Downtown Memphis News & Developments (CBD, South Main, Riverfront, Medical District, The Edge, Uptown)

[MDC26]

1 hour ago, James Owen said:

The intent of the application is to build a hotel on the portion currently occupied by the former Pat O'Brien's, and not the rest of the block - which would be completely rezoned as a result. I should've clarified that earlier.

Well that wouldn’t be as bad. I’d still rather it be at the empty parking lot.  That could also help in developing across the street where the MLGW building. It’s also right next to the under construction mobility center.   I know that building isn’t a 100 year old building, but it’s a good building and has been a part of the Beale St fabric for over 20 years now with Pat O’s and Jerry Lee Lewis’. It would remove a functioning business that might not be replaced. I’m curious how tall the hotel is planned for. 

[MDC26]

https://www.memphisflyer.com/details-emerge-on-snuff-district-lake-floating-dock-at-cobblestone-landing

[James Owen]

More on the redevelopment of the Falls Building downtown:

Plans submitted for Falls Building renovation

By Neil Strebig, Daily Memphian

 

https://dailymemphian.com/section/neighborhoods/article/29129/plans-submitted-for-falls-building-renovation

 

Quote

Nashville-based Earl Swensson Associates has filed a commercial alteration permit for select demolition with the Memphis and Shelby County Division of Planning and Development.

Developers plan to turn the existing office space into 176 residential units.

The plans include 258,964 square feet of renovated space for the 10-story building, including a game room and arcade area in the basement and a swimming pool on the ground floor. 

Nearly 15,000 square feet of amenity space is outlined on the first two floors of the building, including a 5,096-square-feet area reserved for a retail tenant on the first floor. 

Tim Crowley, chief marketing officer for Left Lane Development, said the team is aiming to have the project completed and ready to lease by quarter four 2023.

 

[MDC26]

Hope this will finally get done. I’ve always liked this building. Looks like the new people plan to do the same thing that Chris Pardo was going to do, but then Prado’s business partner was arrested for bribery. 
 

https://dailymemphian.com/section/business/article/29105/developer-hopes-to-bring-119-madison-back-to-life

[Memphis4ever]

Orleans Station in the medical district

 

 

 

 

[VSRJ]

Rise on the Ravine: Developer plants flag for huge next phase of Edge District revitalization

https://www.bizjournals.com/memphis/news/2022/06/07/developer-next-phase-edge-revitalization.html

Quote

First mentioned as part of Memphis-based Development Services Group's (DSG) 2017 master plan for the Edge District, the Rise on the Ravine project is substantially larger than what was originally proposed.

The five-story project would consist of 266 apartment units with a 320-space parking garage. Within the current site sits a former auto transmission remanufacturing shop, a surface parking lot, and a vacant warehouse.

The project will act quickly if it receives its approvals. A disclosed timeline details a groundbreaking by Q1 2023; delivery in 24 months; and stabilization by Q3 2026.

The CCRFC staff report for the PILOT application estimates the development of the parcels would see yearly taxes rise from $50,669 to $421,766 — a 730% increase, equaling $8.4 million over the 20-year term of the incentive. The seven parcels involved have already been acquired by the developers.

 

Edited June 8, 2022 by VSRJ

[MDC26]

99 Front (Oliver & Stewart buildings) is nearing completion.  348k sqft and will have 114 apartments and parking garage with 74 spaces.  Street frontage (where The Butcher Shop was) will be split between leasing office and commercial space.  

https://dailymemphian.com/subscriber/section/business/article/29156/99-front-oliver-stewart-building-downtown-memphis-apartment-conversion

[VSRJ]

Nice infill:

Memphis developer to bring townhomes to vacant South Main site near Amtrak's Central Station (705 South Main St.)

https://www.bizjournals.com/memphis/news/2022/06/08/local-developer-south-main-townhomes.html

Sánchez Borja plans to sell the townhomes, and is leaning toward targeting the luxury housing market.

[dxfret]

This is “luxury” housing??? 

On 6/9/2022 at 6:56 PM, VSRJ said:

Nice infill:

Memphis developer to bring townhomes to vacant South Main site near Amtrak's Central Station (705 South Main St.)

https://www.bizjournals.com/memphis/news/2022/06/08/local-developer-south-main-townhomes.html

Sánchez Borja plans to sell the townhomes, and is leaning toward targeting the luxury housing market.

