As 2020 kicks off, more than $5 billion in projects are underway in Downtown Memphis, according to the Downtown Memphis Commission.
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Four new hotel projects have joined Downtown Memphis' largest developments, adding hundreds more rooms to an already long list of hotels that are in various stages of planning and construction or have recently opened.
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The developer said density is key for the Pinch District because a significant amount of office space, apartments, and retail need to be built for any of them to be successful. If he just built the 940 apartments that are projected to be part of phase one, he doesn't think they would be leased.
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Whether through franchise agreements, management deals, or some other structure, Intrator will invest in all the restaurant and hotel operators filling his developments, he said.
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City Council members approved development milestones Tuesday, Dec. 3, in three major Downtown development projects.
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A Downtown board primed a big pump Monday, Dec. 2, approving a combined $306 million in tax incentives -- with another $143 million anticipated -- to let flow $1.4 billion in development on the east and north edges of Downtown’s core.
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The New York-based investor just spent $2.43 million on parking lots at 388 N. Front St. and 367 N. Main St., which contain a combined .8 acres.
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The New York-based investor spent $3.5 million on the three-parcel parking lot at 364 N. Front St. — more than six times the amount it sold for in 2006.
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New York developer Tom Intrator has purchased three Pinch District properties: 400 N. Front St., 429 N. Main St., and 396 N. Main.
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New York-based developer Tom Intrator has been considering redevelopment projects in Downtown Memphis for years, but he hasn't been confident in the timing.
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