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

[Memphis4ever]

19 hours ago, VSRJ said:

$5M Cossitt reno moves forward with cafe, recording studios, meeting space

https://www.bizjournals.com/memphis/news/2019/09/18/first-look-5m-cossitt-reno-moves-forward-with-cafe.html

 

That building looks so cool with those lights on it.  The fins glow as if they are lit from within.

[VSRJ]

Finally!! I'd prefer something a bit more modern (see new pedestrian bridge at the U of M), but at this point we just need a bridge.

$3.8M Pyramid/Pinch pedestrian bridge steps forward at a new location

https://www.bizjournals.com/memphis/news/2019/10/02/3-8pyramid-pinch-pedestrian-bridge-steps-forward.html

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The City of Memphis is pushing forward with its $3.8 million Pinch District pedestrian bridge project and expects construction to start in spring 2020.

The administration's hope is that it will be a much safer and more accessible connector for the Bass Pro Shops at the Pyramid, the Pinch District, and the under-renovation convention center than is Shadyac Avenue.

The Downtown Memphis Commission' Design Review Board is set to review the plans for the bridge at its Tuesday, Oct. 2, meeting. Those plans show the bridge located half a block south of the Pyramid; earlier plans would have put the bridge's western end either in the center of the Pyramid or next to its southern entrance.

 

Unrelated new lighting for nearby power plant.

[VSRJ]

More exciting news for the Edge District!

Memphis Made signs deal for second taproom in hot neighborhood

https://www.bizjournals.com/memphis/news/2019/10/02/memphis-made-signs-deal-for-second-taproom-in-hot.html

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One of the city's most-popular craft brewers is capitalizing on their success with a second location.

Memphis Made Brewing Co. announced Wednesday, Oct. 2, its plan to open a taproom and production space in the Edge District. At 17,000 square feet, the new location at 435 Madison Ave. is expected to include a taproom and offices, as well as enough extra space to significantly increase the company's production capacity.

Brewery co-owners Drew Barton and Andy Ashby (a former MBJ reporter) signed a long-term release with PGK Properties LLC, a release said. MBJ reported in December that the brewery had signed a letter of intent for that site in the Edge District.

The site plans include 7,500 square feet for a 30-barrel brewhouse, with an entrance on Lauderdale Street, and a 7,750-square-foot taproom below it. It will be housed in a former glass factory.

 

[MLBrumby]

More big news for Memphis. First Horizon and Iberia Bank in New Orleans are merging to become a very large $75 billion regional bank and making the HQ in Memphis. https://www.bizjournals.com/nashville/news/2019/11/04/first-horizon-and-louisiana-bank.html

[VSRJ]

Five developments in the pipeline for Downtown!

Five South Main area buildings slated for combined $95M investment

https://www.bizjournals.com/memphis/news/2019/11/07/five-south-main-area-buildings-slated-for-combined.html

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Tax break applications released Thursday reveal timelines, renderings, and costs for the string of redevelopments Tom Intrator is planning on South Main Street.

As the Memphis Business Journal previously reported, Intrator — a New York-based developer who built his wealth primarily through buying and managing suburban apartment complexes in Kansas and Tennessee — is planning to redevelop 386 S. Main St., 311 S. Main St., and 122 S. Main St. Applications filed with the Downtown Memphis Commission (DMC) revealed he is also planning to redevelop 107 S. Main. St. and 324 S. Front St.

Including acquisition costs, Intrator is set to invest $95 million in the projects. The PILOT (payment-in-lieu-of-taxes) property tax breaks he is applying for are set to be worth nearly $20 million.

According to the applications, Intrator is hoping to start construction on all the buildings in November 2020, except 386 S. Main St., which he hopes to start in April 2020.

 

 

Renderings of each of the five projects:

 

324 S. Front, 165 apartments and 10,000 square feet of retail. New, five-story building on the vacant lot that sits between the 21,000-square-foot existing building and Gus’s.
 

107 S. Main St., office space above retail.
 

122 S. Main St., 178-room Dream hotel with a restaurant, coffee shop, and rooftop bar.
 

311 S. Main St., food and beverage, office, and lifestyle space.

Existing 311 S. Main:

 

386-390 S. Main St. renovation, 24 upscale multifamily units above 4,000 square feet of ground-floor retail and office

[VSRJ]

FINALLY! Big news for the Pinch District!

