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

[VSRJ]

Great to see this moving along and a big employer growing their Downtown footprint rather than heading East.

AutoZone readies for Downtown expansion with multimillion-dollar permit

https://www.bizjournals.com/memphis/news/2020/01/30/autozone-readies-for-downtown-expansion-with.html

Quote

 

A building permit was just filed for AutoZone’s previously announced $145 million Downtown digital expansion project.

In addition to work at AutoZone Inc.’s headquarters at 123 S. Front St., the expansion will include buildings at 104 and 110 S. Front St.

The expansion received a 15-year Jobs PILOT (payment-in-lieu-of-taxes) from the Economic Development Growth Engine (EDGE) for Memphis & Shelby County in June 2019. In total, the project is expected to create 130 jobs.

A building permit valued at $12 million was submitted Jan. 29 for the renovation of the 104 S. Front St. site. Flintco LLC was listed as the general contractor, Tony Pellicciotti of LRK as the architect, Jeff Higgins of Chad Stewart & Associates Inc. as the engineer, and AutoZone Parts as the tenant/owner.

 

[MDC26]

1 hour ago, VSRJ said:

Great to see this moving along and a big employer growing their Downtown footprint rather than heading East.

AutoZone readies for Downtown expansion with multimillion-dollar permit

https://www.bizjournals.com/memphis/news/2020/01/30/autozone-readies-for-downtown-expansion-with.html

Yes, very good that they are expanding their footprint and employers downtown.  Hopefully other business will continue to do so.  

I remember when those ginkgo trees were planted.  They are getting larger.  

[VSRJ]

I wish some of this investment would go toward a new facade to match the renovated convention center's design. But I know the chances of that happening are slim.

Sheraton owners plan 300-room addition, ask for 30-year tax break

https://www.bizjournals.com/memphis/news/2020/02/04/sheraton-owners-plan-300-room-addition-ask-for-30.html

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The owners of the Downtown Memphis Sheraton are proposing an addition of 300 rooms and more than $10 million in upgrades to its existing 600 rooms.

In return, the City of Memphis would sell the ownership group the land under the hotel — which is currently under a 99-year land lease — for $10 and grant it a 30-year property tax break.

This potential deal was discussed during City Council's Economic Development Tourism & Technology Committee on Tuesday, Feb. 4.

"We need the Sheraton to be successful for our convention center to reach its full potential," City COO Doug McGowen told the committee, which was largely receptive to the plans.

The Memphis Cook Convention Center, which is in the midst of a $200 million renovation that is set to be completed in November 2020, is physically attached to the Sheraton.

 

[VSRJ]

The Medical District continues to grow!

UTHSC’s master plan adds significant infrastructure

https://dailymemphian.com/section/business/article/10512/uthsc-memphis-campus-expansion

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In three to five years, the 80-acre University of Tennessee Health Science Center campus in the heart of the Medical District could have $500 million worth of new construction.

To show how it will tie in with research goals and human factors such as safety and accessibility, campus leaders invited the public in Tuesday, Feb. 4, for final comments on the 2020 master plan that’s been in the works for some time.

“This work started 15 years ago,” said Ken Brown, executive vice chancellor and chief operating officer of University of Tennessee’s health care programs around the state. “We don’t pretend to know what we didn’t know then.”

University campuses, perhaps particularly medical campuses, evolve over time as money is available for investment. UTHSC leaders say its campus planning has evolved from “incidental to intentional” as it lays out plans to add more Class A research space, align parking for offices and clinics, improve green spaces and provide clear points of entry to the campus and the dozens of structures that make up its classrooms, labs and clinics.

 

[VSRJ]

Hmm...it will be interesting to see what Kemmons has planned. I like the building, but the surface lot out front is very out of place.

Downtown’s old Spaghetti Warehouse building is sold

https://dailymemphian.com/section/business/article/10534/spaghetti-warehouse-downtown-real-estate-memphis

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The 115-year-old Downtown building that housed the Spaghetti Warehouse restaurant for decades has been sold.

The one-story, brick building at 40 W. Huling housed the Italian restaurant for decades before it closed in November 2017.

The buyer, identified on the Shelby County Register of Deeds website as W.F. 40 Huling LLC, purchased the 21,000-square-foot building on 1.2 acres for $3.35 million.

