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


VSRJ

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6 hours ago, Memphis4ever said:

The building permit has it listed at 235 feet which would make it 35 feet taller than peabody tower on main street.

At 235, there's no way it can be 24 stories.  Today's buildings are a minimum of 10 ft per floor, if not more.  Plus, the first floor is usually more, as the lobbies have higher ceilings.  And it appears there is an architectural border on the roof to hide the HVAC units, and some ornamental spires on top of that.  

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9 hours ago, MDC26 said:

Don’t think there is any official consensus, but Emporis designates 300ft and above a skyscraper. If this ends up being 24 stories, it may be 300 ft. But no matter what, it will stand out. There will be a significant gap between it and the other large buildings downtown, so it will be prominent on the bluff. Waterford Plaza across the street is 16 stories, but a short 16 stories. It will be significantly taller than it. 
 

I agree about the skyline. They do look taller than they really are. Sitting on the bluff probably helps. I wouldn’t mind having a 50 story tower, but numerous 20-30 story towers works really great. I hope we get some more.  

Yeah, it'll be super prominent at 235 feet--right there in that location. Incredible design--will loom nicely in that spot and extend the skyline south, nicely.

If the Pinch District gets its development going, there are a few towers designed in the initial stage that look to be around 300ish feet. Hope that one gets going--would be huge.

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On 4/1/2022 at 8:05 AM, MDC26 said:

At 235, there's no way it can be 24 stories.  Today's buildings are a minimum of 10 ft per floor, if not more.  Plus, the first floor is usually more, as the lobbies have higher ceilings.  And it appears there is an architectural border on the roof to hide the HVAC units, and some ornamental spires on top of that.  

the actual architects drawings show it at 235', if you take the 18 floors above the pedestal with a 9 foot floor to floor that is 162'.  Add about 70 for the base pedestal and that is 235 feet.  

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3 hours ago, Memphis4ever said:

the actual architects drawings show it at 235', if you take the 18 floors above the pedestal with a 9 foot floor to floor that is 162'.  Add about 70 for the base pedestal and that is 235 feet.  

9 feet floor to floor?  So 8 feet ceilings and only a foot for the thickness of the floor and all the plumbing/ductwork/wiring?

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On 4/6/2022 at 3:10 PM, MDC26 said:

9 feet floor to floor?  So 8 feet ceilings and only a foot for the thickness of the floor and all the plumbing/ductwork/wiring?

Yes the floor typically are not 1 foot thick more like 6 to 8 inches and wiring and plumbing in hotels typically run in vertical chases with hvac, plumbing etc being located near the chase and corridor.  So you dont have a large floor to floor height.  Also this building is only 20 floor with about 5 of those being in the base.

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16 hours ago, Memphis4ever said:

Yes the floor typically are not 1 foot thick more like 6 to 8 inches and wiring and plumbing in hotels typically run in vertical chases with hvac, plumbing etc being located near the chase and corridor.  So you dont have a large floor to floor height.  Also this building is only 20 floor with about 5 of those being in the base.

My main point was the confusion of Carlisle being quoted in the article that it was going to be 24 floors.  At 235', I didn't see how that was going to be possible.  I'm sure the original plan has it at 20 floors and 235'.  The pictures show 20 floors.  I don't know if the plans have changed to increase the floor height, or if Carlisle was misquoted or misspoke.  

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13 minutes ago, dxfret said:

Caption is Hyatt’s attempt to compete with Marriott Moxy Hotels.  Tiny rooms, limited amenities, largely self service with open public areas. Target market is millennials. Not  a luxury hotel in any sense. 

Who claimed it was a luxury hotel?

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1 hour ago, VSRJ said:

Who claimed it was a luxury hotel?

Absolutely no one.  The article in the CA specifically says it cuts out on amenities to have more competitive rates.  Between the Grand Hyatt, Centric, and Caption, they will caption a full range, but everything looks very nice.  I like how it will all integrate into a "Hyatt complex", with meeting spaces and nice public spaces at all 3.  It's cool that Memphis got the very first Caption in the world.  

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I love Memphis but my gosh its leaders can be frustrating at times.

Grand Hyatt in limbo: City Council approves 100% backstop, but Mayor won't sign

https://www.bizjournals.com/memphis/news/2022/07/15/one-beale-grand-hyatt-city-council-backstop.html

Quote

“The mayor and his team will have to make a series of decisions about priorities,” Carlisle said. “I have one priority, which is the hotel they asked me to do be build. If collectively a convention hotel is no longer a priority, I have to live by that consequence. But the better way to phrase is, at what cost?”

 

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5 hours ago, VSRJ said:

I love Memphis but my gosh its leaders can be frustrating at times.

Grand Hyatt in limbo: City Council approves 100% backstop, but Mayor won't sign

https://www.bizjournals.com/memphis/news/2022/07/15/one-beale-grand-hyatt-city-council-backstop.html

 

I'm not at all worried about the hotel getting built. From what I understood, the biggest issue was the 100% backstop the Carlisles had requested, and that sparked concerns not only from the State Comptroller, but from those who worry it would negatively affect the city's bond rating (the Mayor included).

Negotiations on the matter are ongoing and there will likely be a resolution in the coming weeks that will allow construction to start soon after.

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2 hours ago, James Owen said:

I'm not at all worried about the hotel getting built. From what I understood, the biggest issue was the 100% backstop the Carlisles had requested, and that sparked concerns not only from the State Comptroller, but from those who worry it would negatively affect the city's bond rating (the Mayor included).

