NY developer to lead about $100M in Downtown Memphis investment
DESIREE STENNETT | THE COMMERCIAL APPEAL
Headlined by a 178-room hotel and a 165-unit apartment development, New York developer Tom Intrator has plans to lead about $100 million investment in Downtown Memphis' South Main neighborhood.
The budget will spread across five projects, applications for public incentives to help fund the projects show. The Downtown Memphis Commission's Center City Revenue Finance Corp. board will discuss all five incentives at a 9 a.m. meeting Tuesday at 114 N. Main St.
The biggest ticket item will be the $54 million Dream hotel that will take the place of Downtown's iconic Royal Furniture building at 122 S. Main St.
The three-story art deco building will remain on the site and Intrator, along with Shay Yadin, his partner on all five projects, will add several floors above it.
At 316 S. Front St. and 324 S. Front St. Intrator plans a $30 million mixed-use development that adds 165 apartments, about 10,000 square feet of retail and a 120-space parking garage.
In a pair of $7 million projects, Intrator will renovate two vacant buildings. One is a blighted four-story building at 107 S. Main St. The plan for that includes about 6,000 square feet of retail on the ground floor and 18,000 square feet of commercial and office space on the upper floors.
“We have actively pursued the stabilization and revitalization of 107 S. Main for years, from structural repairs to commissioning a mural for a more attractive view by locals and visitors of this shuddered property,” DMC president Jennifer Oswalt said in a prepared statement, adding that with the addition of the Dream Hotel, Intrator will transform that stretch of Downtown. "We applaud the vision and continued investment in Downtown."
In a vacant warehouse building at 311 S. Main St. Intrator plans commercial use across about 30,000 square feet. That could include office space, a gym, a casual dining restaurant or retail.
“We want to build density, fill gaps and activate these spaces with people and concepts that encourage heightened activity," Intrator said.
The final of the five projects is at 386 S. Main St. where Intrator will bring 24 apartment units and build a parking lot. That project is expected to cost about $6 million.
For each of the projects, Intrator and Yadin are requesting a payment-in-lieu-of-taxes incentive. If approved, the hotel would see its property taxes lowered for 20 years and the other projects would get a 15-year tax break.