The buyer is connected to Memphis-based Kemmons Wilson Companies, public documents show, as tax bills will be sent to its address, 8700 Trail Drive West, Suite 300. Webb Wilson signed the document.

 

 

[VSRJ]

More adaptive reuse in the Edge District!

Renovation will return big windows to historic Cycle Shop building

https://dailymemphian.com/section/business/article/10789/investment-deal-completed-for-memphis-cycle-shop

Quote

 

A Chattanooga-based real estate investment firm has bought the historic Memphis Cycle Shop building from a major Edge District property owner that will carry out the renovation as  the fee-based developer. 

Chestnut Funds, the Chattanooga firm, is collaborating with Memphis-based Development Services Group (DSG) to complete a $3.6 million project. The work will transform the blighted, 103-year-old building into commercial and office space.

 

[VSRJ]

I'm not a huge fan of this plan. New surface lots should not be allowed in the core. Plain and simple.

Downtown Sheraton owners share details, renderings of redevelopment project

https://www.bizjournals.com/memphis/news/2020/02/19/downtownsheraton-owners-share-details-renderings.html

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The owners of the Downtown Memphis Sheraton shared additional details about their renovation and development plans with the City Council economic development committee on Tuesday.

...the renovations to the existing 600 rooms are set to make them brighter and more open. And, the proposed 300-room hotel would rise about 12 stories tall on a 15,000-square-foot footprint that is currently a vacant lawn beside the hotel, according to the plans that were presented.

The committee decided to move forward with a sale of the land under the hotel — which is currently under a 99-year land lease — to the hotel’s owners for $10.

 

 

[MDC26]

4 hours ago, VSRJ said:

I'm not a huge fan of this plan. New surface lots should not be allowed in the core. Plain and simple.

Downtown Sheraton owners share details, renderings of redevelopment project

https://www.bizjournals.com/memphis/news/2020/02/19/downtownsheraton-owners-share-details-renderings.html

 

I don’t like it either. I’d hate to lose the green space that’s there, and I think the city should even improve it and make it a park. They could call it Founders’ Park and put up statues of Jackson, Winchester, and Overton. The Sheraton would be better off updating the interior and exterior. With Loew’s and new hotels going up in the Pinch, they need to make their hotel more appealing. 

[James Owen]

2 hours ago, MDC26 said:

I don’t like it either. I’d hate to lose the green space that’s there, and I think the city should even improve it and make it a park. They could call it Founders’ Park and put up statues of Jackson, Winchester, and Overton. The Sheraton would be better off updating the interior and exterior. With Loew’s and new hotels going up in the Pinch, they need to make their hotel more appealing. 

No disagreement on that. The outside of the Sheration needs some kind of re-skinning in order to not stick out like a sore thumb in comparison to the convention center once renovations are done later this year. Heck, paint the whole thing a light gray or ivory color rather than leave it as is, and it would look way better than it does now.

As for the 300-room additon, Schulte had pitched those plans before when they approached the city about incentives (which ultimately led to the litigation fight they had with the city and with Loews). At the time, they wanted to build a JW Marriott on the green space to complement a renovated Sheraton. With the land itself set to no longer be under city ownership following an agreed settlement between the parties, Schulte can do whatever they believe is best for the property they have, even though that's still years down the road.

BTW, in regards to your suggestion on doing a Founders' Park, the Fourth Bluff (formerly Confederate Park) along Front Street would be a more suited space for that idea.

Edited February 20, 2020 by James Owen

[MLBrumby]

A new surface parking lot? Awful!! What is wrong with Memphis' leadership? 

[VSRJ]

9 hours ago, MDC26 said:

I don’t like it either. I’d hate to lose the green space that’s there, and I think the city should even improve it and make it a park. They could call it Founders’ Park and put up statues of Jackson, Winchester, and Overton. The Sheraton would be better off updating the interior and exterior. With Loew’s and new hotels going up in the Pinch, they need to make their hotel more appealing. 

Agreed. Any undeveloped land should default to a green space or pocket park in the core. It's absurd that the concept of a surface lot is even being pitched.

