Loews Hotel | 21 stories, 500 rooms - CANCELED

[James Owen]

The building height is shorter than originally planned, but it is also taking up a smaller footprint as well, meaning none of the existing buildings on the plaza (Fire Museum and DMC HQ) will have to be torn down as a result. The only two casualties are the existing trolley stop and the splash fountain area, the former of which is in part because the city plans to allow two-way vehicular traffic on Main between Adams and Poplar (possibly Exchange Avenue as well) in order to accommodate the new hotel.

What does all of this mean while litigation between the City of Memphis, Loews, Townhouse (owners of 100 North Main), and Schurz (owners of the Sheraton) is ongoing? That is still unknown at the moment, but we'll probably know something in a few weeks time.

 

[VSRJ]

We have movement!

Memphis, Loews sign development agreement for new convention center hotel

https://dailymemphian.com/section/business/article/8082/memphis-loews-sign-development-agreement-for-

The City of Memphis and Loews Hotels have signed a development agreement for a $220 million hotel on Civic Center Plaza, funded in part by public incentives.

[dxfret]

So now exactly what will happen to 100 North Main?  Will it, along with the Sterrick Building, continue to sit empty and deteriorating?  Something absolutely  has got to be done with both of those huge eyesores.  Otherwise the redevelopment of that part of downtown will be seriously hampered. 

[Memphis4ever]

14 hours ago, dxfret said:

So now exactly what will happen to 100 North Main?  Will it, along with the Sterrick Building, continue to sit empty and deteriorating?  Something absolutely  has got to be done with both of those huge eyesores.  Otherwise the redevelopment of that part of downtown will be seriously hampered. 

quite opposite, actually these huge developments around the building will make them more viable to developers.

[VSRJ]

I'd rather focus on bringing the Sterick back to life — it's such a stunningly beautiful building. 100 N. Main, on the other hand, is a mostly forgettable sore thumb. It's a shame that it's Memphis' tallest. Unless a developer was able to re-skin it, I wouldn't be upset if it were imploded.

[VSRJ]

Enlarged Loews Hotel plan submitted for approval

https://dailymemphian.com/section/business/article/8646/enlarged-loews-hotel-plan-submitted-for-approval

Quote

 

The enlarged plan now comprises 2.6 acres, much of which is on Civic Plaza. The hotel tower will have about 500 rooms, a restaurant, food and beverage areas, a pool and observation deck and other amenities, the application states.

The application from developers Loews Hotel and Co. and Pacific Companies states that using the civic space – now with fountains and benches – as a hotel will be a more productive use and “will accelerate growth and revitalization in the downtown area by supporting local tourism and improving the surrounding streetscape.”

The historic old police station at the northwest corner of Second and Adams will be rehabbed to become part of the hotel project, the city documents state. NCE Realty and Capital Group had purchased the building from the city a few years ago, but recently sold it to the hotel developers.

 

Edited November 5, 2019 by VSRJ

[VSRJ]

Another step forward!

Loews' 30-year PILOT, parking agreement approved

https://www.bizjournals.com/memphis/news/2019/11/20/loews-30-year-pilot-parking-agreement-approved.html

Quote

 

Loews notched a local tax break as it continues to move forward in its plans to build a $240 million, 500-room convention center hotel on the Main Street Mall Downtown.

The Center City Revenue Finance Corp. (CCRFC), an affiliate board of the Downtown Memphis Commission (DMC), approved a 30-year PILOT (payment-in-lieu-of-taxes) incentive on Tuesday, Nov. 19, for Loews Hotels Holding Corp.

Over the 30 years, the PILOT would be worth more than $45 million to the developers. Due to its longer-than-normal length, the incentive will require state approval.

 

 

[Memphis4ever]

Wow have you all seen the new design I like it

[Memphis4ever]

some new renderings.... more to come

[VSRJ]

Here are larger sizes of the new renderings. The tower look sharp but perhaps a bit shorter. At this point, whatever it takes to get the thing built, do it. I really like how they're incorporating the police station building.