 

Edited June 11, 2022 by dxfret

[VSRJ]

On 6/10/2022 at 9:08 AM, dxfret said:

This is “luxury” housing??? 

 

The exterior doesn't determine whether or not it's "luxury." At this point, we can only rely on what the developer is calling it.

[James Owen]

On 6/9/2022 at 5:56 PM, VSRJ said:

Nice infill:

Memphis developer to bring townhomes to vacant South Main site near Amtrak's Central Station (705 South Main St.)

https://www.bizjournals.com/memphis/news/2022/06/08/local-developer-south-main-townhomes.html

Sánchez Borja plans to sell the townhomes, and is leaning toward targeting the luxury housing market.

The Daily Memphian made a mention of this back in April (Thanks, @MDC26), but it looks like since then, at least one of the buildings has been changed and reoriented.

 

[VSRJ]

I was just wondering about the status of this. Hopefully we see movement soon. It's a shame to see this building sitting (almost) empty.

Former Raymond James Tower set to undergo $19.8M multifamily conversion

https://www.bizjournals.com/memphis/news/2022/06/13/raymond-james-tower-multifamily-conversion.html

Quote

Ten floors of the Raymond James Tower at 50 N. Front St. are set to be converted into multifamily apartments, according to filings with the Memphis and Shelby County Division of Planning and Development.

50 N. Front Street LLC plans to spend $19.8 million to turn floors 12 through 21 into 137 residential units, transforming much of the tower from office space to residential.

Work on the project is expected to include "architectural, mechanical, plumbing, fire protection, and electrical work, and related minor selective demolition" throughout the floors, as well as some minor work on the first floor to transform the building from office to apartment.

The owner of the tower has made it clear since September 2021 that the tower planned to convert to multifamily. Owner Jacob Sofer of Madison Realties told MBJ at the time that the move was a result of a struggle to fill the tower after Raymond James left. The building only had 8% occupancy as of September 2021.

"The market isn't great, and Raymond James has left. There aren't really any large tenants available," Sofer said in September. "We kind of have no choice."

He told MBJ at the time that he expected converting the entire tower to cost $30 million — a number that is likely higher now given rising construction costs from the tight labor market, material shortages, and inflation.

"What I'm hearing from everybody is that it is going to be a gorgeous project," he told MBJ. "With the gorgeous views we have, and [since] it is a nice, Class A building, we're doing the right job with nice finishes."

 

Edited June 13, 2022 by VSRJ

[James Owen]

2 hours ago, VSRJ said:

I was just wondering about the status of this. Hopefully we see movement soon. It's a shame to see this building sitting (almost) empty.

Former Raymond James Tower set to undergo $19.8M multifamily conversion

https://www.bizjournals.com/memphis/news/2022/06/13/raymond-james-tower-multifamily-conversion.html

 

I kinda wish they would've gone the mixed use route as opposed to just doing full residential (especially with the Falls Building nearby set to become apartments as well). Squeezing in a hotel on the lower levels with some retail on the ground floor would be the best use for the rest of the building when that time comes; however, on-site parking might be the biggest issue that would still need to be ironed out.

[MDC26]

Does anyone know what the infill project in the Pinch is?  It’s on Main - the empty lot(s) that is between Westy’s and Comeback Coffee. Drove by today and they have the metal crossbeams up. 

Edited June 14, 2022 by MDC26

[MDC26]

Tom Intrator's Pinch project was approved for a height variance from 75ft up to 420ft.  The plans allow for 2 buildings at 420 ft.  Buildings next to St Jude will be limited to 300ft, and the others at 360ft.  The vote wasn't unanimous as one board member thought the buildings would take away from the Pyramid.  Seriously?  

https://dailymemphian.com/section/business/article/29437/memphis-pinch-district-development-earns-height-variance

[BnaBreaker]

Lmao, I mean The Pyramid is just a big Bass Pro Shop at this point in it's life, so I'm not sure why this guy has such reverence for it.  It's not like we're talking about the Taj Mahal here or something.  

