Downtown Memphis Commission Selects 100 N. Lead Proponent

The Downtown Memphis Commission has selected a local development group to advance redevelopment efforts at 100 N. Main. The development group, 100 N. Main Development Partners, is made up of Kevin Woods, Billy Orgel, Jay Lindy, Adam Slovis and Michael McLaughlin.

The Downtown Mobility Authority, which owns the tower, voted on Wednesday to open exclusive negotiations with the team. A development agreement would be signed at a later date after the developers had completed further environmental and technical testing and other due diligence.

“Ownership will not pass to us until the deal is finalized. But this resolution provides assurance to the development team so they can spend the money necessary to close this deal,” the president said. by DMC, Paul Young.

He said the group stands out not only because of the proposed uses for the building, but also because of its stated commitment to including minority and women-owned businesses throughout the process, from which they raise funds. capital for the actual construction.

“Our team, our partners are not only engaged, but committed to building a diverse coalition to truly reimagine space,” Woods said. “Also, we have not been excused for creating minority wealth in this community.”

The team was also willing to pay the DMC the purchase price it paid for the building, approximately $10.7 million.

The renderings show how the floors of 100 N. Main could be distributed among uses if 100 N. Main Development Partners redevelops the tower.

“The value of having a local team and having local connections…you’re going to see the community through different eyes, and you have a different commitment to sticking with a project when you encounter these unforeseen challenges, which will arise inevitably as they get into this project,” Young said in an interview with The Commercial Appeal.

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100 N. Main details of the project

The group is proposing an estimated $268 million overhaul of Memphis’ tallest building to include 180 to 210 apartments, a full-service hotel and 38,000 square feet of retail, dining and amenities on the roof. The existing 400-space parking lot on the site will be renovated and an additional 352-space parking lot will be added.

The building’s exterior will get a facelift but will be largely preserved so developers have access to historic tax credits, which could provide up to $34 million for the project.

According to the proposal submitted to the DMC, the team will also apply for parking incentives, a capital improvement grant and a 30-year payment in lieu of tax incentive.

Proposed uses also include 60,000 square feet of office space for the City of Memphis. The city has long considered moving employees who occupy rented offices elsewhere to 100 N. Main or to another downtown building near City Hall.

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The group is also planning new infill construction on the south end of the site, which is bordered by Main Street, Adams Avenue, Second Street and Jefferson Avenue. This infill development will feature 140 apartments and 3,000 square feet of retail space.

Renderings show a swimming pool and observation deck for apartment tenants on the eighth floor, offices on floors 9-14, hotel rooms on floors 15-21, apartments on floors 22-35, and a swimming pool hotel on one of the upper floors. There will also be a rooftop restaurant.

Rendering of the proposed development for 100 N. Main building downtown.  The plans come from the Downtown Memphis Commission, in partnership with the Downtown Mobility Authority and the City of Memphis.

The ground floor will include a restaurant, hotel lobby, rental office and retail space. Once the development team acquires ownership from DMA, construction is expected to take about 28 months, Young said.

According to the proposal, the team seeks to adopt a “restorative and sustainable design approach”.

“Although 100 North Main is currently in a state of disrepair, it remains the tallest building in downtown Memphis, offering intrinsic value in its monumental form with an array of exceptional city and river views. Mississippi,” the proposal reads. “This design solution specifically uses the tower design rigor and repetitive detailing to inform the newly designed apartment component on the south side of the site. The strategy results in a visual awareness of the unification of the whole site and how the old form can still inspire a new cutting-edge design solution.”

The development team has developed and redeveloped several properties around Memphis, including the Tennessee Brewery building and the FedEx Logistics headquarters in the former Gibson guitar factory.

How was a development team selected?

100 N. Main Development Partners, led by Woods, was one of 11 teams that submitted plans to the DMC to revitalize the derelict 37-story downtown tower. A review team made up of community members, members of various DMC boards, the pastor of Calvary Church and a representative from Shelby County Land Bank narrowed the field down to six finalists, who were announced at the end of last year.

The review committee then identified two teams that stood out: the team led by Woods and a team from two Kansas City-based companies, Block Real Estate Services and Sunflower Development Group. Representatives from Block Real Estate Services declined to speak to The Commercial Appeal before a public announcement was made about 100 N. Main.

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November 8, 2021 - Inside the abandoned 100 N. Main skyscraper, which the Downtown Memphis Commission will sell to a developer early next year.

Young said the review committee reached out to both teams about the idea of ​​a partnership on the redevelopment project. Both teams said they were open to a partnership, but wanted a clear structure indicating which team was the lead developer. The review committee selected 100 key development partners.

“The team has no partnership responsibilities, but we’ve made it clear that we’d like to see their team partner with Block-Sunflower or any other team in the process,” Young said.

Although no partnership has yet been determined, the development team has indicated which other entities it will work with to redevelop the site.

Winston Hotels will be the partner for the hotel space. Judith Johnson will be the preservation consultant for the project, while Grinder, Taber & Grinder will be the contractor.

Design Love Studio will be the project architect while Kimley-Horn will be the civil engineer and landscape architect. M&M Enterprises will manage the apartments. Allworld Project Management will also be involved in the redevelopment effort.

Corinne S Kennedy covers economic development and health for the business appeal. She can be contacted by email at [email protected]

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