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The Vue: R.I.P.

cdarr

By cdarr
in Memphis

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Hankster Town

Hankster

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Did they look into the possibility of condos for this project, or did it have to be rental? I/m sure the economics for building rental properties in the city core are pretty daunting. Maybe a more upscale condo development with considerable retail, or a hotel component work work for the site. I really hope someone can put something together for the site that can get built.

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Clobber Burg

Clobber

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Did they look into the possibility of condos for this project, or did it have to be rental? I/m sure the economics for building rental properties in the city core are pretty daunting. Maybe a more upscale condo development with considerable retail, or a hotel component work work for the site. I really hope someone can put something together for the site that can get built.

I think it was always rental; it used to be like 17 stories, 11 stories apts, 6 garage. The supply of apts is quickly disappearing because everything is going condo, so it would fill a void, but as you've said, without other kinds of tenants there (office, condo, hotel, and/or retail, etc), it's hard to build. Although the proposed church tower on the north end is proposed to also be an apt building, if I remember correctly, or at least some of the residences will be apts.

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Psalm 91 Unincorporated Area

Psalm 91

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Maybe the supply of condos downtown is equal to the demand. I don't know if developers want to take another chance at another condo tower when the market is already competetive.

Hopefully there is more of a demand for condos in the city core, and when the time is right a condo tower can (at the same height of the Vue) be built. But can the market handle *another* new condo tower at 25-28 stories?

Something will have to be built in the Vue location because with the church condo/apt. tower going up near N. Main, the skyline will be off balance.

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Clobber Burg

Clobber

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Maybe the supply of condos downtown is equal to the demand.

Hopefully there is more of a demand for condos in the city core, and when the time is right a condo tower can (at the same height of the Vue) be built. But can the market handle *another* new condo tower at 25-28 stories?

Something will have to be built in the Vue location because with the church condo/apt. tower going up near N. Main, the skyline will be off balance.

Maybe they'll start ratchetting up high-density apartment complexes in midtown, maybe some mid and highrises along Union to provide affordability as an alternative to the booming condo market downtown. The worst thing about the Vue ending is that it would've provided a much needed supply of affordable apartments.

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Psalm 91 Unincorporated Area

Psalm 91

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The worst thing about the Vue ending is that it would've provided a much needed supply of affordable apartments.

What about marketing the Vue as "luxury" apartments? Why didn't they go that route?

I can't remember what building downtown had luxury apartments...but I know there's one.

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Clobber Burg

Clobber

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What about marketing the Vue as "luxury" apartments? Why didn't they go that route?

I can't remember what building downtown had luxury apartments...but I know there's one.

Because part of the bid requirement was to provide affordable housing. I think a certain percentage had to qualify as affordable units.

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Bears Hamlet

Bears

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Here's an optomistic article...

http://www.memphisdailynews.com/Editorial/...d.aspx?id=93791

I like the part about six prospective developers of the site. Also, I wouldn't worry about downtown being unaffordable. They have to bring in the upperclass first and the other economic demographics will come in when the time is right. The Edge and Med District near the Madison Line has plenty of affordable units. I don't know how many buildings have vacancies though because of the many med school students who rent in the area.

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Bears Hamlet

Bears

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Forget it.

Since a 1,058' footer would probably have to be a mixed use building I would think it would have more of a chance out east. I know a tower this tall is just wishful thinking on watnows part but its certainly possible. Space in Downtown Memphis is running out fast and this site is one of the few sites left in the downtown core. Other parts such as Southend, Victorian Village, the Edge, and Pinch District will probably all have height restricitions so another new tallest isn't out of the question. The Med Center core will not have height restrictions but the Land Use Control Board has yet to distinguish the boundaries of that yet.

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bluff2085 Hamlet

bluff2085

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The CCC is starting a campaign to get this site developed...

http://www.downtownmemphis.com/domain/docu..._mainstreet.pdf

Expect an announcement this fall or winter! The location is just too perfect.

I'm expecting some decent-sized proposals, but it could be anywhere from 200 to 600 feet. You never know. But I seriously doubt anything taller than around 500' will be built. I'm still confident that a high rise will come out of this. The block is small, and large setbacks around the 5th/6th floors will be required to maintain the "low-rise" integrity of S Main St. IMO it makes sense that a tall, slenderized tower will top the garage (like the vue), and I find it more promising that the CCC appears to be on their knees begging for a development w/ a more diverse range of components than the Vue, i.e, throwing in some office space.

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