MEMPHIS | Development News

[Chris Warren]

Hotel Indigo Permit Filed



Memphis Business Journal:

An Atlanta-based company has plans to convert a former Downtown Econo Lodge into a boutique hotel.

The new Hotel Indigo, a boutique hotel brand owned by InterContinental Hotels Group, will be located at 22 N. B.B. King Blvd., next to the Sterick Building.A building permit for "alteration of existing hotel lobby, restaurant and parking garage" was filed for the address on Wednesday, Dec. 3, for Three P Partners. The permit was valued at $248,000.

According to Matt White, a principal of Three P Partners, New Orleans-based Expotel Hospitality will manage the hotel. Kennessaw, Georgia-based SouthCore Construction is the general contractor. Memphis-based brg3s is the project architect.

White said the hotel should open in the second half of 2018.

Another Hotel Indigo was initially planned for Downtown Memphis more than 10 years ago. Vibrant Hotels Inc., a division of Mississippi-based JVD Enterprises Inc., wanted to convert Jefferson Avenue's Tenoke building into a Hotel Indigo but the project was impacted by the recession. Work has recently begun to convert the Tenoke into a hotel, but it will now be an Aloft, a boutique brand under the Marriott International Inc. umbrella.

The two new boutique hotels will be located about a block away from each other.

In addition to the Econo Lodge, the new Indigo site was also once home to a Holiday Inn.

According to the Shelby County Register of Deed's website, Bluff City Partners LLC transferred the property to 22 North Third LLC on Dec. 29, 2016, for $5.9 million. According to the Tennessee Secretary of State's website, 22 North Third LLC is linked to Stephen Polhill, another Three P Partners principal.

[Chris Warren]

Google Updated the Map of I-269

Most you probably already noticed this



I would've posted this a awhile back but I couldn't figure out how to get pictures on this site that aren't already on others.

Some time ago I sent them an email with a reference to the construction progress and they immediately responded.

[MEMFLY]

Originally Posted by Chris Warren

Cook Convention Center permit filed











Memphis Business Journal:

So are we still to expect that a new hotel will come with the
convention center or is that gone away?

[Chris Warren]

We're on the D&B List Now

[James Owen]

Originally Posted by MEMFLY

So are we still to expect that a new hotel will come with the
convention center or is that gone away?

We'll probably learn something in that regard later this year, though any new hotel that gets built likely won't be complete by the time the convention center renovations are done in 2019.

[arkitekte]

Originally Posted by MEMFLY

So are we still to expect that a new hotel will come with the
convention center or is that gone away?

I would imagine so. I would assume the City would provide some pretty heavy incentives for a developer to develop a new hotel. I have no idea what the room target would be...350 - 400 rooms, maybe? I would imagine that it would be pretty difficult to secure larger conventions without additional hotel rooms. Along with the pitiful state of the Cook itself, I believe the lack of hotel rooms was/is one of the reasons Memphis lost the handful of conventions that it had.

Lots of opportunities for a developer to step in.

[James Owen]

Originally Posted by arkitekte

I would imagine so. I would assume the City would provide some pretty heavy incentives for a developer to develop a new hotel. I have no idea what the room target would be...350 - 400 rooms, maybe? I would imagine that it would be pretty difficult to secure larger conventions without additional hotel rooms. Along with the pitiful state of the Cook itself, I believe the lack of hotel rooms was/is one of the reasons Memphis lost the handful of conventions that it had.

Lots of opportunities for a developer to step in.

I believe the number they were aiming for was 600 rooms in one place to compliment the Sheraton, allowing for 1200+ rooms within walking distance of the convention center (a minimum of 1000 rooms would be necessary to be competitive).

[Wayward Memphian]

Originally Posted by James Owen

I believe the number they were aiming for was 600 rooms in one place to compliment the Sheraton, allowing for 1200+ rooms within walking distance of the convention center (a minimum of 1000 rooms would be necessary to be competitive).

How cool would this have been for One Beale to go along with the New Bridge and the Pyramid


That's under construction at the Hard Rock in South Florida

[eburress]

Originally Posted by Chris Warren

Google Updated the Map of I-269

Most you probably already noticed this



I would've posted this a awhile back but I couldn't figure out how to get pictures on this site that aren't already on others.

Some time ago I sent them an email with a reference to the construction progress and they immediately responded.

I-269 has to be one of the most slowly constructed roadway in history. They were working on it when I lived in Memphis 20+ years ago. Lordie...

[James Owen]

Originally Posted by eburress

I-269 has to be one of the most slowly constructed roadway in history. They were working on it when I lived in Memphis 20+ years ago. Lordie...

I-22 took even longer, specifically in the Alabama portion.

[Chris Warren]

100 North Main Reclaimed



Memphis Business Journal:

More than a year after Memphis’ tallest building went into foreclosure, 100 North Main has been reclaimed by the lender.
THM Memphis Acquisitions LLC effectively bought the 37-story office tower at a foreclosure auction on the courthouse steps after the property failed to receive any bids. A substitute trustee’s deed for the $1 million transaction was recorded with the Register’s Office Thursday, Jan. 11.