[MDC26]

Finally information about 339 S Front.  Carlisle group bought the building before buying the Nylon Net building.  It has been razed and plans for a 70-unit apartment building called the Oliver.  Will be Phase V of One Beale.

https://dailymemphian.com/subscriber/section/business/article/29543/inked-highlander-in-east-memphis-sells-for-27-million

[TheExtraEastKid]

Update on the Grand Hyatt

 

Edited June 30, 2022 by TheExtraEastKid

[James Owen]

11 hours ago, MDC26 said:

Finally information about 339 S Front.  Carlisle group bought the building before buying the Nylon Net building.  It has been razed and plans for a 70-unit apartment building called the Oliver.  Will be Phase V of One Beale.

https://dailymemphian.com/subscriber/section/business/article/29543/inked-highlander-in-east-memphis-sells-for-27-million

The Oliver (Phase V of One Beale) is the name of the apartment building currently under construction on the former Nylon Net site. Not this particular project (originally called 339 Square), which was supposed to have been a renovation into 20 apartments and 6 penthouses, but will now become 6-7 stories of new construction based on the application that was filed.

[DowntownUrbanite]

This is a photograph of the Oliver from the Carlisle website. https://www.carlislecorp.com/projects/

[VSRJ]

Former masonic lodge on G.E. Patterson to become mixed-use apartment project

https://www.bizjournals.com/memphis/news/2022/06/30/former-masonic-lodge-ge-patterson-mixed-use.html

154 GE Patterson Ave, Memphis, TN 38103

Quote

The project is being designed by UrbanARCH Associates, a Memphis-based architecture firm that has a wide variety of design experience, ranging from Crazy Gander Coffee and Hotel Napoleon in Downtown Memphis to Southaven City Hall.

 

[MDC26]

On 6/29/2022 at 8:30 PM, James Owen said:

The Oliver (Phase V of One Beale) is the name of the apartment building currently under construction on the former Nylon Net site. Not this particular project (originally called 339 Square), which was supposed to have been a renovation into 20 apartments and 6 penthouses, but will now become 6-7 stories of new construction based on the application that was filed.

My bad. And what’s even more confusing is the Orgel apartment project on Front by Autozone HQ is in the Oliver Building. 

[James Owen]

Victorian Village could be getting a second Bed & Breakfast (the other being the historic James Lee House) if these plans come into fruition:

The Lowenstein House in Memphis could soon become a boutique hotel

Corinne S Kennedy, Memphis Commercial Appeal

https://www.commercialappeal.com/story/money/business/development/2022/07/01/memphis-hotels-lowenstein-house-medical-district-development/7792590001/

Quote

Plans submitted to a local planning board show a developer hopes to turn The Lowenstein House at 756 Jefferson Ave. into a boutique hotel. The property owner and developer are listed as Regents Park QOZB.

The structure at the corner of Jefferson and Manassas Street is currently vacant. 

Constructed as a private home, the building later became a boarding house for women who moved into Memphis to work in factories during World War I and then became an outpatient mental health treatment center before returning to private hands.

 

[James Owen]

More apartments coming to the Medical District:

Old Office Depot on Union could become 5-story apartment complex, 7-story parking garage

Corinne S Kennedy, Memphis Commercial Appeal

https://www.commercialappeal.com/story/money/business/development/2022/07/01/news-apartments-in-memphis-medical-district-parking-garage/7792416001/

Quote

According to documents submitted to a local planning board, development group Hunington Properties is looking to build a five-story apartment building and seven-story parking garage at 785 Union Ave., which was formerly an Office Depot store. 

The complex will also include outdoor amenity spaces including a pool and a plaza along with Union.

Plans also show a bus stop would be added in front of the building on Union. 

 

[VSRJ]

St. Jude increases 5-year spending by $1.4B, 900 more jobs, two skyscrapers

https://www.bizjournals.com/memphis/news/2022/07/13/st-jude-expands-strategic-plan-campus.html

Quote

 

The latest investment increases the budget for construction and renovation projects from $1.9 billion to $2.3 billion. Of this new total, $1 billion is committed to the construction of two 15-story skyscrapers — an outpatient building and a clinical office building. The rest will be used to support ongoing projects such as the Domino’s Village, the Family Commons, and others as outlined over the five years.

One of the most tangible impacts of this addition will be seen in the infrastructure it will support on campus. With the expansion announced July 13, the new construction and renovation budget increased by $400 million, to a grand total of $2.3 billion.

Much of this increase is prompted by two towers dedicated to patient care and clinical research. 

When $1.9 billion was allocated for projects like the Domino’s Village, Family Commons, the Inspiration4 Advanced Research Center, and parking garages in the initial strategic plan, it also included $600 million for an outpatient building and a clinical office building.