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Suntrust to Leave Downtown

bluff2085

By bluff2085
in Memphis

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tennreb Whistle-Stop

tennreb

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Just because the area has a large number of Black residents doesn't mean it is filled with 'thugs'. I still think that you are misusing the term 'ghetto'. Whenever we have a Memphis forum meet, I'll be more than happy to drive you around some areas of North Memphis that are truly a ghetto so that you can get a better understanding of the word and what a ghetto actually looks like. There aren't $100-$200k homes and department stores in the 'ghetto'. I saw the same sort of thing some years back with friends who were living in the Antioch area of Nashville. As soon as Black families starting moving in, white families began to panic and pack there bags and tell as many people as they could find that Antioch was the 'hood'. The area is very similar to Hickory Hill. There is the Hickory Hollow Mall, nice homes, etc.
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memville Unincorporated Area

memville

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I agree Corodva might be in trouble, but it seems to have many things that could really help it. It has many private schools, bellevue and mid america, all of those offices next to bellevue. It also has many upscale resturants, First TN feilds, agricenter and some of shelby farms. As well as some very expensive neighborhoods that areas like Barlett and Hickory Hill will never have. Wolfchase also still the most popular mall in memphis. I think cordova is going to pull through. It is located in such a high traffic area that people will never be able to abandon it like they have in hickory hill.

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memphman Unincorporated Area

memphman

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Where are all these nice homes you speak of in Hickory Hill? I sure haven't seen any. Hickory Hill isn't as bad as some areas in North Memphis, but it will be when it gets that age. Actually, it is going to get there a lot sooner. It is the ghetto because the crime is high and the community looks like crap. There are vast swaths of vacant retail. When a new retail store opens up, it isn't quality stuff. Housing prices are dropping because few want to live there (at least not people legally able to do so). The schools are horrible and unsafe. This is going to surround the FedEx headquarters pretty soon. They've already had murders at the Kroger across the street. Cordova is going to go down the tubes because it suffers from even worse planning than Hickory Hood. Bad planning creates bad neighborhoods. Cordova is sandwiched between Germantown and Bartlett, but that just means there is going to be a bad neighborhood between an affluent one and a blue collar one. Look at Cordova high. I wouldn't dare send my kids there. That is the future of Cordova.
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Clobber Burg

Clobber

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Where are all these nice homes you speak of in Hickory Hill? I sure haven't seen any. Hickory Hill isn't as bad as some areas in North Memphis, but it will be when it gets that age. Actually, it is going to get there a lot sooner. It is the ghetto because the crime is high and the community looks like crap. There are vast swaths of vacant retail. When a new retail store opens up, it isn't quality stuff. Housing prices are dropping because few want to live there (at least not people legally able to do so). The schools are horrible and unsafe. This is going to surround the FedEx headquarters pretty soon. They've already had murders at the Kroger across the street. Cordova is going to go down the tubes because it suffers from even worse planning than Hickory Hood. Bad planning creates bad neighborhoods. Cordova is sandwiched between Germantown and Bartlett, but that just means there is going to be a bad neighborhood between an affluent one and a blue collar one. Look at Cordova high. I wouldn't dare send my kids there. That is the future of Cordova.
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G-townTN Whistle-Stop

G-townTN

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Someone mentioned earlier that suntrust builds office building where ever they want, noting the suntrust office being built in downtown nashville. One of the main reasons this building is being built is because of its location. Nashville doesn't have a road like poplar that stretches the length of the city. Nashville has small districts where offices are located. If you drive down broadway/west end from downtown for about 4 miles, you will find a bunch of low rise towers. This makes up the center of the city, all the interstates converge basically at this point. Since nashville is not nearly as congested as memphis and people don't have a problem driving 45 minutes to an hour to work, this is the focal point of the city and it is where a large majority of people work.

Most city downtowns are in the center of city, Chicago being an exception. Suntrust moved because our downtown is not the business destination it used to be, this is not to say that it can't in the future. We have to make it a destination spot again and by building residential buildings will help do that.

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  • 3 weeks later...
jmduke Whistle-Stop

jmduke

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According to the CA, Hertz Investement Group's contract to purchase One Commerce Square has fallen apart. The building will remain on the market for some time to come. Farther down, the article mentions the Downtown Works Initiative and a potentially brighter future downtown with favorable lease rates compared with East Memphis/385 Corridor and higher Class A vacancy that can be filled quickly.

http://www.commercialappeal.com/mca/busine...5459595,00.html

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Fellowmann20 Whistle-Stop

Fellowmann20

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According to the CA, Hertz Investement Group's contract to purchase One Commerce Square has fallen apart. The building will remain on the market for some time to come. Farther down, the article mentions the Downtown Works Initiative and a potentially brighter future downtown with favorable lease rates compared with East Memphis/385 Corridor and higher Class A vacancy that can be filled quickly.

http://www.commercialappeal.com/mca/busine...5459595,00.html

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quickbiscuit Crossroads

quickbiscuit

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There is no shortage of Class A office space in Downtown Memphis. In fact, the availability rate of Class A space is twice that of the rate for Class B space. 25.7% of all Downtown Class A space is available for lease or sublease compared to 12.7% for Class B. This translates into over 444,000 SF of Class A space availabe in Downtown.

Compare this to an availability rate of only 6.1% in the East. The vacancy rate in the East is a mere 2.4%.

It should also be noted that Downtown Memphis has the lowest average asking lease rates PSF for Class A office space in the entire Memphis office market. The average rate for the 4th quarter of 2006 was $16.29, compared to an overall Memphis average of $19.22.

The demand is just not there. Class A space is readily available at the lowest rates in Memphis, yet firms still choose to locate in the East or the 385 Corridor.

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Rardy Burg

Rardy

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but aren't there a few sources claiming that there is a demand for at least 100,000 sq. feet of Class A office space downtown? I know there was an article in the MBJ where a few developers stated this.
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