One Beale (new) |Grand Hyatt, Hyatt Centric hotel, Caption by Hyatt hotel, apartments

[MDC26]

2 hours ago, nashville born said:

This is probably helping drive the Sheraton action...

I think its more so because of the Convention center reno/expansion and the Loew's hotel falling through.  The Hyatt hotels really aren't a good convention hotel because they are over 1km from the convention center.  Yes, some people will stay there, but its far away for a convention center hotel.  There's just a need for more hotel rooms right next to the convention center.  

[Memphisborn]

57 minutes ago, MDC26 said:

I think its more so because of the Convention center reno/expansion and the Loew's hotel falling through.  The Hyatt hotels really aren't a good convention hotel because they are over 1km from the convention center.  Yes, some people will stay there, but its far away for a convention center hotel.  There's just a need for more hotel rooms right next to the convention center.  

Yes the Sheraton is connected to Convention Center so expansion and upgrades is a no brainer. As far as One Beale the city has entered into a 450 room block agreement with Hyatt brands.That’s really overflow from 600 room Sheraton. Etc.  This Sheraton move along with 100N main 254 room full service should help tremendously with convenience to CC. 

[MDC26]

2 hours ago, Memphisborn said:

Yes the Sheraton is connected to Convention Center so expansion and upgrades is a no brainer. As far as One Beale the city has entered into a 450 room block agreement with Hyatt brands.That’s really overflow from 600 room Sheraton. Etc.  This Sheraton move along with 100N main 254 room full service should help tremendously with convenience to CC. 

The Grand Hyatt makes it look better on paper.  There are only 2 hotels downtown with over 300 rooms (Sheraton/Peabody.)  The Peabody probably doesn't block rooms for conventions because they are already very busy and don't need it.  So having another 300+ room hotel downtown is a big positive.  Realistically, if a convention planner maps it out, or asks, they won't be happy about it being 1.5km away. I think the Grand Hyatt will do fine on its own, as its a good location.  They will get people at conventions staying there, but attendees may rather stay closer.  It could even draw some smaller meetings itself with its own meeting space.  Sheraton expansion and 100 N Main hotel will help.  100 N Main could be developed into just a hotel with 400-500 rooms and be a good 2nd convention center hotel.  

[jjbradleyBrooklyn]

On 9/15/2022 at 3:12 PM, Memphisborn said:

Yes the Sheraton is connected to Convention Center so expansion and upgrades is a no brainer. As far as One Beale the city has entered into a 450 room block agreement with Hyatt brands.That’s really overflow from 600 room Sheraton. Etc.  This Sheraton move along with 100N main 254 room full service should help tremendously with convenience to CC. 

Is 100 N Main also building a hotel component, along with the residential piece? That's a smart move, if so. 

Wonder what brand will go in there?

[MDC26]

2 hours ago, jjbradleyBrooklyn said:

Is 100 N Main also building a hotel component, along with the residential piece? That's a smart move, if so. 

Wonder what brand will go in there?

They haven’t announced the brand yet. There will be hotel, residential, and office. As well as retail on ground floor. They have announced the city will take some of the office space, and there is supposed to be a steakhouse. 

[jjbradleyBrooklyn]

15 hours ago, MDC26 said:

They haven’t announced the brand yet. There will be hotel, residential, and office. As well as retail on ground floor. They have announced the city will take some of the office space, and there is supposed to be a steakhouse. 

Ah, ok, got it. That's very cool!

Can't wait to see this redevelopment start. Probably early 2023--hopefully?

[Memphis4ever]

On 9/15/2022 at 1:10 PM, MDC26 said:

I think its more so because of the Convention center reno/expansion and the Loew's hotel falling through.  The Hyatt hotels really aren't a good convention hotel because they are over 1km from the convention center.  Yes, some people will stay there, but its far away for a convention center hotel.  There's just a need for more hotel rooms right next to the convention center.  

