MEMPHIS | Development News

[Johnny Ryall]

Originally Posted by gaushell

Polite correction (I realize the mbj had it wrong too). The illustration is by Paradigm Marketing & Creative www.2dimes.com - you can see our logo in the lower right and we actually own the copyright, not a2h. Thanks

I changed the credit on the original post.

[Johnny Ryall]

New University of Memphis residence hall approved; will replace Richardson Towers
The Commercial Appeal

The state has awarded a contract for a new $53 million, 754-bed residence hall at the University of Memphis that will replace the 40-year-old Richardson Towers when it opens in 2015. Construction of the five-story dormitory is scheduled to start next summer, on the site of an existing parking lot just south of Richardson Towers, U of M spokesman Curt Guenther said Tuesday. After the new, yet unnamed structure opens, the 10-story Richardson Towers will be torn down, he said. Richardson is the largest dorm on the campus, housing just over 1,000 students.

http://www.commercialappeal.com/news...artner=popular

[Johnny Ryall]

Construction activity is really starting to pickup around Overton Square.

New projects turn Overton Square into an oasis of construction
The Commercial Appeal

http://www.commercialappeal.com/news...verton-square/

[Johnny Ryall]

More coverage of the recent announcement concerning the Sears Crosstown building. Also, an aerial pic that really shows the size of this massive building.

Sears Crosstown takes early steps to rebirth
Memphis Business Journal

Crosstown LLC has signed individual memorandums of understanding with nine partners to collectively occupy 600,000 square feet of the long-shuttered Sears Crosstown building. ALSAC, Church Health Center, Crosstown Arts, Gestalt Community Schools, Methodist Healthcare, Memphis Teacher Residency, Rhodes College, St. Jude Children’s Research Hospital and West Clinic will be part of redeveloping the 1.5 million-square-foot building at North Watkins and North Parkway.

http://www.bizjournals.com/memphis/n....html?page=all

MBJ

[arkitekte]

I'll grab some Overton Square photos this afternoon on the way home from work. Also, I couldn't be more excited about Crosstown. Its hard to grasp how large it really is until you actually walk around inside. Its either the 7th or 8th floor that's completely open and you can see from the east to the west side of the building.

In two months both the Chisca and Sears Crosstown!! Things are looking good.

[arkitekte]

Excavation for the Overton Square parking garage.

[Johnny Ryall]

Originally Posted by arkitekte

Also, I couldn't be more excited about Crosstown. Its hard to grasp how large it really is until you actually walk around inside.

I'm very excited about Crosstown too. Also, I understand that a mountain of work is still ahead to assemble a financing package, but commitments from the "Founding Partners" is a potent start required to get the process moving...

Thanks for pics. The rebirth of Overton Square as Memphis' theatre arts district & more has begun!

[arkitekte]

Originally Posted by Johnny Ryall

Thanks for pics. The rebirth of Overton Square as Memphis' theatre arts district & more has begun!

No problem! I'll try to post a few photos each week so we all can keep track of the progress.

[Johnny Ryall]

The Med seeks approval to add long-term acute care hospital on its campus
The Commercial Appeal

The Regional Medical Center at Memphis plans to acquire a shell company for $350,000 to gain access to its certificate of need. The move, if successful, will allow The Med to build a long-term acute care hospital on its campus... Getting the certificate to build on the hospital's Medical Center campus is important because there is currently a federal moratorium on new long-term acute care hospitals, which is set to expire at the end of this year, and that The Med could use one, said Dr. Reginald Coopwood, chief executive officer of The Med.

http://www.commercialappeal.com/news...term-acute-on/

[kingchef]

my back is still up over the fact that all of that money was paid out to those consultants concerning downtown, the mid-america mall, opening two-way direction on main, etc. i read the report, as it was formed as a pdf document, from the mpo. that document stressed, if nothing was taken away by the city of the nine or ten recommendations, the "must" do action was the change back to two-way direction on main. instead of doing it, the council chose to table the recommendations, and the mayor stated that the city couldn't afford the 1 million + cost of signage and signals for said change. consequently, we got nothing out of the money spent. the same kind of situation exists w/ the mpo and the airport city concept. that speech at the peabody to the rotary and businessmen, by one of the initial investors of 5 million to purchase a headquarters for the aerotropolis, was so publicly embarrassing to the city and certainly called our leadership into question. still mad!