The tower went into foreclosure in late 2016 when then-owner IHM Memphis LLC defaulted on the $2.8 million loan through Shadow Tree Income Fund B LP, THM Funding LLC, Conrad Partners LLC, Nils Brous and Keiter Group LLC. IHM had taken out that loan when it purchased 100 North Main in August 2015 for $5 million.

The foreclosure auction, originally set for November 2016, was delayed numerous times before the lenders assigned the loan to THM Memphis LLC, an entity affiliated with New York-based real estate firm Townhouse Management Co.
William P. Morris III, an attorney with Harris Shelton Hanover Walsh PLLC who served as substitute trustee for the sale, said he doesn’t know what THM’s plans are for the property.

The foreclosure sale is the latest chapter in a series of recent struggles for 100 North Main, which was built in 1965 and spans the block between North Main and North Second streets on the south side of Adams Avenue.

The building faced years of declining tenant rates before One Hundred North Main LLC bought it in 2013 for $5 million. Developer Yitzchok “Isaac” Thomas, who owned the limited liability company, proposed redeveloping 100 North Main into a mixed-use project with residential and commercial space and a hotel, but struggled to line up the financing.

The future of the project became increasingly uncertain – even after the building was added to the National Register of Historic Places in May 2015, making it eligible for tax credits and grants that could help fund the redevelopment.

With delinquent utility bills topping $86,000 by June 2015, Memphis Light, Gas and Water Division appeared poised to cut service to the tower. But three of the city’s major hospital systems told MLGW that disconnecting power could disrupt communication equipment they used for their hospitals’ paging systems. Leading Edge, which provided communications equipment for local hospitals, twice paid to keep the utilities on for another month.

Thomas’ company sold the building to IMH in August 2015, but the building continued to decline under new ownership.

A small fire broke out on the 34th floor this past March. The owners had previously been cited in Shelby County Environmental Court for several violations, including fire alarms that didn’t work.

https://www.memphisdailynews.com/new...in-at-auction/

Wonder what this leads to?

[Johnny Ryall]

Midtown's first significant housing development in 10 years breaks ground
Michael Waddell | High Ground News

The $35 million project, the first major residential apartment building in Midtown in the past 15 years, is slated to include 173 one- and two-bedroom residential units, with designated garage parking, direct and secure elevator access from the garage to the residential floors, a pool, a gym and a resident lounge, along with more than 10,000 square feet of retail and restaurant space and 75 parking spaces. The apartments will range from 500 square feet to more than 1,300 square feet... Not far away, Makowsky Ringel Greenberg, LLC is planning a multifamily project on the block from McLean to Idlewild on the south side of Madison Ave. The $14 million project will include 2,500 square feet of commercial space, 72 one-bedroom apartments, 32 two-bedroom apartments and four studio units.

http://www.highgroundnews.com/devnew...InMidtown.aspx

rendering LRK Architects

[mwm991]

I see the USL is coming to Memphis, with the yet to be named team beginning play at Autozone Park in 2019. Should bring around another 100k per annum to downtown.

[Wayward Memphian]

Originally Posted by mwm991

I see the USL is coming to Memphis, with the yet to be named team beginning play at Autozone Park in 2019. Should bring around another 100k per annum to downtown.

I hope it is successful and leads to the need of a stand alone facility or even a 'right sized' soccer/football replacement for the Liberty Bowl.

Add in the fact that Vince McMahon is eyeing a second go at professional fooball as the NFL brand is shooting itself in the foot......

[arkitekte]

Originally Posted by Wayward Memphian

How cool would this have been for One Beale to go along with the New Bridge and the Pyramid


That's under construction at the Hard Rock in South Florida

No.

Originally Posted by Wayward Memphian

I hope it is successful and leads to the need of a stand alone facility or even a 'right sized' soccer/football replacement for the Liberty Bowl.

Add in the fact that Vince McMahon is eyeing a second go at professional fooball as the NFL brand is shooting itself in the foot......

You really hate the Liberty Bowl, don't you? If the prospects of an NFL team didn't produce the necessary items for a new stadium, minor league soccer and some dream of a football league sure won't.

I'm all for a soccer specific stadium...I don't follow professional soccer, but soccer specific venues will change many perceptions. There's nothing worse than watching a soccer match with 10,000 other people in a stadium that holds 65,000 (that was built for football).

[Johnny Ryall]

Originally Posted by arkitekte

There's nothing worse than watching a soccer match with 10,000 other people in a stadium that holds 65,000 (that was built for football).

I'm very happy that the USL is going to Autozone Park and it's perfect seating capacity. Nashville's USL team are also leasing the new First Tennessee baseball stadium. Although, I'm not sure how things will be going forward now that they have a MLS franchise and one of the largest soccer-specific stadiums in the U.S. on the way. Will MLS kill off a USL franchise in a mid-size city? As for McMahon's plans, if done right, the Liberty Bowl would be perfect. More butts in the seats more days of the year only bolster the success of those venues. We won the lottery with the Pyramid and still at an impasse with the Mid-South Coliseum. No more. Although, I'd still love to see EPE build & operate their own 6,000-seat arena.