However there is a trolley right there and riverside drive is a straight 1 minute drive to the convention center.  Sheraton even though it is connected to the convention center would look like a relic compared to a brand new hotel.  New hotels create competition and other hotels have to update to remain relevant.  I remember when nashville got their first new hotels how the older ones had major renovations, like their sheraton, double tree etc.  Plus it only makes sense that the sheraton add more rooms but the bigger help would be if they added a large ballroom also.

[TheExtraEastKid]

Any updates?

 

[James Owen]

On 10/16/2022 at 7:52 AM, TheExtraEastKid said:

Any updates?

Right now, they are just ironing out some final things on financing before ground can be broken.

[MDC26]

1 hour ago, James Owen said:

Right now, they are just ironing out some final things on financing before ground can be broken.

I drove by today and they are still doing ground work. Still doing ground or foundation work at Vance apartments too. 

[Memphis4ever]

From my observations the final piece of the retaining wall has been framed and the ties have been added to hold the hill back.  It looks as if this is the final bit of sitework and the foundation should be going in soon.

 

[TheKernel91]

At this point there must a curse on our skyline....

[BnaBreaker]

Absolutely unreal.

One Beale's Grand Hyatt won't happen because of city's delays, developer says. Memphis disputes it

https://www.commercialappeal.com/story/news/2022/11/02/one-beale-grand-hyatt-wont-happen-developer-says/69614441007/

[VSRJ]

I hate to be a pessimist (especially since there is so much pessimism in Memphis), but this is why I don't get excited about projects until they are well off the ground. We've been burned too many times.

I love Memphis. But from a development/progress perspective, it can be so frustrating and bleak. 

[MLBrumby]

When it comes down to $5 million, can't someone take the lead and reduce that amount then split the difference?  

[Memphisborn]

13 minutes ago, VSRJ said:

I hate to be a pessimist (especially since there is so much pessimism in Memphis), but this is why I don't get excited about projects until they are well off the ground. We've been burned too many times.

I love Memphis. But from a development/progress perspective, it can be so frustrating and bleak. 

I understand your frustration I’m confused too, this is getting ridiculous with this Grand Hyatt. 5 million is not enough for this project not to happen. Go into city petty cash and Up the loan to 15 million to get this deal done they are too deep into it to fail 

[dxfret]

This speaks volumes about the multiple weaknesses of Memphis.  

[VSRJ]

I suppose this could just be a PR move to light a fire under the City's butt? How far along was site prep? I haven't been down there in several weeks.

[Memphisborn]

8 minutes ago, VSRJ said:

I suppose this could just be a PR move to light a fire under the City's butt? How far along was site prep? I haven't been down there in several weeks.

Quite a bit of prep was done. No cranes that I saw, however a lot had been cleared to blank canvas 

[MDC26]

2 hours ago, Memphisborn said:

I understand your frustration I’m confused too, this is getting ridiculous with this Grand Hyatt. 5 million is not enough for this project not to happen. Go into city petty cash and Up the loan to 15 million to get this deal done they are too deep into it to fail 

The tax structure is out of whack if you have to give every project massive breaks just to make it feasible. But, giving tax breaks does not cost any money. At what point should the city be giving a project millions of taxpayer $, and guaranteeing their debt? Does this set a bad precedent?

[DRG901]

3 minutes ago, MDC26 said:

The tax structure is out of whack if you have to give every project massive breaks just to make it feasible. But, giving tax breaks does not cost any money. At what point should the city be giving a project millions of taxpayer $, and guaranteeing their debt? Does this set a bad precedent?

This has been my thought since July or whenever when Carlisle came back and said they had to have the backstop or it wouldn't happen after they'd already done site work and I was under the impression it was a 100 percent go.  I never felt as confident since...and I'll be honest if this is the third try of a high rise Hyatt at this site that was approved and good to go after 17 years I'd be happy to see a 2 story Days Inn built at this site just to call it a day and know something will be built there (half joking :).

   But really I am not sure if I should be mad at Strickland or the city, they did seem to try to compromise time after time and Carlisle has not been exactly friendly in the media in the past 4 months towards them...and again with the third try on their part to get a tower built at this site and the second failure of Strickland to get a convention hotel it's all  just frustrating as  mentioned before.   

