MEMPHIS | Development News

[Johnny Ryall]

Group explores Shelby Forest for river trail additions
Memphis Daily News

The nonprofit group assembling a plan to restore parts of and add Shelby County connections to the Mississippi River Trail for bicycles and pedestrians talked about old unmarked roads and attractions at a Monday, Dec. 12, hearing in Meeman-Shelby Forest State Park. The third and final public hearing by the Mississippi River Corridor – Tennessee (MRCT) drew a group of around 20 to the cafeteria at E.E. Jeter Elementary School. MRCT, which is working with the University of Memphis, has identified 32 miles of paved pathways so far and wants to get the total up to 50 miles. There are other parts of a river corridor trail system the group hopes will stretch between Minnesota and Louisiana.

http://www.memphisdailynews.com/news...earing-a-path/

Photo: Lance Murphey

[Johnny Ryall]

Memphis picks South Main building for ArtSpace project
Memphis Business Journal

ArtSpace, a nonprofit organization which builds affordable housing for artists, is purchasing a South Main building for its latest project. The Minneapolis-based organization has picked the former United Warehouse building at 138 St. Paul. The plan is to renovate the 65,000-square-foot building and then do new construction adjacent to it.

http://www.bizjournals.com/memphis/n...lding-for.html

ALAN HOWELL | MBJ

[Johnny Ryall]

Valero plans $298M investment in its Memphis refinery
The Commercial Appeal

Plans to build a new hydrogen plant and make other improvements at 543 W. Mallory are spelled out in the company’s application for a retention PILOT (payment in lieu of taxes). Valero seeks a 15-year tax break... Since acquiring the former Premcor facility in 2005, Valero has invested $245 million upgrading the operation.

Another company, A.B. Mauri Fleischmann’s, seeks a nine-year PILOT for a $16.5 million upgrade to its bakers’-yeast manufacturing plant at 2743 Riverport Road in Frank Pidgeon Industrial Park.

http://www.commercialappeal.com/news...phis-refinery/

Photo by Dave Darnell

[Johnny Ryall]

Rail yard may reduce traffic
Fewer trains could ease congestion
Memphis Business Journal

When Norfolk Southern Corp. opens in its new intermodal yard in Rossville, Tenn., in fourth quarter 2012, East Memphis could see an extra benefit. That’s because the new intermodal facility in Fayette County is expected to reduce rail traffic, and the trucks accompanying that traffic, along Poplar Avenue within the city limits of Memphis.

http://www.bizjournals.com/memphis/p...e-traffic.html

ALAN HOWELL | MBJ

Norfolk Southern currently runs 18 trains daily through busy East Memphis, including some up to 8,000 feet long.

[Johnny Ryall]

Horseshoe invests in renovations
Memphis Business Journal

The 507-room Horseshoe Casino and Hotel is undergoing a renovation that will touch every one of its 15 floors. In addition to new carpeting, bedding and wall fixtures in every room, the Horseshoe is using the former 6,100-square-foot Magnolia Delta Grill space on the first floor to build a new high limit room, while turning the previous high limit room into an Asian-themed high limit room.

http://www.bizjournals.com/memphis/p...novations.html

ALAN HOWELL | MBJ

The High Limit room at Horseshoe Casino will be converted into an Asian-themed high limit gaming room as part of a renovation of all 15 floors of the casino hotel.

[Johnny Ryall]

Tenants of new transit facility should gain more passengers
Memphis Business Journal

The new Airways Transit Center, which houses both Greyhound Lines Inc. and Memphis Area Transit Authority, should help bolster both operations with a location in the heart of Memphis’ Aerotropolis. Opened in November, the $15 million transit center at 3033 Airways Blvd. sits on 9 acres.

The transit center will see approximately 200 MATA buses enter and exit each day through four bus routes. MATA, which has the largest transit system in the state, transports 34,000 people daily through 35 bus routes.

http://www.bizjournals.com/memphis/p...ty-should.html

ALAN HOWELL | MBJ

Greyhound will transport more than 500,000 riders annually from the new Airways Transit Center near Memphis International Airport.

[arkitekte]

Originally Posted by Johnny Ryall

Rail yard may reduce traffic
Fewer trains could ease congestion
Memphis Business Journal



http://www.bizjournals.com/memphis/p...e-traffic.html

ALAN HOWELL | MBJ

I'm surprised that Norfolk Southern has that many trains coming into Memphis each day. It seems like I see 3 times as many BNSF trains that Norfolk Southern, but with 18 trains not coming through East Memphis there will be a reduction of cluster.

