Significant Development Property in Downtown Memphis Listed for Sale
Memphis, TN – A significant collection of land parcels in Downtown Memphis, owned by esteemed developer Tom Intrator, has been listed for sale as mixed-use development and investment opportunity. This announcement marks a crucial stage in the history of Memphis’s commercial real estate sector.
The Listed Property
Intrator’s 21-parcel Pinch District development site is being marketed for sale by commercial real estate firm, Newmark. Though the sales price is not disclosed in the listing, it casts light on investment efforts by Intrator’s real estate firm, 18 Main LLC, which has poured $500-million into securing incentives, construction, and zoning permit approvals. The Pinch District developmental project stretches from Shadyac Avenue to Jackson Avenue, encompassing a significant area of Downtown Memphis.
Anticipated Developments
Proposed as a unified development in 2019, the Pinch District project was planned to house multifamily dwellings, commercial and office spaces, and a yet-to-be-named hotel, with 406 rooms. The development was slated to host 942 residential units and more than 169,000-square-foot retail space. Construction has not commenced on the site yet, but the project’s first phase was expected to start in December 2023 and complete by 2027. The anticipation surrounding the project makes the sale listing significant.
Financial Incentives and Commitments
The Center City Revenue Finance Corp., an affiliate board of the Downtown Memphis Commission, approved the extension of payment-in-lieu-of-taxes (PILOT) incentive. The original incentive, approved for 30 years, has been extended to May 9, 2024. This extension reflects a commitment from the board to promote real estate development that would bolster the local economy and trim down the burden on developers.
Remaining Property Ventures
Intrator is known for his various Downtown Memphis properties. Currently, he is also engaged in transforming the former Royal Furniture Co. site at 122 S. Main St. to the 171-room Dream Hotel. This project too has encountered delays. In November 2023, a nine-month extension was approved for the special use permit, extending it to September 1, 2024. A construction permit worth $75 million was filed for the hotel’s site in August 2023. Plans include the construction of a 14-story tower above the existing three-story building, reflecting the design approved by the Design Review Board in July 2023.
The listing for sale of the large and significant Pinch District property marks an exciting period for Memphis’s commercial real estate sector, leaving all eyes on who will take on the mantle of these promising development projects.