7 hours ago, James Owen said:

No disagreement on that. The outside of the Sheration needs some kind of re-skinning in order to not stick out like a sore thumb in comparison to the convention center once renovations are done later this year. Heck, paint the whole thing a light gray or ivory color rather than leave it as is, and it would look way better than it does now.

As for the 300-room additon, Schulte had pitched those plans before when they approached the city about incentives (which ultimately led to the litigation fight they had with the city and with Loews). At the time, they wanted to build a JW Marriott on the green space to complement a renovated Sheraton. With the land itself set to no longer be under city ownership following an agreed settlement between the parties, Schulte can do whatever they believe is best for the property they have, even though that's still years down the road.

BTW, in regards to your suggestion on doing a Founders' Park, the Fourth Bluff (formerly Confederate Park) along Front Street would be a more suited space for that idea.

I wish a re-skin was a stipulation in the agreement. The main building is horrendous. At least re-skin the facade to match the slightly less 2004 expansion (when it was still a Marriott).

47 minutes ago, MLBrumby said:

A new surface parking lot? Awful!! What is wrong with Memphis' leadership? 

Hopefully someone will stand up to it. I have some faith in the DMC.

[MDC26]

10 hours ago, James Owen said:

No disagreement on that. The outside of the Sheration needs some kind of re-skinning in order to not stick out like a sore thumb in comparison to the convention center once renovations are done later this year. Heck, paint the whole thing a light gray or ivory color rather than leave it as is, and it would look way better than it does now.

As for the 300-room additon, Schulte had pitched those plans before when they approached the city about incentives (which ultimately led to the litigation fight they had with the city and with Loews). At the time, they wanted to build a JW Marriott on the green space to complement a renovated Sheraton. With the land itself set to no longer be under city ownership following an agreed settlement between the parties, Schulte can do whatever they believe is best for the property they have, even though that's still years down the road.

BTW, in regards to your suggestion on doing a Founders' Park, the Fourth Bluff (formerly Confederate Park) along Front Street would be a more suited space for that idea.

I thought of the 4th Bluff too, but thought that this green space would be appropriate too since it is on Winchester, with Jackson and Overton streets being a block to the North each.  

As far as the exterior of the Sheraton, I don't think they'd have to re-skin or paint the whole building, but if they did some brick accentuation to the top border, and then the borders on the 1st/2nd floors to match the convention center, it would make a big improvement. 

[VSRJ]

I'm not crazy about the color, but even a repaint a la the Renaissance in Nashville would be a step up. I'd rather not go with the zebra colors, but a light gray to match the expansion would be somewhat of an improvement.

Before:

\

Source:  Michael Rivera (https://commons.wikimedia.org/wiki/User:Mjrmtg)

After:

Source: https://www.facebook.com/rennashville

 

[VSRJ]

I'm a little worried about the design after reading the developer's mostly-suburban portfolio, but it beats an empty lot.

New hotel to rise on vacant Downtown corner

https://dailymemphian.com/section/businessreal-estate/article/10850/new-hotel-may-be-coming-to-downtown

Quote

 

A new, four-story hotel is planned for Downtown, as new development continues to occur south of the FedExForum.

The 89-room Home2Suites by Hilton, a mix of studios and suites, will be built at 135 Vance, according to a new building permit application.

 

 

[MDC26]

6 hours ago, VSRJ said:

I'm a little worried about the design after reading the developer's mostly-suburban portfolio, but it beats an empty lot.

New hotel to rise on vacant Downtown corner

https://dailymemphian.com/section/businessreal-estate/article/10850/new-hotel-may-be-coming-to-downtown

 

I hope he doesn’t go with the same design as the Home2Suites in Southaven.  The interior is nice, but this would stand out like a sore thumb downtown. 
I think something like the second image would work much better. 
 

[James Owen]

11 hours ago, VSRJ said:

I'm a little worried about the design after reading the developer's mostly-suburban portfolio, but it beats an empty lot.

