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VOL. 123 | NO. 44 | Tuesday, March 04, 2008

Permit Filed to Build Downtown Courtyard By Marriott

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75 Jefferson Ave.

Memphis, TN 38103

Permit Amount: $11.8 million

Project Cost: $21 million

Permit Date: Applied February 2008

Completion: Summer 2009

Owner: Memphis Courtyard

Tenant: Memphis Courtyard

Architect: Bounds and Gillespie Architects PLLC

Contractor: TBA

Details: Atlanta-based Summit Management Corp. has filed a permit to build an eight-story, 131-room, full-service Courtyard by Marriott hotel at the southwest corner of Jefferson Avenue and Main Street, near historic Court Square.
This will be the first Courtyard by Marriott in Downtown, but not Summit's first property there. The company built two neighboring hotels: the Sleep Inn in 1996 and the SpringHill Suites by Marriott in 2001, which included a renovation of the historic Kress Building. Both hotels are along Main near Court Square.
Construction on the latest project will begin within 30 to 90 days, said Summit president Greg Averbuch.
"We're trying to hit that with the spring weather change," he said. "We had hoped to be under way before the weather changed in the winter, but everything takes longer than what you'd like for it to."
The hotel should be finished in 15 months, plus or minus a couple of months, Averbuch added.
Forty percent of the Courtyard guest rooms will have two queen-sized beds and 60 percent will have king-sized beds. The hotel will have a restaurant and bar facing Main.
Averbuch said the company will perform renovations of its other two hotel properties in the next year. Summit is in the final stages of the permit process, including the selection of a general contractor.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 137 550 13,176
MORTGAGES 136 615 17,085
FORECLOSURE NOTICES 19 74 3,364
BUILDING PERMITS 223 924 28,618
BANKRUPTCIES 73 376 10,866
BUSINESS LICENSES 20 131 4,335
UTILITY CONNECTIONS 0 472 16,821
MARRIAGE LICENSES 30 130 3,821

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