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New Owners for Riverfront Building...Could Mean New Development

northernbizzkit1

By northernbizzkit1
in Memphis

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From the Memphis Daily News

Building News

Riverfront Building Bought

By Out-of-State Developers

The riverfront property housing The Butcher Shop and The Pier restaurants has sold to out-of-state developers who might build a hotel or condominiums there in the future.

Sachs-Haynes Development LLC bought the 99-105 S. Front St. property from River Enterprises Ltd. Inc. for $2.2 million, financing it with a $1 million loan through First Tennessee Bank.

"We're very excited. We think it's one of the best locations in Downtown Memphis - right on the water," said Jerry Sachs, New York-based partner in Sachs-Haynes, of the six-story, more than 150,000-square-foot building.

Sachs said the partnership is doing due diligence on the property now and would go forward with development when they decide the best use for it.

The property, which is bounded by South Front Street and Wagner Place north of Gayoso Avenue, is about half an acre. The Butcher Shop faces Front, while The Pier faces Wagner.

"We're thinking possibly a hotel could go there, or it could be a rental apartment building or a condo - or maybe even a combination of a hotel with condo on top or maybe a rental with office," Sachs said. "There are so many things that it could be ... that we don't want to go half-cocked."

He said the developers could hold the property for as long as a few years before deciding what to do with it. In the meantime, the restaurants will continue to operate as is.

River Enterprises, the company that sold the building, bought it in 1978 for a little more than $67,000. As of 2006, the Shelby County Assessor's appraisal of the two-parcel tract totaled a little less than half a million dollars.

Sachs said the city most likely would not let the developers raze the building, adding, "We may build with that fa

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Clobber Burg

Clobber

Posted
Posted
From the Memphis Daily News

Building News

Riverfront Building Bought

By Out-of-State Developers

The riverfront property housing The Butcher Shop and The Pier restaurants has sold to out-of-state developers who might build a hotel or condominiums there in the future.

Sachs-Haynes Development LLC bought the 99-105 S. Front St. property from River Enterprises Ltd. Inc. for $2.2 million, financing it with a $1 million loan through First Tennessee Bank.

"We're very excited. We think it's one of the best locations in Downtown Memphis - right on the water," said Jerry Sachs, New York-based partner in Sachs-Haynes, of the six-story, more than 150,000-square-foot building.

Sachs said the partnership is doing due diligence on the property now and would go forward with development when they decide the best use for it.

The property, which is bounded by South Front Street and Wagner Place north of Gayoso Avenue, is about half an acre. The Butcher Shop faces Front, while The Pier faces Wagner.

"We're thinking possibly a hotel could go there, or it could be a rental apartment building or a condo - or maybe even a combination of a hotel with condo on top or maybe a rental with office," Sachs said. "There are so many things that it could be ... that we don't want to go half-cocked."

He said the developers could hold the property for as long as a few years before deciding what to do with it. In the meantime, the restaurants will continue to operate as is.

River Enterprises, the company that sold the building, bought it in 1978 for a little more than $67,000. As of 2006, the Shelby County Assessor's appraisal of the two-parcel tract totaled a little less than half a million dollars.

Sachs said the city most likely would not let the developers raze the building, adding, "We may build with that fa

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