[Johnny Ryall]

Here's some new numbers for Peabody Suites I haven't seen before. The project will contain 210 rooms and has grown by $20 million since first proposed at $55 million.

The Peabody Memphis to launch renovation project in 2012
Memphis Business Journal

While the $75 million, 210-room Peabody Suites project remains on “indefinite hold,” Peabody Hotel Group is hoping for a September 2012 start for renovations to The Peabody Memphis. The renovation will touch all 464 rooms at the hotel and will take six months... As far as the future of Peabody Suites, Browne said that project will continue to be on hold until the economy is on solid footing.

http://www.bizjournals.com/memphis/n...to-launch.html

COURTESY THE PEABODY MEMPHIS

[Johnny Ryall]

Memphis City Council votes 8-2 to spend $16.5 million on Overton Square
The Commercial Appeal

The Memphis City Council voted 8-2 Tuesday in favor of spending about $16.5 million in public money to build a flood-retention basin and a parking garage at Overton Square in Midtown. A crowd of supporters gathered at City Hall to speak in favor of the project. Many said the flood basin would prevent water from flowing into surrounding neighborhoods when Lick Creek swells.

Ekundayo Bandele, the 40-year-old founder and artistic director of Hattiloo Theatre, said his organization plans to construct a new building on land that the city would acquire as part of the Overton Square project. The theater would rent the land from the city.

The publicly funded effort coincides with a private push by Loeb Properties to redevelop the area. Developer Robert Loeb said his firm plans to spend an estimated $19.2 million.

http://www.commercialappeal.com/news...5-million-ove/

Photo by Alan Spearman/ The Commercial Appeal files

[arkitekte]

I didn't know that the plans for the Peabody Place Mall was to turn it into suites. What rock have I been under? Are hotel rooms in downtown Memphis in that high demand for Belz to convert them into suites? It's funny because one would assume that retail would have been the best use for that area, but now we know that it wasn't. People just don't want to go downtown to shop.

[arkitekte]

Originally Posted by Johnny Ryall

Memphis City Council votes 8-2 to spend $16.5 million on Overton Square
The Commercial Appeal



http://www.commercialappeal.com/news...5-million-ove/

Photo by Alan Spearman/ The Commercial Appeal files

So, was any of this money going toward Overton Square going to affect the funding for the improvements for Elvis Presley Blvd. area around Graceland in Whitehaven? Those improvements have been being discussed for the past 20 years or so.

[Johnny Ryall]

Originally Posted by arkitekte

So, was any of this money going toward Overton Square going to affect the funding for the improvements for Elvis Presley Blvd. area around Graceland in Whitehaven? Those improvements have been being discussed for the past 20 years or so.

Well, I suppose some of the city's funding could've gone towards EP Blvd., but as far as I know it was never designated for that. Elvis Presley Enterprises' parent company continues to drag on redevelopment for Graceland, but I heard a newer/ larger tower for the Heartbreak Hotel is in the works and will be the first thing to come to fruition in the proposed $250 million redevelopment. Until permits are pulled & shovels hit the dirt, I wouldn't spend any major money on EP Blvd (cost effective beautification is a great idea). Plus, I tend to think the major portion of costs to the city is the retention basin, not the actual parking structure. Flood control of Lick Creek must be dealt with as residents & property owners have complained for years too.

[arkitekte]

Originally Posted by Johnny Ryall

Well, I suppose some of the city's funding could've gone towards EP Blvd., but as far as I know it was never designated for that. Elvis Presley Enterprises' parent company continues to drag on redevelopment for Graceland, but I heard a newer/ larger tower for the Heartbreak Hotel is in the works and will be the first thing to come to fruition in the proposed $250 million redevelopment. Until permits are pulled & shovels hit the dirt, I wouldn't spend any major money on EP Blvd (cost effective beautification is a great idea). Plus, I tend to think the major portion of costs to the city is the retention basin, not the actual parking structure. Flood control of Lick Creek must be dealt with as residents & property owners have complained for years too.

I gotcha. I had only heard what the news had been reporting, and you know how they try to spin certain topics involving different areas of Memphis. Anyways, thanks for putting that into another perspective for me.

[Johnny Ryall]

More coverage of Overton Square's "Heart Of The Arts" theatre district master plan developments from Memphis Daily News with mention of developer Ron Kirkpatrick investing another 10-12 million dollars into the French Quarter Hotel turning it into a 4 possibly 5 star boutique hotel & day spa.

