Big news came this week for both Beale Street and Broad Avenue.
Plans for the
One Beale project came into clearer focus, and
Loeb Properties announced it would open a mixed-use development in the Broad Avenue Arts District.
One Beale LLC, a development of Memphis real estate and restaurant group
Carlisle Corp., will present conceptual plans to the Center City Revenue Finance Corp. next week. The $150 million project will include two towers, one of which will reach 30 stories high.
The mixed-use One Beale will consist of 280 residential apartments; a 300-room, four-star hotel; 40,000 square feet of retail and hotel meeting space; 20,000 square feet of Class A office space; and an 800-space public parking garage. It will occupy the corner at Beale and Riverside Drive, a transformative location for Downtown Memphis.
Next week's plan presentation is preliminary in scope. Carlisle hopes to gather public feedback on One Beale because of its scope, complexity and location.
Development costs, design plans and further financial analyses must still be finalized, and Carlisle and the
Downtown Memphis Commission expect to present terms of a proposed private-public partnership at a later date.
One Beale originally was announced in 2007, but the economic crisis scaled back and then altogether shelved the development. Carlisle confirmed last year it would resurrect a portion of its One Beale plan but hadn't committed to the original two-tower design until now.
Further east, Loeb will renovate the old Sears Factory Outlet warehouse 2542 Broad Ave. and transform it into a 44,500-square-foot mixed-use development.
"We are looking to continue the momentum and expand the funky energy of Broad Avenue, but in a style that pays homage to the building's industrial roots," said Aaron Petree, Loeb's Vice President of Brokerage.
Potential tenants will have the option to lease a wide range of space, from 1,700 square feet up to 30,000 square feet. Loeb is targeting a diverse roster of users for the project. It currently is in negotiations with fitness, retail, entertainment and restaurant businesses and is looking to add other unique operations to the mix.
Construction on the $4 million redevelopment should start in the second quarter.
The warehouse, built in 1945, has been in Loeb's portfolio since 1995, when it purchased the property for $2.8 million. It is located on the north side of Broad, across the street from the majority of the district's redevelopment activity.
The iconic water tower will remain on site. The redevelopment also will include a unique parking component, located on the existing warehouse floor in the middle of the project.
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