Public/private partnerships planned for Downtown

South Main's most anticipated development projects are getting an anchor: a new parking garage at the corner of Tennessee Street and Butler Avenue.

 

The Tennessee Brewery developers are signing on with the Downtown Memphis Commission to build a $5 million public parking garage. The 300-space garage is a requirement for Tennessee Brewery's investors, and nearby areas will also benefit, such as the Memphis Farmers Market, the Emerge Building, the Memphis riverfront and the upcoming rebirth of Central Station.

 

The DMC is on the hook to finance the construction, but the Tennessee Brewery developers will build it at a guaranteed cost so taxpayer dollars won't have to be touched, according to Paul Morris, President of the DMC. "In addition we've structured the deal so that the developer is on the hook for operating the garage and takes the risk of any operating losses, and they will manage it probably through a professional parking management company," he added. 

 

Construction is likely to begin in the first quarter of next year and continue for 18 months.

 

Carlisle Corp. is one step closer to a dramatic change in Downtown's skyline. The proposed $150 million mixed-use One Beale project recently received unanimous approval from the Land Use Control Board. 

 

"Among the next steps, we've (the DMC) been working with them to structure a public/private partnership to make the project financable and achievable," said Morris. "We expect them to come before our board probably within the next month or two and then they will work with us in terms of coming up with the terms for a deal structure for a public/private partnership as well as having their design reviewed by our Design Review Board."

 

Carlisle Corp.'s development includes two towers to be erected on Beale Street between Wagner Place and Riverside Drive. The ambitious project covers 280 apartment units and a 300-room luxury hotel with restaurant, retail and event space opportunities. 

 

Passing the LUCB was a critical first step, but the project still needs approval from the City Council and the Downtown Memphis Commission's Design Review Board before returning to LUCB for final review.