Negotiations on the matter are ongoing and there will likely be a resolution in the coming weeks that will allow construction to start soon after.

Yeah, I think I read that Strickland said he wanted to find out what it would do to the bond rating first before making a decision on it.  

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Any sort of delay concerns me, especially with the economy looking so uncertain. We lost quite a number of exciting developments in the late 2000s as a result of the recession. Hopefully they can get this sorted quickly.

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11 hours ago, VSRJ said:

Any sort of delay concerns me, especially with the economy looking so uncertain. We lost quite a number of exciting developments in the late 2000s as a result of the recession. Hopefully they can get this sorted quickly.

Yes.  Looks like Strickland is the only hold up now, as the City Council has approved things.  Carlisle stated that he might not invest in the city anymore if this doesn't happen.  I think this hotel is greatly needed due to proximity to Beale St/Riverboats/Tom Lee Park, but a convention center hotel, it is not.  It is almost a mile walk from the convention center.  It is capable of hosting smaller events itself, though.  There was an article in the DM discussing the need for a full service, large hotel closer to the convention center.  It contained a map of the hotel pipeline, and showed a planned AC hotel at the surface lot next to the Raymond James Tower.  I knew there was a planned AC Hotel in East Memphis, but hadn't heard anything about this site.  

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14 hours ago, VSRJ said:

Any sort of delay concerns me, especially with the economy looking so uncertain. We lost quite a number of exciting developments in the late 2000s as a result of the recession. Hopefully they can get this sorted quickly.

Agreed. This is definitely worrisome for this building, in general.

I *think* they'll get it done, due to pressure on Strickland to resolve. 

But these kind of hurdles -- in a city like Memphis -- that struggles to get major developments built in general, are a part of the city's issue I think. 

Plus, the impending possibility of a recession, may not be a positive sign of confidence for many developments to move forward right now. Some are already being tabled in several cities.  Especially a city like Memphis--which should be doing about anything they can to ensure things are built timely. 

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Yeah, we already lost Loews. It would be devastating to lose this one as well.

Memphis at times just can't catch a break, and it there always seems to be a myriad of contributing factors -- poor leadership, economy, pandemic, lack of demand, etc. 

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32 minutes ago, VSRJ said:

Yeah, we already lost Loews. It would be devastating to lose this one as well.

Memphis at times just can't catch a break, and it there always seems to be a myriad of contributing factors -- poor leadership, economy, pandemic, lack of demand, etc. 

Yeah--I was surprised Loews bailed. But the complexity and competiting bids of the 100 north main and all that sort of mess, complicated that development. Plus, Sheraton was suing, so that was odd to see as well.

Memphis moves way, way too slow in its development approval process it seems. Especially for large scale developments. Granted, the city is not necessarily a job, economic or white collar hotspot, but during the pre-pandemic course of things, its economy was moving along nicely, and a lot new and redeveloped developments happened. 

It's almost as if when a new development is announced and firms show interest, the political leaders in Memphis want a piece of the pie, and complicate the process. The Memphis Walk seemed like a sure thing, but now it seems on rocky ground and in my opinion it is doubtful anything happens there. It took One Beale more than 15 years to get shovels in the ground, and now this final piece of the development is becoming complicated. 

I would love to see the Pinch plans get built, but that too, seems very, very iffy--especially as a recession risk looms ahead of us.

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4 hours ago, jjbradleyBrooklyn said:

Yeah--I was surprised Loews bailed. But the complexity and competiting bids of the 100 north main and all that sort of mess, complicated that development. Plus, Sheraton was suing, so that was odd to see as well.

Memphis moves way, way too slow in its development approval process it seems. Especially for large scale developments. Granted, the city is not necessarily a job, economic or white collar hotspot, but during the pre-pandemic course of things, its economy was moving along nicely, and a lot new and redeveloped developments happened. 

It's almost as if when a new development is announced and firms show interest, the political leaders in Memphis want a piece of the pie, and complicate the process. The Memphis Walk seemed like a sure thing, but now it seems on rocky ground and in my opinion it is doubtful anything happens there. It took One Beale more than 15 years to get shovels in the ground, and now this final piece of the development is becoming complicated. 

I would love to see the Pinch plans get built, but that too, seems very, very iffy--especially as a recession risk looms ahead of us.

The biggest problem is financing. One Beale is hundreds of millions. The Pinch and the walk are over $1 billion. First they have to raise some money, whether it’s from their own group, or from private equity. Then they have to go to a bank and ask for the rest.

The bank may look at it and see how many other hotel or apartment projects are going on to compete with it. They look at Memphis, compare demographics of a city that shows a loss of population on the last census. They look at the median household income. They probably base their decisions on those factors. Memphis isn’t the quickly growing hot market cities like Dallas, Nashville, Austin, or Charlotte. Either

Loew’s decided not to do it themselves, or they had multiple projects and couldn’t get financing for all of them due to the sluggish hotel market after COVID. The issue the the Grand Hyatt is the recent interest rate hikes. No clue where the Walk and Pinch projects are on their financing. 

Edited by MDC26
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Larger projects like this hotel are still happening in hot markets like Nashville and Austin.  The llooming recession, rampant inflation, and high cost of borrowing raise a lot of issues in a tepid market like Memphis. The Hyatt hotel stands the best chance of happening, but may need to be further postponed for a few years. I think the 100 North Main and Pinch district proposals will not happen. 

Edited by dxfret
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