Tom Intrator's Pinch/South Main projects and Union Row redefine 'mixed-use
MEAGAN NICHOLS | MEMPHIS BUSINESS JOURNAL
"Mixed-Use" is the BRED awards' most ill-defined category.
How does one categorize mixed-use? Combine at least two of any of the other categories in some significant measure. Stir them up. Add some developer vision and let’s be honest probably at least a splash of tax incentives and you’ve got a Mixed-Use project on your hands.
Intrator hits Pinch with $1.1B plan — Winner
In the development world, few names are met with more curiosity than that of Tom Intrator.
A New York developer, Intrator has been on a Memphis property-buying spree.
He made big headlines in early November 2019 when his $95 million plans for the redevelopment of five South Main properties were fully revealed (see later on in this post for more).
Two weeks later, he turned every head in the market with a proposal dwarfing his South Main projects.
In mid-November, Intrator’s development company — 18 Main LLC — made public a $1.1 billion, multiblock project in the Pinch District. Those plans call for the construction of luxury, multifamily buildings, two hotels, retail, office, and green space located between the campus of St. Jude Children’s Research Hospital and Bass Pro Shops at the Pyramid.
Phase one of that Pinch project is expected to see an investment of more than $600 million and include 940 apartments, 400 hotel rooms, 160,000 square feet of retail, and 200,000 square feet of office. Phase two is set to total $486 million.
The project has already received local incentive approvals but is still awaiting ones from the state. It is set to reap the benefit of its location in a Tourism Development Zone (TDZ) and of a 30-year payment-in-lieu-of-taxes (PILOT).
Brokers involved in Intrator’s Pinch portfolio included Tucker Beck and Dean Fowler of Crye-Leike; Jeff Higdon of Avison Young; and Melanie Myers of The Gary Myers Co. Josh Kahane and Chris Lamberson of Glankler Brown PLLC are Intrator’s local legal representatives.
Intrator flips for $95M in South Main projects
From South Main to the Pinch District, Tom Intrator has big things on the horizon for Downtown Memphis. Like, all of Downtown.
His South Main plans include a $95 million redevelopment of five buildings: 386 S. Main St., 311 S. Main, 122 S. Main, 107 S. Main, and 324 S. Front St.
Intrator has said a multibuilding approach is an effort to turn South Main into a “showcase” neighborhood.
At 324 S. Front, he wants to create 165 apartments and retail space, plus a new, five-story building.
The vacant building at 107 S. Main will be retrofitted into office space with ground-floor retail. The former Royal Furniture at 122 S. Main is slated to be a Dream Hotel, with a restaurant, coffee shop, and rooftop bar.
In an application to the Downtown Memphis Commission (DMC), Intrator’s company — 18 Main LLC — said the 311 S. Main property could potentially include food and beverage, office, and lifestyle uses.
Intrator also has plans to create 24 upscale units above retail and office space in a vacant lot and empty building at 386-390 S. Main St.
Chris Garland with the Garland Co. represented Intrator in all purchases. Austin Ehrat with CBRE was the broker for Front Street seller Drapac Capital Partners.
Local attorneys for Intrator were Josh Kahane and Chris Lamberson with Glankler Brown PLLC.