VSRJ

100 N. Main owner plans massive project with Loews hotel, apartments

Recommended Posts

I give this a 1% chance of happening, but it's interesting to imagine nonetheless:

100 N. Main owner plans massive project with Loews hotel, apartments

https://www.bizjournals.com/memphis/news/2018/02/08/breaking-100-n-main-owner-plans-massive-project.html

Quote

 

A New York developer is planning to turn Downtown Memphis' tallest building into a 550-room Loews Hotel, with about 220 apartments. The investors are also planning a 34-story office building next door.

Plans for the project inspected by the Memphis Business Journal call for a major transformation of 100 N. Main, the high rise that for several years has been vacant, has been in and out of Shelby County Environmental Court and has been in the hands of several property owners.

The renovations of the building's street-level main floor would include 20,000 square feet of retail space, a 7,500-square-foot hotel lobby and a 10,000-square-foot restaurant and bar. Other floors would include a spa, another restaurant, and the hotel rooms and apartments.

New York-based Townhouse Management Co., doing business as THM Memphis Acquisitions LLC, is the owner and would-be developer of 100 N. Main. According to the company's website, Townhouse acquires, develops and manages residential, commercial, retail and mixed-use properties throughout the New York metro area.

The project plans MBJ reviewed also show 88 N. Main St., located next door to 100 N. Main, with a 12-floor, roughly 1,300-space parking garage at the base of the building. Each of the two floors directly above the garage would contain 35,000-square-foot ballrooms. From there, two office towers would rise, 19 stories each. The towers would contain a total of 467,000 square feet of office space.

New York-based ME Architect PC and Memphis-based ArchInc are the architects for the project.

Hotel consultant Chuck Pinkowski of Pinkowski & Co. confirmed the hotel plans to MBJ, and ArchInc principal Joseph Hagan confirmed Townhouse's plans for the 88 N. Main office and parking project.

However, Hagan cautioned that plans for the buildings have been changing and are still preliminary.

Townhouse purchased 100 N. Main at auction a month ago, Jan. 11, for $1 million. It does not yet own the parcels that would be needed for the 88 N. Main project, though it does have some of them under contract.

"I think they are serious investors in the city by looking at all the parcels they have purchased or put an option on," said Kevin Kane, president and CEO of the Memphis Convention & Visitors Bureau (CVB).

The developers will likely seek historic tax credits and local tax breaks for the project, according to ArchInc's Hagan.

The closest Loews Hotel to Memphis is the Loews Vanderbilt Hotel in Nashville. Another Loews is scheduled to open next year in St. Louis. The New York-based hospitality company operates 24 luxury and upscale hotels.

Paul Steenson, Townhouse Management Co.’s director of development, did not respond to requests for comment. Representatives for Loews also did not respond when contacted.

 

 

Share this post


Link to post
Share on other sites


Yeah, I'll believe it when I see it.  But it would be nice if it happens.

I do think it's a sad commentary of the state of affairs in Memphis that its tallest skyscraper, located in the heart of downtown, sold for only $1 million.

  • Like 1

Share this post


Link to post
Share on other sites

Highly, highly doubtful about this one.  

It is indeed sad that two of the tallest buildings in downtown Memphis (100 North Main and  Sterrick Building) have both been abandoned for years and are literally falling apart.  The cost of rehab would be hugely prohibitive and the northern end of downtown is like a ghost town  

Memphis is also  a weak convention and tourism market which would seem to be yet another strike against such a hotel project. 

 

Share this post


Link to post
Share on other sites
On 2/9/2018 at 8:28 AM, VSRJ said:

I give this a 1% chance of happening, but it's interesting to imagine nonetheless:

100 N. Main owner plans massive project with Loews hotel, apartments

https://www.bizjournals.com/memphis/news/2018/02/08/breaking-100-n-main-owner-plans-massive-project.html

 

I just saw this elsewhere. Great news and I would give it a much higher chance of happening. It shows interest in Memphis from outside and that they are thinking big. I hope this gives a strong boost to Memphis growth and presents an image of a city poised to be a new sunbelt boom town. I think it's going to happen.

:tw_cookie:

 

PS; Some of the architect's (ME ARCHITECT) work...interesting.

  • Like 2

Share this post


Link to post
Share on other sites
On 2/10/2018 at 10:20 AM, dxfret said:

Highly, highly doubtful about this one.  

It is indeed sad that two of the tallest buildings in downtown Memphis (100 North Main and  Sterrick Building) have both been abandoned for years and are literally falling apart.  The cost of rehab would be hugely prohibitive and the northern end of downtown is like a ghost town  

Memphis is also  a weak convention and tourism market which would seem to be yet another strike against such a hotel project. 

 

The Sterrick is probably my favorite skyscraper in Tennessee.  It is such a graceful and beautiful building.  It breaks my heart that it's been neglected for so long.  At this point it's probably too expensive to ever redevelop, particularly considering the anemic economy of the Memphis region.

As for 100 North Main, when I lived in Memphis my attorney had his office there.  The first time I went to his office, which I think was in 1998, even back then I remember thinking how run down that building was.  As the tallest structure in Memphis it should've been a showplace.   Everything just looked worn and worn out.   I'm glad to see downtown Memphis get some love, but I can see this as being some developer's way of milking a desperate Memphis out of some PILOT money or whatever they call it and then eventually walking away.

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


  • Recently Browsing   0 members

    No registered users viewing this page.