New hotel to rise on vacant Downtown corner

https://dailymemphian.com/section/businessreal-estate/article/10850/new-hotel-may-be-coming-to-downtown

 

Originally, the developer wanted to build a Homewood Suites in that spot, but put those plans on hold a couple of years ago because of other projects he was doing at the time. I think a design similar to this Home2 Suites in Kansas City would be ideal for the area: https://sunflowerkc.com/our-projects/hilton-home2-suites/

[VSRJ]

6 hours ago, James Owen said:

Originally, the developer wanted to build a Homewood Suites in that spot, but put those plans on hold a couple of years ago because of other projects he was doing at the time. I think a design similar to this Home2 Suites in Kansas City would be ideal for the area: https://sunflowerkc.com/our-projects/hilton-home2-suites/

Yes I think something like that would very well for the corner.

[MDC26]

On 2/19/2020 at 5:16 PM, VSRJ said:

I'm not a huge fan of this plan. New surface lots should not be allowed in the core. Plain and simple.

Downtown Sheraton owners share details, renderings of redevelopment project

https://www.bizjournals.com/memphis/news/2020/02/19/downtownsheraton-owners-share-details-renderings.html

 

Good news, this was just a hypothetical plan, and Market Square is not part of the property being transferred to the Sheraton.

https://dailymemphian.com/article/10882/memphis-history-sheraton-expansion

[VSRJ]

That's great news. I didn't even know it was a park (shame on me), I was more miffed over the idea of a new surface lot.

[MDC26]

6 hours ago, VSRJ said:

That's great news. I didn't even know it was a park (shame on me), I was more miffed over the idea of a new surface lot.

Well, I don't think it's an official park operated by the Memphis Park Services.  It's like Auction Square.  It's a historic green space owned and maintained by the city.  

[VSRJ]

Prime location for some more adaptive reuse!

Carlisle buys another vacant Downtown building

https://www.bizjournals.com/memphis/news/2020/02/27/carlisle-buys-another-vacant-downtown-building.html
 

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An entity tied to Carlisle LLC purchased a vacant building just south of the Old Dominick Distillery on Front Street.

Front Street DevCo, which the company used for part of its One Beale development, bought 339 S. Front Street for $1.1 million.

 

[VSRJ]

Good to see this moving forward. Below I've included some of the renderings that were released last year:

DoubleTree to become a Marriott ‘Autograph’ hotel

https://dailymemphian.com/section/neighborhoodsdowntown/article/11033/doubletree-marriott-hotel-downtown-memphis-peabody

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What is now the Doubletree by Hilton Memphis Downtown will become part of Marriott’s Autograph Collection of boutique hotels.

About 180 Autograph-branded hotels worldwide are independently owned but licensed by Marriott and included in Marriott’s loyalty rewards program.

“It’s very different than a full-service Marriott in terms of experience,” Larry Wright said.

Instead of the duplicated designs of even upscale hotel brands, Wright said, “it will feel like you are in Memphis and in the state of Tennessee and very specific to the special building and location that this is.”

Wright is chief executive of Memphis-based Wright Investments, which bought the DoubleTree in 2018 in partnership with Continental Hospitality Group based in Columbus, Ohio.

The new owners last year received a local property tax incentive for its planned $47 million renovation of the hotel.

 

[VSRJ]

Six condos have been approved near FedEx Forum:

https://dailymemphian.com/section/neighborhoodsdowntown/article/11131/condos-townhomes-fedexforum-cordova-self-storage-memphis

Quote

 

The Eads-based Nest Properties seeks preliminary subdivision approval to build six condos on an undeveloped, one-third acre at the northwest corner of Pontotoc and Turley.

The site is about a block southeast of the FedExForum and just south of Robert Church Park.

The condos would front Turley and vehicular access to them would be from the rear, on the west side of the site that connects to Pontotoc, the application states.

 

[MDC26]

https://dailymemphian.com/section/neighborhoodsdowntown/article/11088/viking-cruises-memphis-beale-street-landing

Official announcement coming in just over a month for more riverboat landings to Memphis.

 

[dxfret]

The Wall StreetJournal  and NY Times have both had recent  articles about river cruises and Viking’s planned entry in the US. What is shocking is how very expensive these cruises are for passengers.  Anything to increase Memphis tourism will be good, but Memphis is likely to be a mid point stop with passengers visiting mostly as day trippers.  As such this would not create a lot of additional demand for hotel rooms or air travel as passengers are likely to embark/disembark in other cities.  I do hope the city can work to improve the  River Terminal.  Even though it is fairly new, it has already had a lot of problems.  

Edited March 4, 2020 by dxfret