[arkitekte]

Originally Posted by Johnny Ryall

I'm very happy that the USL is going to Autozone Park and it's perfect seating capacity. Nashville's USL team are also leasing the new First Tennessee baseball stadium. Although, I'm not sure how things will be going forward now that they have a MLS franchise and one of the largest soccer-specific stadiums in the U.S. on the way. Will MLS kill off a USL franchise in a mid-size city? As for McMahon's plans, if done right, the Liberty Bowl would be perfect. More butts in the seats more days of the year only bolster the success of those venues. We won the lottery with the Pyramid and still at an impasse with the Mid-South Coliseum. No more. Although, I'd still love to see EPE build & operate their own 6,000-seat arena.

I think Nashville's USL team will essentially become the MLS team...I may be completely wrong, but I think that's what I read. Someone please fact check me on that.

I completely agree that more people using the venue contributes to it's success, I just think that soccer specific stadiums will promote each teams "establishment"; particularly in markets that aren't as accustomed to professional soccer. Autozone may prove to be a great venue for the USL.

Something will eventually come of the Coliseum. There's too much potential on the table. The real issue is it needs to be sold. I agree on the EPE aspect as well. They should forget the public financing and build their venue.

[Wayward Memphian]

The Liberty Bowl is a dinosaur and every dime spent on it is a waste. It's way to big for everything but the occasional Liberty Bowl match up. It has horrible weather 7 out of 10 Liberty Bowls. It was the Jacksonville's Stadium renovations that won them the franchise over the cheapness of the Liberty Bowl renvations which was those mile high suites. It totally lack the value added seats to be a better revenue generator. The list goes on and on. Even the new video board is Walmartish.

45,000 is what's needed in Memphis, if they can add temp seat in the eND above a complete lower bowl and get it to 55,000 for the Liberty Bowl then swell. If 55,000 plus all the new club, loge, aND corporate suites can't make up the difference of 60,000 bleacher seats and a handful of sky high suites, Earhardt needs new work. 20,000 chair backs in lower level with the rest artfully hidden away for Soccer


Baseball stadium sightlines suck for Football and soccer unless you add temp seating which in turn give you maintainance issues for natural grass.

[arkitekte]

Originally Posted by Wayward Memphian

The Liberty Bowl is a dinosaur and every dime spent on it is a waste. It's way to big for everything but the occasional Liberty Bowl match up. It has horrible weather 7 out of 10 Liberty Bowls. It was the Jacksonville's Stadium renovations that won them the franchise over the cheapness of the Liberty Bowl renvations which was those mile high suites. It totally lack the value added seats to be a better revenue generator. The list goes on and on. Even the new video board is Walmartish.

45,000 is what's needed in Memphis, if they can add temp seat in the eND above a complete lower bowl and get it to 55,000 for the Liberty Bowl then swell. If 55,000 plus all the new club, loge, aND corporate suites can't make up the difference of 60,000 bleacher seats and a handful of sky high suites, Earhardt needs new work. 20,000 chair backs in lower level with the rest artfully hidden away for Soccer
[/IMG]

The LBMS works for what it's needed for...upgrades aren't a waste of money; they're well worth the cost. It's a waste to devote public funds to a new stadium that would be used by whom? Final Fours and whatever aren't realistic.

The Liberty Bowl (game) itself doesn't justify the construction of a new stadium. The SHC doesn't justify the construction of a new stadium. A USL soccer team doesn't justify the construction of a new stadium and if that ownership group wants it, they can pay for it.

The UofM should get their stuff together and push for their own 40,000 stadium - until that point (which probably won't ever happen), the LBMS works for what it's needed for.

[DRG901]

Originally Posted by arkitekte

The LBMS works for what it's needed for...upgrades aren't a waste of money; they're well worth the cost. It's a waste to devote public funds to a new stadium that would be used by whom? Final Fours and whatever aren't realistic.

The Liberty Bowl (game) itself doesn't justify the construction of a new stadium. The SHC doesn't justify the construction of a new stadium. A USL soccer team doesn't justify the construction of a new stadium and if that ownership group wants it, they can pay for it.

The UofM should get their stuff together and push for their own 40,000 stadium - until that point (which probably won't ever happen), the LBMS works for what it's needed for.

I agree. Lifelong Tiger fan and the upgrades especially Tiger Lane put the stadium as a much better experience than it was 10 years ago. Of course there's work they could do, especially concessions and restrooms. But it's a great stadium for sightlines etc. Too big for the Tigers? Yes. But again they're tied in with the Liberty Bowl and SHC so that makes everything more complicated for any replacement for the time being. Would love an on campus stadium but don't see that happening anytime soon. In 20 years or so I'm sure replacement talk will come. We'll see where things can go whenever that happens.