Investor plans $975 million Pinch District project

https://dailymemphian.com/section/business/article/8835/investor-plans-975-million-pinch-district-project

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Tom Intrator, the New York developer just approved for tax incentives for five separate real estate projects Downtown, is planning a massive, $975 million, mixed-used development in the Pinch District.

His development group, 18Main, plans a $544 million first phase of 942 apartments, 406 hotel rooms, 160,000 square feet of retail and 200,000 square feet of office.

Phase two would be 586 apartments, 45,000 square feet of retail and 479,000 square feet of office. 

 

Additional reporting:

$1.1 billion development plan announced for Downtown Memphis' Pinch District

https://www.commercialappeal.com/story/money/business/development/2019/11/13/memphis-development-pinch-district-tom-intrator-18-main/4180545002/

Additional image from MBJ:

Edited November 13, 2019 by VSRJ

[MLBrumby]

Duuuuuuude!! That's beautiful! How likely is this? I hope this gets built and soon... and not just because it'll block my view of that hideous BPS in a pyramid when I'm driving into DT. 

Edited November 13, 2019 by MLBrumby

[VSRJ]

18 minutes ago, MLBrumby said:

Duuuuuuude!! That's beautiful! How likely is this? I hope this gets built and soon... and not just because it'll block my view of that hideous BPS in a pyramid when I'm driving into DT. 

Sadly, I've learned not to get my hopes up when it comes to lofty proposals like this. With developments in the pipeline such as the Clipper, Union Row, One Beale, Loews, etc., I question whether or not the market can support it all. I hope they don't end up cannibalizing one another. But with the economy in the shape that it's in, I think the chances are much better than they were 5-10 years ago. We just need to get these off the ground before the next slowdown.

[Memphis4ever]

2 minutes ago, VSRJ said:

Sadly, I've learned not to get my hopes up when it comes to lofty proposals like this. With developments in the pipeline such as the Clipper, Union Row, One Beale, Loews, etc., I question whether or not the market can support it all. I hope they don't end up cannibalizing one another. But with the economy in the shape that it's in, I think the chances are much better than they were 5-10 years ago. We just need to get these off the ground before the next slowdown.

The good news is the Clipper has Fed ex as the main tenant so that project is solid, One beale is answering the call for high end, and Union row idk.  The Loews hotel is more than needed and studies show another larger hotel can be supported as we have none of those in the pipeline.  Almost 1000 apartments is quite ambitious and so is that amount of office space but I do remember that St Jude gets office rights for new development in the pinch district so maybe they can occupy about half the space.  Im thinking that the hotel and half of the apartments gets built first.  Really would be excited to see this many high-rise buildings in Memphis though that would be absolutely mind shattering.  The only good news is Memphis keeps making lists as top place for home flipping, next it city, best affordability, it seems that amazon and indigo ag, and a few new companies has but Memphis on the Map to be invested in by out of towners.  This is when the real construction boom starts.  Probably about 2 years before any of these buildings break ground in my architectural opinion just a lengthy process of stuff to do.

But hopefully the clipper starts soon, and I see bull dozers at the union row site today.

[VSRJ]

2 minutes ago, Memphis4ever said:

The good news is the Clipper has Fed ex as the main tenant so that project is solid, One beale is answering the call for high end, and Union row idk.  The Loews hotel is more than needed and studies show another larger hotel can be supported as we have none of those in the pipeline.  Almost 1000 apartments is quite ambitious and so is that amount of office space but I do remember that St Jude gets office rights for new development in the pinch district so maybe they can occupy about half the space.  Im thinking that the hotel and half of the apartments gets built first.  Really would be excited to see this many high-rise buildings in Memphis though that would be absolutely mind shattering.  The only good news is Memphis keeps making lists as top place for home flipping, next it city, best affordability, it seems that amazon and indigo ag, and a few new companies has but Memphis on the Map to be invested in by out of towners.  This is when the real construction boom starts.  Probably about 2 years before any of these buildings break ground in my architectural opinion just a lengthy process of stuff to do.

