VOL. 123 | NO. 44 | Tuesday, March 4, 2008
Memphis Real Estate Recap
Permit Filed to Build Downtown Courtyard By Marriott
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
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.