Big Changes Ahead for Memphis’ Tallest Building!
Hey there, Memphis! Exciting news is brewing as the redevelopment of our city’s tallest building, 100 N. Main, is officially moving forward. After tons of planning, the development group has finally worked out a deal to acquire the tower, and let me tell you, it’s shaping up to be quite the project!
A New Partnership
The group behind this ambitious $300 million redevelopment project is called 100 North Main LLC. This exciting joint venture is made up of local Memphis developers and a well-known team from Kansas City. The original plan for purchasing the building was a bit complex, but now it looks like they’ve simplified things quite a bit. This has made both the developers and the Downtown Mobility Authority (DMA) eager to get things rolling.
Changing the Purchase Agreement
So what’s changed? Initially, the developers were going to buy the building in phases. Phase one was supposed to involve purchasing just the tower and its garage for $1.25 million, followed by another $5 million for the remaining part of the property. Now, the entire 2-acre site will be purchased all at once for just $4.5 million. And here’s the kicker—the payment will come in the form of a low-interest, long-term loan from the DMA!
That sounds confusing, right? Just think of it as a loan instead of a typical sale. The development team will be paying back this loan at an incredibly low interest rate of only 1% over five years. Then, after 60 months, they’ll make a balloon payment to clear the loan. If they can’t move forward with development for any reason, there’s a clause that lets the DMA buy the property back. This way, our beloved political body keeps its options open as we all want the best for Memphis.
Getting Excited
If everything goes according to plan, the transfer of the building should be occurring in about 30 to 45 days. And what does that mean for us? Well, the new owners can finally start working on turning 100 N. Main into a stunning new landmark for Memphis! Even without officially owning it yet, the team has already begun making great strides.
As of now, the total project cost has increased to about $309.8 million. When completed, this ambitious redevelopment will include around 80,000 square feet of office space, which the City of Memphis will occupy long-term, a beautiful 160-key four-star hotel, and approximately 200 apartments. Oh, and let’s not forget about the rooftop! Imagine a place to relax with a pool, deck, outdoor bar, lounge, and an event lawn. Sounds like a little slice of heaven, doesn’t it?
Making Progress
We’re all about progress here in Memphis! The developers have already started some major cleanup efforts, removing all the old furniture, trash, and a lot of other things that have lingered in the building for too long. They’re also working on all the nitty-gritty things like hazardous material abatement and are stripping multiple floors back to their original state to set the stage for an amazing transformation.
What’s Next?
The DMA board is set to vote on the new purchase agreement soon, and we’re hopeful for a positive outcome! Overall, the staff report assures us that the project, while not without its challenges, is steadily on track. The development team is dedicated and optimistic about their ability to turn 100 N. Main into something truly spectacular for Memphis.
As things unfold, keep your eyes peeled for more updates, and let’s stay excited about the future of our city! This project could bring a lot more life and energy to downtown Memphis, and we can’t wait to see what it becomes!