But hopefully the clipper starts soon, and I see bull dozers at the union row site today.

That's great to hear! Admittedly, following on-the-ground construction from afar can be challenging.

Memphis is definitely on the up-and-up. As prices and cost of living in Nashville continues to soar, I anticipate Memphis will become an attractive alternative for those looking for a reprieve.

[VSRJ]

This may have been posted before, but this Downtown Development Tour 2019 from the DMC seems to be a fairly exhaustive listing of all the proposed, under-construction and recently completed developments in the Downtown area.

https://www.downtownmemphiscommission.com/plans-resources/2019-downtown-development-tour/

[bnacincy]

Great news! I hope it happens......this is the reason they should have made the Pyramid the new convention center instead of renovating the current one. The Pinch has a lot of room to grow as an office,convention and hotel district.

This would help spur growth in the North Main area as well.

Edited November 13, 2019 by bnacincy
content

[MLBrumby]

3 hours ago, Memphis4ever said:

The good news is the Clipper has Fed ex as the main tenant so that project is solid, One beale is answering the call for high end, and Union row idk.  The Loews hotel is more than needed and studies show another larger hotel can be supported as we have none of those in the pipeline.  Almost 1000 apartments is quite ambitious and so is that amount of office space but I do remember that St Jude gets office rights for new development in the pinch district so maybe they can occupy about half the space.  Im thinking that the hotel and half of the apartments gets built first.  Really would be excited to see this many high-rise buildings in Memphis though that would be absolutely mind shattering.  The only good news is Memphis keeps making lists as top place for home flipping, next it city, best affordability, it seems that amazon and indigo ag, and a few new companies has but Memphis on the Map to be invested in by out of towners.  This is when the real construction boom starts.  Probably about 2 years before any of these buildings break ground in my architectural opinion just a lengthy process of stuff to do.

But hopefully the clipper starts soon, and I see bull dozers at the union row site today.

I very much think Memphis could be an "It" city sooner than later... and for more substantial reasons than a place like Louisville, St. Louis, or Birmingham. I think the 'competition' for next Mid-American "it" city  is between Kansas City and Memphis for similar reasons... affordability, great legacy infrastructure, character, room to grow, location (center of the country) and a sizable wealthy core of city boosters. Memphis has a surprising number of Fortune 500 HQs. If Fedex, First Horizon and St. Jude (and Belz et.al.) continue to make a commitment to downtown, it will boom. 

[East Side Urbanite]

This would be hugely exciting.

And MLB makes some great points about Memphis.

 

[VSRJ]

Another business moving Downtown! (or Uptown)

Varsity Spirit plans to move HQ and hundreds of employees to Uptown

https://www.bizjournals.com/memphis/news/2019/11/19/exclusive-varsity-spirit-plans-to-move-hq-and.html

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Varsity Spirit plans to relocate its headquarters to the Snuff District redevelopment in Uptown.

The Orgels, Slovis, and Tom Marsh comprise the ownership group behind the Snuff District, a planned mixed-use community that will sit on about 60 acres along Keel Avenue and Front Street next to the Wolf River Harbor north of Downtown. Varsity would be located in part of the former American Snuff Co. plant.

Orgel shared with the employees up-to-date details about the development, which is set to include 600 apartments, 800 to 900 parking spaces, retail, restaurants, single-family, green space, and a 27,000-square-foot wedding/special events venue.

Varsity would occupy 80,000 square feet of office space. The company's current HQ is housed in 50,000 square feet at Lenox Center, where they have resided for 20 years.

 

[VSRJ]

The Cook Convention Center will be known as "Renesant Convention Center"

Renasant Bank scores naming rights for Memphis Convention Center

https://www.bizjournals.com/memphis/news/2019/11/21/renasant-bank-scores-naming-rights-for-memphis.html

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A Tupelo-based financial institution is set to hold the naming rights to the Memphis Convention Center.

The Convention Center Commission unanimously approved Wednesday, Nov. 20, a 10-year contract with two five-year options for Renasant Bank to become the naming rights partner.

