Loeb Properties Inc. has closed its $7 million acquisition of Overton Square, after many months of negotiations with former owner, Denver Colo.-based Overton Square Investors LLC.
The land totals eight acres, and excepting several parcels, is bounded by Court Avenue on the north, Cooper Street on the east, Monroe Avenue on the south, and Florence Street on the west.
Earl Williams, Loeb chief financial officer and chief operating officer, represented the local commercial real estate developer in the deal.
“We are thrilled,” Robert Loeb, president of Loeb Properties, said in a statement. “We’re pleased to join ranks with Playhouse on the Square, Memphis Heritage, Livable Memphis, the Lick Creek Coalition and a dozen other community organizations who collectively articulated the concept for revitalizing the critical part of Memphis.”
Loeb Properties has already begun improvements to the property, and plans to begin full-scale renovation and redesign of the existing buildings in August.
“Leasing is ahead of projections, with a majority of the restaurant space already in the pipeline or committed,” Loeb said. “We are now focusing on attracting the right mix of boutique retailers to the district.”
Earlier this week, Loeb announced a new lease with Bar Louie for 5,560 square feet at 2125 Madison Ave. The Addison, Texas-based neighborhood restaurant and bar franchise will occupy the space at the southwest corner of Madison and Cooper that originally housed Playhouse on the Square in the 1970s.
The signing marked the second significant restaurant leasing this year for the Overton Square project, following the April announcement that Memphis-based Local Gastropub was opening a second Memphis location at the northwest corner of Madison and Cooper in the old Yosemite Sam’s space.
Loeb Properties is investing more than $20 million to revive the arts and entertainment district and expand Overton Square’s footprint to about 115,000 square feet, including the redesign of existing buildings and construction of new buildings. The overall project – which features a proposed three-level, 450-space parking municipal garage with water detention facility underneath – is a public/private partnership.
Loeb Properties projects that Overton Square will be fully open for business by fall 2013.