently because that is far from the case.  This post is very similar to a post I saw in an article's comment section of the Commercial Appeal the other day.  So I question what you actually know.  And about crime in downtown Memphis, it is a FACT that downtown Memphis is one of the safest parts of the city.  So do some research before hand.  I think a project like this would be very good for that building and it's exactly what the downtown area needs.

Edited by memp600, 16 August 2009 - 03:30 PM.

[MtownGuy]

Memphi's downtown has been rated as one of the best safest downtowns in all of America. The Sterick Building is in bad shape but with the right vision it could be resurrected. These negative (it won't work in Memphis) attitudes and outlooks are what's holding Memphis back from growing and being a world class city.

Edited by MtownGuy, 23 August 2009 - 12:54 PM.

[Fellowmann20]

MtownGuy, on 23 August 2009 - 12:53 PM, said:

Memphi's downtown has been rated as one of the best safest downtowns in all of America. The Sterick Building is in bad shape but with the right vision it could be resurrected. These negative (it won't work in Memphis) attitudes and outlooks are what's holding Memphis back from growing and being a world class city.

I concur. This negativity has to stop. Nothing will ever get accomplished, if projects get shot down before they're even tried. I think the plan for the Sterick building is awesome and it should definitely be restored to its former glory.