The facility's name will be changed to the Renasant Convention Center, and the bank's name will be placed in a highly visible area near the Hernando de Soto Bridge.

 

[VSRJ]

Wonder Bread apartments unveiled

https://www.bizjournals.com/memphis/news/2019/11/27/wonder-bread-apartments-and-south-second-street.html

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Enhanced architectural lighting, public art, and signage for the apartment project that is part of the Wonder Bread Factory redevelopment will go before the Design Review Board.

The multifamily building is called The Rise Memphis.

The overall project includes 199 apartment units, a 480-space public parking garage, and more than 155,000 square feet of retail, office, and mixed-use.

The development at 400 Monroe Ave. in the Edge District was approved for a 20-year PILOT (payments-in-lieu-of-taxes) in July 2017.

 

[VSRJ]

Lots of good info about the Union Row and Pinch District developments in this article. Fences are up and buildings will soon be razed at the Union Row site.

Big tax incentives approved for Union Row, Pinch District

https://dailymemphian.com/section/businessreal-estate/article/9207/hold-for-release-quotes-updates-any-surprises-big

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A Downtown board primed a big pump Monday, Dec. 2, approving a combined $306 million in tax incentives -- with another $143 million anticipated -- to let flow $1.4 billion in development on the east and north edges of Downtown’s core.

And that’s just for Phase One for both projects:  Union Row and the Pinch District.

The two developments – potentially a simultaneous combustion for Downtown Memphis -- tout a combined $2.4 billion worth of apartments, hotels, offices, retail, parking garages and green space when they are fully built out.

 

 

[DRG901]

3 hours ago, VSRJ said:

Lots of good info about the Union Row and Pinch District developments in this article. Fences are up and buildings will soon be razed at the Union Row site.

Big tax incentives approved for Union Row, Pinch District

https://dailymemphian.com/section/businessreal-estate/article/9207/hold-for-release-quotes-updates-any-surprises-big

 

I actually was driving through this way today and passed the Union Row site..and..they've already started demo!  On the Lit and Powerhouse buildings.  

[VSRJ]

The convention center renovation has reached the halfway point:

Convention center update clears midpoint

https://dailymemphian.com/section/business/article/9364/convention-center-update-clears-midpoint

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A nearly $200 million makeover of the building formerly known as the Memphis Convention Center is past the midpoint, on time and on budget for a September 2020 finish.

Cool time lapse of the sky bridge construction:

 

 

[East Side Urbanite]

Things are starting bubble in downtown Memphis. I like the potential. Lots of both big plans and smaller-scale stuff. Keep the info coming!

[VSRJ]

UTHSC College of Dentistry adding 68,000 sq. ft. facility with special needs clinic

https://www.bizjournals.com/memphis/news/2020/01/02/uthsc-college-of-dentistry-adding-68-000-sq-ft.html

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The four-story facility, set to open by early 2022, will include a special needs clinic on the ground floor.

 

[VSRJ]

Some nice art and signage coming to Downtown:

New public art, signs proposed for Downtown

https://dailymemphian.com/section/neighborhoodsdowntown/article/9801/board-to-consider-new-sights-for-downtown

Renesant Convention Center sign

Wiseacre Brewing signage 

Memphis Suffrage Monument "Equality Trailblazers"

Southern comfort food restaurant "SugaShack" signage (392 Beale)

[VSRJ]

Here come the short-term rentals!

Short-term rentals, retail proposed for S. Main building

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A developer proposes to turn a 110-year-old building on South Main into 18 short-term rental apartments, marketed through sites like Airbnb, and three retail bays.

The $3 million project would convert 400 S. Main into a mixed-use building. The brick, two-story property is at the corner of South Main and Huling, immediately northwest of the National Civil Rights Museum.

The previous owner had two private residences upstairs and kept most of the ground floor vacant.

 

Full story: https://dailymemphian.com/section/businessreal-estate/article/9896/developer-proposes-short-term-rentals-for-s-main

[VSRJ]

Small update — architects from Herzog and de Meuron will unveil the new "Brooks on the Bluff" museum design on March 25: https://www.bizjournals.com/memphis/news/2020/01/16/down-to-the-river-what-to-expect-from-brooks.html