now, my question. why in the world would anyone vote to place a specialty hospital in the first location, instead of downtown at the med, in the first place. the community has to know that the medical center and the research components in and near it are bread and butter for the city and county. 200 employees is a healthy boost to the downtown economy. it would be good to bring all of those government workers back downtown, where they belong. i assume they hold positions that are non-essential to being spread all over the county, just as the undesignated building for schools in arlington or northeast shelby county, and city administration wants its for its employees, and the county schools wants it for their departments. i think they should all have to go to help fill the crosstown building. that would be great.

[gaushell]

Originally Posted by Johnny Ryall

I changed the credit on the original post.

Thank you very much!

[Johnny Ryall]

Campbell Clinic in expansion mode
Plans to triple size of surgery center, add employees
Memphis Business Journal

The clinic has filed a $13 million Certificate of Need with the Tennessee Health Services Development Agency to almost triple the space of Campbell Surgery Center, the clinic’s ambulatory surgery center off Brierbrook Road.

http://www.bizjournals.com/memphis/p...sion-mode.html

[Johnny Ryall]

Legal barriers keep 16-story Horizon at ground level
Memphis Business Journal

The 16-story, 155-unit tower at 717 Riverside Drive is unfinished, a gleaming edifice that watches the Mississippi River flow by. It could remain that way for some time as a protracted legal battle drags on between four banks and various construction firms. In mid-2009, Ridgeland, Miss-based The Bryan Co., doing business locally as Riverside Bluffs LLC, defaulted on a $58.6 million loan from four banks:

http://www.bizjournals.com/memphis/p...y-horizon.html

ALAN HOWELL | MBJ

[arkitekte]

Well, that clears up the discussion we were having a few weeks ago about the Horizon. Johnny, was it you or Chef that said the building has already been sealed off from the elements, or is it open to rain and whatnot? With being legally and financially tied to 4 banks and various contractors wanting their money, this very well may be sitting vacant for the next 5 years.

[Johnny Ryall]

Originally Posted by arkitekte

Johnny, was it you or Chef that said the building has already been sealed off from the elements, or is it open to rain and whatnot?

There was an article in the Memphis Flyer a couple years back where someone speculated that the building was left open to the elements and was tainted with mold. Well, I just so happened to be down there in weeks previous to that article, the building had ALL of its' windows and seemed to be "sealed". Also, as I said before, there was a period of activity after that where crews were on lifts finishing painting, etc.

[BnaBreaker]

Good lord that thing is ugly...looks like a hospital from the 1970's Moscow.

[Johnny Ryall]

Originally Posted by BnaBreaker

Good lord that thing is ugly...looks like a hospital from the 1970's Moscow.

Well, I don't know about a "hospital in 1970s Moscow", but not the first time I've heard "ugly". In its' defense, that is the back. It's just a balcony-loaded condo, not much to it.

Photo by Johnny Ryall at flickr.com

[BnaBreaker]

What's the story behind that two story structure in front of it? Is that new construction or a rehabbed industrial warehouse or something?

[James Owen]

Originally Posted by BnaBreaker

What's the story behind that two story structure in front of it? Is that new construction or a rehabbed industrial warehouse or something?

It was supposed to be a parking garage surrounded by townhouses. The garage portion was mostly finished, but the townhouses were never built, which would explain how ugly it looks.

In terms of the apartment tower itself, I would've chosen better colors, but it is what it is. Hopefully the banks and the contractors are able to settle things down the road.

[kingchef]

one thing that i have noticed over the last 24 or so months is the paint that had run (purple-looking) has been painted over, and the building looks much better. as for being an ugly building, i don't necessarily think it is an ugly design, but i sure wouldn't have paid the kind of money they were trying to get for it, as a luxury condo. i really don't think these banks are going to hold that liability on their books, especially w/ the prediction of a downward economy. i think one of the major lender's will pay off the subcontractors, buy out the lesser investments of the other banks, and then throw out a number for a private investor, who now sits as if a vulture in a tree watching the carcass. that number will be countered by the vulture, the bank will leverage a bit, and it will sell before spring---maybe. if not, by the end of 2013. will see.