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

[VSRJ]

2 minutes ago, MDC26 said:

Good news.  For those that don't know, phase II is where the building was torn down on Front St.  Was not part of the Nylon Net building.  That building was probably more savable than Nylon Net, but whatever.  

A little confusing, because the newly opened apartment project from Orgel on Front St is in the Oliver Building.  

Here's a before and after:

[MDC26]

7 minutes ago, VSRJ said:

Here's a before and after:

It wasn't the most extravagant building, but it did have some good character.  Not sure how many units it could have accommodated, but it would have looked nice after reno.  

[jjbradleyBrooklyn]

21 hours ago, MDC26 said:

It wasn't the most extravagant building, but it did have some good character.  Not sure how many units it could have accommodated, but it would have looked nice after reno.  

That was a very handsome, nice older building with good bones--or so it seemed from that picture.

I hope the new building replacing it is at least as nice looking and as tall.

[The Guardian of Memphis]

This area still has some properties that can be renovated and developed, so I would say things will start to move south, which means the Exercise Unlimited bldg on S. Front (especially the public storage bldg.) and others on Talbot are in that realm of possibility. Intrator already has plans next to Gus’s. This is a marathon, not a sprint. Don’t need to try and hurry to catch anyone. At least things aren’t “stagnant.”

[MDC26]

Hotel Pontotoc renovation to have 10 guest rooms and restaurant in basement  

https://dailymemphian.com/section/neighborhoods/article/35309/hotel-pontotoc-memphis-landmarks-commission-south-historic-district

[DowntownUrbanite]

On 3/8/2023 at 3:17 PM, VSRJ said:

Here's a before and after:

The design of the new building on Front Street is a disgrace, no storefront and parking on the ground floor. Tired of bad urban design invading our downtown.

[Memphisborn]

There is a plan for apts and community space Vance & Danny Thomas in the now historic Griggs Business college building.

https://storyboardmemphis.org/featured-story/griggs-business-college-building-and-the-ell-persons-lynching-site-move-to-final-step-toward-historic-national-register-listings/

[The Guardian of Memphis]

On 4/20/2023 at 11:23 AM, Memphisborn said:

There is a plan for apts and community space Vance & Danny Thomas in the now historic Griggs Business college building.

https://storyboardmemphis.org/featured-story/griggs-business-college-building-and-the-ell-persons-lynching-site-move-to-final-step-toward-historic-national-register-listings/

Good. From Danny Thomas to Third St., Vance needs some development in a major way.

[Memphisborn]

10 minutes ago, The Guardian of Memphis said:

Good. From Danny Thomas to Third St., Vance needs some development in a major way.

Yes that area needs a facelift 

[MDC26]

Baptist College of Health has gotten approval to start their osteopathic med school, beginning of Fall 2024. Will initially take 75 per class, but increase to 150 over 3 years. 

That should be really big for Medical/Edge District. To have an additional 600 students to live/eat/drink in the area. Plus the new staff that will be hired. 

https://www.bizjournals.com/memphis/news/2023/04/30/baptist-health-sciences-osteopathic-medicine.html

[The Guardian of Memphis]

On 4/30/2023 at 9:40 PM, MDC26 said:

Baptist College of Health has gotten approval to start their osteopathic med school, beginning of Fall 2024. Will initially take 75 per class, but increase to 150 over 3 years. 

That should be really big for Medical/Edge District. To have an additional 600 students to live/eat/drink in the area. Plus the new staff that will be hired. 

https://www.bizjournals.com/memphis/news/2023/04/30/baptist-health-sciences-osteopathic-medicine.html

Great. It'd be nice if they could raze the hotel across the street on Union and make it into apartments or even still, the big old highrise on Madison and Pauline

Edited May 3, 2023 by The Guardian of Memphis

[MDC26]

12 hours ago, The Guardian of Memphis said:

Great. It'd be nice if they could raze the hotel across the street on Union and make it into apartments or even still, the big old highrise on Madison and Pauline

There are plans to raze the hotel and...replace it with another hotel

https://www.bizjournals.com/memphis/news/2020/05/05/developers-plan-new-hotel-on-union.html

A

As far as the medical office tower, yes, I wish it would get repurposed.  I know its an eyesore now, but with a little work, could look much better.  The problem, is I believe its owned by UTHSC and I don't think they have any plans of keeping it.  