Full PILOT application: https://www.downtownmemphiscommission.com/sites/526/uploaded/files/Lowes_PILOT_Application_11152019.pdf

Also, it looks like Sheraton won't let this one go:  https://www.commercialappeal.com/story/news/local/the-901/2019/12/05/sheraton-vs-loews-memphis-should-expand-downtown-vision-901/2617233001/

As stated in the article, Memphis can't continue living in a silo. Competition is a good thing.

[James Owen]

I've said this before, and I think it needs to be said once again. The owners of the Sheraton (Schulte Hospitality) really need to just drop this fight and move on. They've lost two court battles already (in Memphis and Nashville), and will probably lose their appeal as well. They should've put those concerns about competition towards making substantial improvements to the property they have, or just give it to someone who will make the investments needed to compete with Loews.

This line from the Commercial Appeal article @VSRJ gave a link to says it best about the whole thing:

Quote

There are two ways to look at the development of the Loews hotel — or Downtown development as a whole, for that matter. The first way — the way Sheraton's owners are looking at it — sees growth as a threat. "If you build a new hotel, it'll siphon away our business." The second way — and the right one, in my opinion — is to see Downtown's growth as a rising tide that lifts all boats, rather than cannibalizing existing businesses.

 

[BnaBreaker]

Wait... so their lawsuit is 'nobody else should ever be allowed to open a business similar to ours 'cuz they might be better than us'... ?????  Why would the even bother wasting their money and the court's time with such BS?

[VSRJ]

It's not even that nice-looking of a hotel, from the outside at least. It's a giant block of concrete. I know they did some renovations on the inside not too long ago, but they should refocus on updating the exterior to match the forthcoming aesthetic of the convention center renovations.

[VSRJ]

New renderings showing the hotel entrance and what parts of the old police station building will remain:

Loews seeks design approval, new renderings unveiled for hotel

Quote

 

As Loews Hotels' $240 million Downtown Memphis project continues its way through the approval process, its design is becoming more clear.

While similar to past renderings, the new images show less glass immediately next to the old police building and a better depiction of how much of that building will be demolished.

According to the application, they studied saving the entire police building but found out that the five-story, 1959 addition on the north end was structurally unsound. They still have not determined whether the remaining portion of the building will be used by the hotel or a third-party tenant.

The hotel's main entrance would be on Main Street, which will be reopened for vehicular traffic between Adams Street and Poplar Avenue. Service entrances will be located on Second Street.

 

Full story: https://www.bizjournals.com/memphis/news/2020/01/08/loews-seeks-design-approval-new-renderings.html

 

 

 

 

 

 

 

 

 

Edited January 8, 2020 by VSRJ

[VSRJ]

I hate to be a pessimist, but given the economic uncertainty, I'm afraid this thing is going to be 3 stories tall before all is said and done (mostly exaggerating).

Loews continues search for financing; Kevin Kane puts project odds at 'well over 50%'

https://www.bizjournals.com/memphis/news/2021/03/04/loews-searches-financing-project-odds.html

[Memphis4ever]

32 minutes ago, VSRJ said:

I hate to be a pessimist, but given the economic uncertainty, I'm afraid this thing is going to be 3 stories tall before all is said and done (mostly exaggerating).

Loews continues search for financing; Kevin Kane puts project odds at 'well over 50%'

https://www.bizjournals.com/memphis/news/2021/03/04/loews-searches-financing-project-odds.html

I hope not I think they will go with a new proposal before building a building less than 500 rooms.  the good news is if this fall through I think the Grand Hyatt at beale street would get larger.  But fingers crossed on this one.

[MDC26]

19 hours ago, Memphis4ever said:

I hope not I think they will go with a new proposal before building a building less than 500 rooms.  the good news is if this fall through I think the Grand Hyatt at beale street would get larger.  But fingers crossed on this one.

Hopefully Loew's hotel will still get built.  If not, maybe someone will come through and renovate 100 N Main for a hotel.  The Grand Hyatt will be nice, but I don't think will be adequate for a convention hotel just because it is over 1km from the convention center.  Need something closer.  

[VSRJ]

The pessimist (realist?) in me isn't holding my breath over this project, but I suppose it's good to see some hint of activity. It's a shame they won't use the police building, though. I hope another developer can swoop in to save it. It's a beautiful building.

