New buildings in Ridgeway Center

[bluff2085]

from today's CA: http://www.commercialappeal.com/mca/busine...4811392,00.html

this will be just one block north of the crescent center on ridgeway/shady grove.

[northernbizzkit1]

This is great news, but I'm waiting for a high-rise to come. I'm convinced that if we get a 50+ story tower in Memphis, it will be along Poplar if it is office/residential.

[cdarr]

This is great news, but I'm waiting for a high-rise to come. I'm convinced that if we get a 50+ story tower in Memphis, it will be along Poplar if it is office/residential.

You might be right. In fact, if we get any high rise office building in Memphis again (over 20 stories), East Memphis makes more sense than downtown. You must command very high rents to justify building upward. Those rents exist in the Poplar Corridor, not so much in downtown.

With available land along Poplar almost gone, you could see more high rise development (at least in the 10-15 story range) emerge again. There are several pieces of real estate that I can see being used for development:

1. Ridgeway Trace Apartments - articles earlier in the year announced a possible mixed-use retail/residential/office center. SuperTarget and Cheesecake Factory were mentioned as possible tenants.

2. Commercial district south of Poplar, between Yates and I-240, behind Memphis Funeral Home - most of this is low-density commercial...free-standing doctors and dentist offices, some in former houses.

3. Kirby Pines Apartments - south of Poplar next to The Carrefour shopping center.

[bluff2085]

^to add to your list, the undeveloped land b/t the Renaissance Center and the IP buildings. It's behind Cozymel's and BYB.

[northernbizzkit1]

speaking of high rents along poplar...the manager at yia yia's was talking with us about high rent in saddle creek (that's why you see really successful stores move out of saddle creek...they jack the rent up after a year)...for a year to rent the space occupied by yia yia's: $33,000!!!!!!!!!

To compare, Fox&Hound, a similar-sized restaurant on Sanderlin behind Clark Tower has a rent of $8,500 a year...

[northernbizzkit1]

You might be right. In fact, if we get any high rise office building in Memphis again (over 20 stories), East Memphis makes more sense than downtown. You must command very high rents to justify building upward. Those rents exist in the Poplar Corridor, not so much in downtown.

With available land along Poplar almost gone, you could see more high rise development (at least in the 10-15 story range) emerge again. There are several pieces of real estate that I can see being used for development:

1. Ridgeway Trace Apartments - articles earlier in the year announced a possible mixed-use retail/residential/office center. SuperTarget and Cheesecake Factory were mentioned as possible tenants.

2. Commercial district south of Poplar, between Yates and I-240, behind Memphis Funeral Home - most of this is low-density commercial...free-standing doctors and dentist offices, some in former houses.

3. Kirby Pines Apartments - south of Poplar next to The Carrefour shopping center.

To add to the list...I'd love to see the Regions "tower" (across from Regalia and the stone Regions HQ) torn down and make way for a much nicer building...Fleming's in front is nice, but the building behind it is so bland and ugly!!!! Quail Hollow and the office area by the East Memphis Hilton would also be able to house a few high-rises along the Poplar corridor.

[bluff2085]

To add to the list...I'd love to see the Regions "tower" (across from Regalia and the stone Regions HQ) torn down and make way for a much nicer building...Fleming's in front is nice, but the building behind it is so bland and ugly!!!!

northernbizzkit, I've been thinking the same thing.

[northernbizzkit1]

northernbizzkit, I've been thinking the same thing.

thank goodness...i was hoping that there wouldn't be any historical backing to it...

When I came home from the movies tonight, I looked at it and it's horrible. I mean, even at night it looks awful. The sign/lighting is pathetic with it essentially being a green billboard with "REGIONS" on it. blah...

[tatersmith]

speaking of high rents along poplar...the manager at yia yia's was talking with us about high rent in saddle creek (that's why you see really successful stores move out of saddle creek...they jack the rent up after a year)...for a year to rent the space occupied by yia yia's: $33,000!!!!!!!!!

To compare, Fox&Hound, a similar-sized restaurant on Sanderlin behind Clark Tower has a rent of $8,500 a year...