[The Guardian of Memphis]

11 hours ago, MDC26 said:

There are plans to raze the hotel and...replace it with another hotel

https://www.bizjournals.com/memphis/news/2020/05/05/developers-plan-new-hotel-on-union.html

A

As far as the medical office tower, yes, I wish it would get repurposed.  I know its an eyesore now, but with a little work, could look much better.  The problem, is I believe its owned by UTHSC and I don't think they have any plans of keeping it.  

Thanks for the reminder. It would be nice if this would be a high rise since it’s so close to the interstate. Most cities have that going on. Can’t have any high rises on the midtown side of Union and 240, (because of Miss. Blvd. parking lot, etc.) might as well try for the medical district portion. It’s a shame that the VA had to tear down their hospital. It looked cool from the interstate. 

[VSRJ]

And it drags on...

Tom Intrator seeks extension on multiple developments, including $1.1B Pinch District project

https://www.bizjournals.com/memphis/news/2023/05/03/tom-intrator-seeks-extension-multiple-developments.html

Quote

 

Tom Intrator’s development company, 18 Main, has requested three modified closing deadlines for incentives for his projects and provided more details on each — including the first phase of his proposed multiblock Pinch District development — in documents filed with a Downtown board.  

Intrator’s 18 Main has requested to modify project deadlines with the Center City Revenue Finance Corp. (CCRFC), a Downtown Memphis Commission (DMC) sub-board.

Intrator was awarded a 30-year payment-in-lieu-of-taxes (PILOT) by the CCRFC in 2019. The three projects 18 Main has requested extensions for are the $662 million first phase of the $1.1 billion Pinch District development and for the 324 S. Front St. and 386 S. Main St. projects.

"As you are aware, our projects have been significantly impacted by the COVID-19 pandemic," the request to the CCRFC states. "This has led to unprecedented supply chain disruptions and construction volatility, which have caused delays beyond our control. Compounding these issues was the pandemic’s impact on the approval process, resulting in significant delays."

 

 

Excited to see this one moving forward!

Falls Building's conversion to now cost $79M; owners apply for PILOT

https://www.bizjournals.com/memphis/news/2023/05/03/falls-building-conversion-cost-pilot-application.html

Quote

 

The new owners of the Falls Building are seeking development incentives to convert the former office building into apartments. 

New York-based development firm Left Lane filed a request for a 12-year payment-in-lieu-of-taxes (PILOT) from the Center City Revenue Finance Corp. (CCRFC), a Downtown Memphis Commission (DMC) sub-board, to help fund the firm’s $79 million conversion of the tower. 

Left Lane, which purchased the building at 22 N. Front St. for $10 million from Hertz Investment Group, spoke to MBJ in June 2022 after acquiring the tower about its desire to convert the property from office to apartments. At the time, costs for the project were estimated to be $39 million. 

The project is set to bring 170 units, ranging from studio to three-bedroom apartments, including 50 furnished units. The incentive application also states that the apartments are planned to feature 12,525 square feet of residential amenities with hotel-like services and 2,244 square feet of ground floor commercial space.

When Left Lane spoke to MBJ last summer, the group had already filed plans to begin converting the units and at least one tenant was informed that the building’s use was changing.Left Lane's incentive application with the CCRFC highlights the reasoning behind the shift in use away from office for the Falls Building.

 

 

[MDC26]

On 3/3/2022 at 11:04 AM, MDC26 said:

What are everyone's thoughts about the First Horizon acquisition by TD Bank?  Will it be a major regional Hub and stay staffed the same, or will there be a lot of redundancy that will lead to a large reduction in employment numbers?  Hate to see the last major financial institution based in Memphis to be bought out.  With Regions taking over Union Planters, Sun Trust taking over NBC, and now this, is it now just Independent Bank left?  

Interesting news.  First Horizon and TD Bank has called off their merger.  Should actually be good news for Memphis as it will get to keep its last big bank headquartered in the city.  No telling how many jobs would be been cut back and office space not renewed, and local investment not done.  FH bank stock taking a beating though.  It was at $18 when the merger announced.  It was announced that TD would acquire all shares for $25 a piece, so the stock shot up and peaked  just under $25.  It started dropping with each delay that was announced, and is now down to $10 with the merger being called off.  In 6 months will probably be back up to where it started at $18.  

5 hours ago, VSRJ said:

And it drags on...

Tom Intrator seeks extension on multiple developments, including $1.1B Pinch District project

https://www.bizjournals.com/memphis/news/2023/05/03/tom-intrator-seeks-extension-multiple-developments.html

 

Excited to see this one moving forward!