Loews Hotel provides update, removes old police building from plans

https://www.bizjournals.com/memphis/news/2021/05/10/loews-hotel-removes-police-building-from-plans.html

Quote

 

While the $240 million Loews Hotel in Memphis is still in the works, plans for the old police building have been scrapped.

“Loews Hotels & Co.’s efforts and desire to deliver a convention hotel to the residents of Memphis remains unchanged," the company said in a statement on May 10. “Though our plans no longer include the former police building, we continue to work with the City [of Memphis] and our development partners on a path going forward.”

When Loews Hotel signed a development agreement in October 2019 with the City of Memphis, to build a convention center hotel, the agreement included the purchase of the former Central Police Station at 128 Adams Ave.

 

 

[MLBrumby]

Seems that Memphis needs a business person running things... and not one of the usual politicians.   A biz person will structure all the 'big plan' would-be developers in deals they can't slack off from.  

[TheKernel91]

Is there a new start time on construction?

[James Owen]

5 hours ago, TheKernel91 said:

Is there a new start time on construction?

Things are still in a holding pattern right now until companies like Loews are able to secure financing from their lenders once again. It might be year's end before we start seeing any actual movement on this development.

Edited May 11, 2021 by James Owen

[Simple_Is_Best]

On 5/10/2021 at 2:01 PM, VSRJ said:

The pessimist (realist?) in me isn't holding my breath over this project, but I suppose it's good to see some hint of activity. It's a shame they won't use the police building, though. I hope another developer can swoop in to save it. It's a beautiful building.

Loews Hotel provides update, removes old police building from plans

https://www.bizjournals.com/memphis/news/2021/05/10/loews-hotel-removes-police-building-from-plans.html

 

If this hotel project was threated to be tabled, I believe they would've stopped all of the utility work that is happening on the site. Loews is still spending money to prepare the site for construction. Now that the city owns 100 N Main, and the entire block it sits on, I am sure that influenced Loews decision about the old police station. 

As far as the old police station, I am glad they decided not to include it, in the development, because I hated to see them raze the back part of the building. I've been told, the building is in good condition.  I can name three uses for the building that would add to Memphis being a destination place and these uses would  generate traffic and revenue.  One thing that I don't want to see, is the old police station becoming apartments or condos. 

[MDC26]

On 5/15/2021 at 5:42 PM, Simple_Is_Best said:

If this hotel project was threated to be tabled, I believe they would've stopped all of the utility work that is happening on the site. Loews is still spending money to prepare the site for construction. Now that the city owns 100 N Main, and the entire block it sits on, I am sure that influenced Loews decision about the old police station. 

As far as the old police station, I am glad they decided not to include it, in the development, because I hated to see them raze the back part of the building. I've been told, the building is in good condition.  I can name three uses for the building that would add to Memphis being a destination place and these uses would  generate traffic and revenue.  One thing that I don't want to see, is the old police station becoming apartments or condos. 

So are they planning to just build in the Civic Plaza area, without taking over any footprint of the police station?  Or are they now looking at the 100 N Main property?  If they do switch plans to 100 N Main, I bet Townhouse will loose their mind over that.  

Also, what are your 3 uses for the police station building that you have in mind?

[MDC26]

Looks like Loew's has completely abandoned the project.   The property is currently listed for sale.

https://www.pinnacle-realty.com/property/tn/38103/memphis/south-bluffs-downtown--adams-district/128-adams-ave/611c2e7db1abf0742561a61c/

[James Owen]

6 hours ago, MDC26 said:

Looks like Loew's has completely abandoned the project.   The property is currently listed for sale.

https://www.pinnacle-realty.com/property/tn/38103/memphis/south-bluffs-downtown--adams-district/128-adams-ave/611c2e7db1abf0742561a61c/

Loews had stopped pursuing the old police headquarters back in May: https://www.bizjournals.com/memphis/news/2021/05/10/loews-hotel-removes-police-building-from-plans.html

The project as a whole was likely good as dead anyway after the original deadline for construction to start (by the end of this past December) had passed with no action taken by Loews.

The question now is will the city pursue new bids for a 500-600 room hotel near the convention center or just take it off the table for the time being?