Are you serious about Fox & Hound for $8500/year? Is that 10,000 s.f.? That would be $.85/sf/year which sounds just a little low considering I just signed a lease on 6000 sf at around $20/s.f. office lease (and your Class A buildings are >25/s.f. today) in a building with a Poplar address. I realize retail/restaurant lease rates are lower, but the landowner is taking a bath if he's only collecting what is essentially rent on an average apartment per month ($700). $8500/month is a little easier to believe.

As far as Saddle Creek, do you really thing Banana Republic, J. Crew, Apple Store, etc aren't successful? Who has moved out of Saddle Creek and where did they go?

I would think Ya Ya's rent is tough to swallow for a mid-priced restaurant and I don't think a high-end restaurant would fit there.

[northernbizzkit1]

Are you serious about Fox & Hound for $8500/year? Is that 10,000 s.f.? That would be $.85/sf/year which sounds just a little low considering I just signed a lease on 6000 sf at around $20/s.f. office lease (and your Class A buildings are >25/s.f. today) in a building with a Poplar address. I realize retail/restaurant lease rates are lower, but the landowner is taking a bath if he's only collecting what is essentially rent on an average apartment per month ($700). $8500/month is a little easier to believe.

As far as Saddle Creek, do you really thing Banana Republic, J. Crew, Apple Store, etc aren't successful? Who has moved out of Saddle Creek and where did they go?

I would think Ya Ya's rent is tough to swallow for a mid-priced restaurant and I don't think a high-end restaurant would fit there.

sorry!!! i meant $33,000 a month at Yia Yia's and $8500 a month at Fox&Hound. What's Hot recently left Saddle Creek for a new shopping area across from Saddle Creek on Germantown Road. Bombay moved from Saddle Creek to Carriage Crossing (the space for both of these places will be taken over by Lucky Jeans and some expensive boutique). Harry&David left (now occupied by Coach and something else) and is planning to go into Carriage Crossing. Also, I think Express Men/Structure left Saddle Creek for the Collierville mall.

[Clobber]

This is great news, but I'm waiting for a high-rise to come. I'm convinced that if we get a 50+ story tower in Memphis, it will be along Poplar if it is office/residential.

I don't know, man, I think NIMBY's will be more vocal in East Memphis than downtown. I don't like it, but . . .

[tatersmith]

sorry!!! i meant $33,000 a month at Yia Yia's and $8500 a month at Fox&Hound. What's Hot recently left Saddle Creek for a new shopping area across from Saddle Creek on Germantown Road. Bombay moved from Saddle Creek to Carriage Crossing (the space for both of these places will be taken over by Lucky Jeans and some expensive boutique). Harry&David left (now occupied by Coach and something else) and is planning to go into Carriage Crossing. Also, I think Express Men/Structure left Saddle Creek for the Collierville mall.

Not many restaurants anywhere can pay $33k/month in rent, not to mention a non-chain place in a low-visibility location like Saddle Creek (as opposed to Poplar Frontage or Peabody Place). I've never been in so I couldn't run the numbers, but I'm guessing they are struggling.

F&H probably makes a killing with the alcohol they move...

[northernbizzkit1]

Not many restaurants anywhere can pay $33k/month in rent, not to mention a non-chain place in a low-visibility location like Saddle Creek (as opposed to Poplar Frontage or Peabody Place). I've never been in so I couldn't run the numbers, but I'm guessing they are struggling.

F&H probably makes a killing with the alcohol they move...

I know...A friend of mine who also works there said that it's actually pretty successful because of the Sunday brunch they have each week (it's always packed)...furthermore, it's a really hot spot for the ladies-who-lunch crowd.

[hgupta]

$33K a month! Wow...

how does that place survive??

On the other hand, there never seems to be an empty storefront in that portion of saddle creek.

[northernbizzkit1]

$33K a month! Wow...

how does that place survive??