I almost ready to give up lol, but yes it reveals a lot of issues with Memphis getting big projects even somewhat off the ground and I'm not holding my breath on anything else big for the foreseeable future with the way things are with the economy now... and I do think it ends up setting a bad precedent because none of these projects are feasible here without the tax breaks which the developers end up taking advantage of and asking for more extensions after the fact and then yet the projects end up dying completely... so why on earth would someone else come along and then see how things are done here and the cycle just repeats itself as I've witnessed the past 2 decades in this town.

[MDC26]

1 hour ago, DRG901 said:

This has been my thought since July or whenever when Carlisle came back and said they had to have the backstop or it wouldn't happen after they'd already done site work and I was under the impression it was a 100 percent go.  I never felt as confident since...and I'll be honest if this is the third try of a high rise Hyatt at this site that was approved and good to go after 17 years I'd be happy to see a 2 story Days Inn built at this site just to call it a day and know something will be built there (half joking :).

   But really I am not sure if I should be mad at Strickland or the city, they did seem to try to compromise time after time and Carlisle has not been exactly friendly in the media in the past 4 months towards them...and again with the third try on their part to get a tower built at this site and the second failure of Strickland to get a convention hotel it's all  just frustrating as  mentioned before.   

I almost ready to give up lol, but yes it reveals a lot of issues with Memphis getting big projects even somewhat off the ground and I'm not holding my breath on anything else big for the foreseeable future with the way things are with the economy now... and I do think it ends up setting a bad precedent because none of these projects are feasible here without the tax breaks which the developers end up taking advantage of and asking for more extensions after the fact and then yet the projects end up dying completely... so why on earth would someone else come along and then see how things are done here and the cycle just repeats itself as I've witnessed the past 2 decades in this town.

I obviously don’t know all the details, but seems like Carlisle is coming off a bit like a spoiled little brat whining about not having a pony at his birthday party. He just keeps asking more from the city and blaming things on them. 

[Memphis4ever]

I highly recommend reading the letter sent by the mayor and reading the article in the business journal, this project is not dead right now it seems to be a battle of egos.  A developer that really is afraid to invest its own money and a city that has already given them a 50 million dollar parking garage and other incentives.  The city does not want to set a precedent that if developers keep complaining they can get whatever they want.  I do know that both the city and carlisle corp have 5 million dollars.  Carlisle corp is literally building a huge apartment north of this site.  Its just a matter of egos thats the scary part.  Lets get this done and be more clear on terms with the next major project.  There is already a giant hole at the riverfront and sewer and retaining walls have already been installed thats wasted money already.  I have optimism.

[VSRJ]

If this is indeed a publicity stunt, I worry it might deter developers who are already hesitant to enter the market. Is this what they can expect?

[MDC26]

8 hours ago, Memphis4ever said:

I highly recommend reading the letter sent by the mayor and reading the article in the business journal, this project is not dead right now it seems to be a battle of egos.  A developer that really is afraid to invest its own money and a city that has already given them a 50 million dollar parking garage and other incentives.  The city does not want to set a precedent that if developers keep complaining they can get whatever they want.  I do know that both the city and carlisle corp have 5 million dollars.  Carlisle corp is literally building a huge apartment north of this site.  Its just a matter of egos thats the scary part.  Lets get this done and be more clear on terms with the next major project.  There is already a giant hole at the riverfront and sewer and retaining walls have already been installed thats wasted money already.  I have optimism.

Yeah.  If I remember correctly, the city came to Carlisle to see if they would build a full service hotel that could have room blocks for conventions, since the Loew's project fell through, and the city would help them with incentives and what not.  It seems now that construction costs and interest rates have risen, Carlisle feels entitled to demand that the city cover all these increased costs/risks, since they were the one that asked/suggested the project.  The mayor/city has to go through due diligence and be fiscally responsible with taxpayer money and not give the project carte blanche on whatever they need.