Falls Building's conversion to now cost $79M; owners apply for PILOT

https://www.bizjournals.com/memphis/news/2023/05/03/falls-building-conversion-cost-pilot-application.html

 

That's an interesting rendering of the Dr. DT Porter building behind the Springhill Suites.  

[TheKernel91]

On 5/4/2023 at 8:42 AM, VSRJ said:

And it drags on...

Tom Intrator seeks extension on multiple developments, including $1.1B Pinch District project

https://www.bizjournals.com/memphis/news/2023/05/03/tom-intrator-seeks-extension-multiple-developments.html

 

Excited to see this one moving forward!

Falls Building's conversion to now cost $79M; owners apply for PILOT

https://www.bizjournals.com/memphis/news/2023/05/03/falls-building-conversion-cost-pilot-application.html

 

From reading the article, Intrator must break Ground by December 15th this year. They're getting design work done on the sites this month. I actually have faith in this guy's work and commitment to the city.

Edited May 5, 2023 by TheKernel91

[MDC26]

18 minutes ago, TheKernel91 said:

From reading the article, Intrator must break Ground by December 15th this year. They getting design work done on the sites this month. I actually have faith in this guy work and commitment to the city.

I hope he paid his architects by now.  I wonder when the ground breaking for for Dream Hotel will be.  

The Pinch project is monumental, but even the two Front St projects and the Dream Hotel are exciting.  

[TheKernel91]

1 hour ago, MDC26 said:

I hope he paid his architects by now.  I wonder when the ground breaking for for Dream Hotel will be.  

The Pinch project is monumental, but even the two Front St projects and the Dream Hotel are exciting.  

I hope he took care of his debts as well. His projects alone are enough to change the look of downtown. The Walk and The Pinch are on my wish this year to break ground.

[smeagolsfree]

There are rumors in Nashville at the forum meet that First Horizon is in serious trouble. Pinnacle just sold a bunch of branches as well. Things are not so good for our regional banks right now.

[TheExtraEastKid]

On 5/5/2023 at 12:34 PM, MDC26 said:

 I wonder when the ground breaking for for Dream Hotel will be.  

 

An article by the Daily Memphian said November.

[Memphisborn]

On 5/5/2023 at 1:56 PM, TheKernel91 said:

I hope he took care of his debts as well. His projects alone are enough to change the look of downtown. The Walk and The Pinch are on my wish this year to break ground.

Yes I’m anxious to see them break ground as well,  those projects are game changers for our downtown. Hopefully they will move forward this year without any delays or setbacks 

[James Owen]

10 hours ago, smeagolsfree said:

There are rumors in Nashville at the forum meet that First Horizon is in serious trouble. Pinnacle just sold a bunch of branches as well. Things are not so good for our regional banks right now.

First Horizon's planned merger with TD Bank fell through last week because of regulatory issues involving the latter. I wouldn't necessarily call this a sign of "serious trouble" ahead, but a minor setback for one of the state's largest banks.

[MDC26]

On 5/10/2023 at 7:03 PM, James Owen said:

First Horizon's planned merger with TD Bank fell through last week because of regulatory issues involving the latter. I wouldn't necessarily call this a sign of "serious trouble" ahead, but a minor setback for one of the state's largest banks.

Yes, the merger failure was not indicative of anything wrong with First Horizon. However, the failure of the merger going through has tanked the stock price, and all regional banks are potentially susceptible to failure because of high inflation/interest rates and poor strategic investing. Hopefully First Horizon is on stronger footing than the banks we’ve seen fall so far. 

[The Guardian of Memphis]

Was downtown today at a restaurant - saw a lot of people out walking, a lot of cars, the vibe was electric (made me proud of my city). Can someone please refresh my memory at what is being built at Second and Vance? Extended stay hotel, right?

 

Edited May 14, 2023 by The Guardian of Memphis

[James Owen]

3 hours ago, The Guardian of Memphis said:

Was downtown today at a restaurant - saw a lot of people out walking, a lot of cars, the vibe was electric (made me proud of my city). Can someone please refresh my memory at what is being built at Second and Vance? Extended stay hotel, right?

 

That's where a new Home2 Suites is currently being built. Originally, it was supposed to have been a Homewood Suites before the developers changed their plans a couple of years ago.

Hopefully, the completion of that will spark interest in redeveloping the lot right across from there on Vance.