On the other hand, there never seems to be an empty storefront in that portion of saddle creek.

agreed...it's always amazed me that there never is an empty store spot at saddle creek. whenever a place leaves, one is ready to go in. What's Hot and Bombay closed, Lucky Jeans and a store named Acorn come in. Restoration Hardware shut down a few years ago, Apple and Harry and David came in. Harry and David closes...Jack and Jill and Coach come...etc. etc. etc.

[memphian]

I have also heard that Pottery Barn is just jumping at the bit to move over to Saddle Creek (and close the Wolfchase location).

[northernbizzkit1]

I have also heard that Pottery Barn is just jumping at the bit to move over to Saddle Creek (and close the Wolfchase location).

I wonder if there are any plans to make a Saddle Creek expansion. It's a shame that the medical building is going up by the portion of Saddle Creek where Talbot's Mens and Indigo are located...they could have just made an addition to that. Now, I just don't know where it could expand unless they bought the closed gas stations on Poplar and Germantown Road and bought out that dry cleaners...then you'd have some room, i suppose. Plus, you would get rid of a rather unattractive portion on the main drag in Germantown.

[Psalm 91]

What we need is a better outlet mall, like Nashville's. The one in Lakeland is too old and run down looking, IMO. Surely Belz has something up his sleeve to improve this.

[Bears]

What we need is a better outlet mall, like Nashville's. The one in Lakeland is too old and run down looking, IMO. Surely Belz has something up his sleeve to improve this.

Agreed. Are you talking about the Prime Outlets in Lebanon? Prime Outlets is a great chain of outlet malls. They have one between Saginaw and Flint Michigan which blows Lebanon's away. But in defense of Lakeland, a Nike Outlet is pretty hard to find so thats the only reason I could think anyone would go there. There's an ok outlet mall in Tunica but it seems too much like a shopping center.

[northernbizzkit1]

Agreed. Are you talking about the Prime Outlets in Lebanon? Prime Outlets is a great chain of outlet malls. They have one between Saginaw and Flint Michigan which blows Lebanon's away. But in defense of Lakeland, a Nike Outlet is pretty hard to find so thats the only reason I could think anyone would go there. There's an ok outlet mall in Tunica but it seems too much like a shopping center.

Isn't Opry Mills a big outlet mall?

[Clobber]

Agreed. Are you talking about the Prime Outlets in Lebanon? Prime Outlets is a great chain of outlet malls. They have one between Saginaw and Flint Michigan which blows Lebanon's away. But in defense of Lakeland, a Nike Outlet is pretty hard to find so thats the only reason I could think anyone would go there. There's an ok outlet mall in Tunica but it seems too much like a shopping center.

I don't think Nike is at Lakeland anymore. At least not the last time I was in town (May). Maybe Nike moved to Tunica too?

[Psalm 91]

Agreed. Are you talking about the Prime Outlets in Lebanon?

Yes. Thank you for clarifying that!

[Bears]

Isn't Opry Mills a big outlet mall?

It has a few outlet stores but not enough to be called an outlet mall IMO. I think its supposed to be a tourist trap. Its basically a huge mall without department stores and pretty crowded unlike the typical mall which basically tries to leave lots of open space and high, glass ceilings.

[Bears]

I don't think Nike is at Lakeland anymore. At least not the last time I was in town (May). Maybe Nike moved to Tunica too?

I went to Tunica last month but didn't notice a Nike store. Only Reebok, which is found in most outlet malls. I didn't get to check out the one in Lakeland but I've heard they are indeed gone. I do think Belz will either redo it or build something else because of Wolfchase will kill it sooner or later. Also, the traffic along Canada Road has gotten pretty bad. If Nike's gone, I can't imagine why any one would go except if their into the stuff at Pottery Barn (which had a funny odor to it every time my mom dragged me there as a child). Lets hope Nike reopens an outlet somewhere. Either at or near their plant at Tuggle and Shelby Drive or the plant on Winchester in Southwind.

[Clobber]

It has a few outlet stores but not enough to be called an outlet mall IMO. I think its supposed to be a tourist trap. Its basically a huge mall without department stores and pretty crowded unlike the typical mall which basically tries to leave lots of open space and high, glass ceilings.

Never having been there, I'm assuming you're referring to the layout/floorplan being crowded?