City Council approves $16 million for Overton Square plan
By Sarah Baker
Memphis Daily News

Ron Kirkpatrick, one of the original developers of the French Quarter Suites Hotel, vowed to redevelop the vacant building into a four- or five-star hotel and day spa – a $10 million to $12 million project that would alone create 125 jobs – if the council approved funding

http://www.memphisdailynews.com/news...2/green-light/

[Johnny Ryall]

Originally Posted by arkitekte

I didn't know that the plans for the Peabody Place Mall was to turn it into suites. What rock have I been under? Are hotel rooms in downtown Memphis in that high demand for Belz to convert them into suites? It's funny because one would assume that retail would have been the best use for that area, but now we know that it wasn't. People just don't want to go downtown to shop.

Yep, I edited the post noting that it was the first time I've heard that it is to be 210 suites and that it has grown by $20 million to $75 million as it was first proposed at $55 million. Also, I heard that some demolition work has taken place on the upper floors, preparing for construction. No renderings have been released that I know of, but I've heard the concepts are incredible. Just imagine that building with windows & new exterior with the inside as an open-atrium hotel.

Memphis needs more hotel rooms downtown, but market & lending conditions make that difficult right now. We've actually been passed over for convention business because we don't have enough rooms to support our convention center. Other proposals waiting are a downtown Hyatt on Front St next to the Morgan Keegan Tower, downtown Hilton @ 4th & Linden and now the new proposal for a select services hotel next door to the proposed Hilton. Projects moving forward are Bass Pro Shops building a hotel @ the Pyramid & downtown Marriott will add a 10-story tower.

Peabody Place mall was a cool idea, but ultimately people who shop downtown like boutique stores as seen with South Main. They never even opened the top couple floors in that place. Then you have problems with 22 cinema screens, dance club & sports bar attached on to a place with climate control & open to loitering. I believe Peabody Suites will have all new ground floor retail, restaurants & meeting space with suites on upper floors, a much more feasible mix for the facility & the surrounding area.

[Dale]

I do have fond memories of the mall though, taking my kid to play flourescent putt-putt golf, the restaurants and unique shops, etc. Pity it didn't work.

[photoLith]

Originally Posted by Johnny Ryall

Here's some new numbers for Peabody Suites I haven't seen before. The project will contain 210 rooms and has grown by $20 million since first proposed at $55 million.

The Peabody Memphis to launch renovation project in 2012
Memphis Business Journal



http://www.bizjournals.com/memphis/n...to-launch.html

COURTESY THE PEABODY MEMPHIS

That is a gorgeous building, glad to see Memphis is doing so much good these days.

[Johnny Ryall]

Once the towering jewel of Downtown Memphis, rehabbing of Sterick Building poses tall order
The Commercial Appeal

Once the Queen of Memphis, the Sterick Building reigned as Tennessee's tallest structure from 1930 through the mid-1950s, only to fall vacant and unwanted, if not unloved, 25 years ago. Despite a flurry of behind-the-scenes activity, it's unclear if or when the Sterick's fortunes will rise again. It's too big and challenging to develop in today's brutal real estate environment.

But Downtown officials fear that ultimately, saddled with a 330,000-square-foot white elephant, the owner will do as little as possible until a 99-year land lease runs out in 13 years. "To the credit of the property owners, it's not boarded up. It's not as bad as it could be," said Paul Morris, president of the Downtown commission. "What's not acceptable is the plan to do nothing, to cocoon the building and leave it. It seems right and just to me to demand they comply with the law," Morris added.

http://www.commercialappeal.com/news...kyline-orphan/

Photo by Alan Spearman

[arkitekte]

^^^^That was a good article, the comment section however was just about as lame as any CA comment section. Hopefully something will be done with the Sterick building, but as we all know, its going to be hard to find a plan that will be economically feasible. I'm afraid that it will eventually be demolished along with the Sears building.

[Johnny Ryall]

Landers Auto Group inks naming rights for DeSoto Civic Center
Memphis Business Journal

Landers Auto Group has acquired the naming rights to DeSoto Civic Center, which will be renamed the Landers Center. The 8,400-seat, multi-purpose Landers Center, home to the Mississippi RiverKings of the Southern Professional Hockey League, was built in 2000.

http://www.bizjournals.com/memphis/n...ng-rights.html

MBJ