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100 N. Main Redevelopment

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I think the likelihood of this happening given the city's agreement with Loews is slim, but it's worth following.

Townhouse takes another shot at TDZ funds for 100 N. Main 

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The owners of 100 North Main and a firm that specializes in convention center hotels, Preston Hollow Capital, presented plans to the City of Memphis for a 500-room Marriott hotel within the blighted tower.

The owners, Townhouse Management Co., previously worked with Loews Hotels to develop a convention center hotel in Memphis, before that partnership dissolved in late 2018. The bid this summer was intended as an alternative for city funding to Loews’ current plans to build a hotel across Civic Center Plaza from City Hall.

City of Memphis COO Doug McGowen told the <em>Memphis Business Journal</em> on Thursday, Sept. 12, though, that the City is sticking with its plan to direct Tourism Development Zone (TDZ) funding to Loews.

“I said, ‘Thank you very much. We are moving forward with a development agreement with Loews,’” McGowen said.  “To switch horses midstream would make us an unreliable partner. … [But], should the [Loews] deal go south somehow or we strike something crazy underground …  we’ll be searching for other operators.”

McGowen expects to sign the agreement with Loews by Sept. 20. 

 

Behind paywall: https://www.bizjournals.com/memphis/news/2019/09/13/townhouse-takes-another-shot-at-tdz-funds-for-100.html

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Edited by VSRJ
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Why the hell add the 1980s flair? Are these people serious about reusing this tower? What are they going to do with the space ship on top? Can't they save lots of money changing the exterior and bring the interior up to current standards?

 

Edited by MLBrumby

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An interesting redesign compared to the last set of renderings, but I cannot help but wonder if Townhouse is really desperate at this point to get some of that TDZ funding the city wanted to give Loews for their development. I think there are several avenues available to where both Loews and Townhouse's projects can co-exist. Doesn't have to be one or the other, and if Shulte (owners of the Sheration) still has a problem with having nearby competition, they need to stop fighting the city and state in court, and actually invest in making improvements to their own property to where they can better compete with a Loews and/or Marriott.

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9 hours ago, James Owen said:

Doesn't have to be one or the other, and if Shulte (owners of the Sheration) still has a problem with having nearby competition, they need to stop fighting the city and state in court, and actually invest in making improvements to their own property to where they can better compete with a Loews and/or Marriott.

Right. The building looks like a concrete thumb. A reskinning would do wonders, even if it were just to match the wing that was built in the early (?) 2000s.

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IMO the proposed new facade design for 100 North Main is  hideous.  It destroys the verticality of the tallest building in Memphis by breaking it up into unnecessary frames.  I have to wonder what materials could be used, but the renderings look cheap and eerily similar to the Horizon Condo project on Riverside Drive and of some of the casino hotels in Tunica. 

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11 hours ago, bnacincy said:

That needs to be reworked-very mediocre.......Memphis deserves better.

I give it a <1% chance of happening, so I'm not too worried about it. But I agree, it could be much better. I think something simpler yet refined would be more suitable. No need to make it so busy.

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I've renamed this to make it a general 100 N. Main redevelopment thread since the original plans are off the table.

Here's a bit more info on the City's efforts to do...something with 100 N. Main. I'm not particularly optimistic that we'll see any major changes in the immediate future, but I'm glad that the City and the DMC are at least trying.

https://dailymemphian.com/section/business/article/19943/city-of-memphis-could-buy-100-north-main-building

 

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There are bound to be local and state tax incentives for relocating companies that may enable a developer (in an opportunity zone) to make a complete renovation cost effective. Has any of that been touched on in the local news? 

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‘Bold’ purchase of city’s tallest building approved

https://dailymemphian.com/section/business/article/20536/downtown-board-approves-purchase-100-north-main

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As substantial as the tax incentive and Snuff District development are, the Downtown’s board’s bolder action was to approve the funding for its affiliated Downtown Mobility Authority (DMA) to buy not only the blighted 100 N. Main Building, but the entire Downtown block where the city’s tallest building stands.

The DMA’s $12 million investment includes $10.75 million to buy the property, and another $1.25 million for maintenance and security until a private developer takes it.

The Downtown Memphis Commission, the umbrella organization of the CCRFC, is taking a calculated risk that by briefly owning and marketing the 37-story tower, it can breathe life into the property a lot faster than would the current owner, New York-based Townhouse Management.

 

 

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