VOL. 130 | NO. 131 | Wednesday, July 8, 2015
Carlisle Corp. Alters One Beale Plan
By Amos Maki
Carlisle Corp. has revised plans for its ambitious, $160 million One Beale development at the foot of Beale Street in Downtown Memphis.
The south tower, which will include a four-star hotel, will now stand 18 stories tall, down from 22 stories as previously planned.
Carlisle Corp. has modified the master plan for the $160 million One Beale project in Downtown Memphis. The project goes before the Center City Revenue Finance Corp. July 14.
(Hnedak Bobo Group)
“When we presented our development in the February Center City Revenue Finance Corp. meeting, we stated that the hotel was the latest component and would need further evaluation to design and build the appropriate room and meeting space mix in order to meet the marketplace demand,” said Chase Carlisle, director of real estate and development for the family-owned, Memphis-based company. “The result of that work is an 18-story, 255-key, full-service, four-star hotel with approximately 22,000 square feet of meeting/conference space.”
There also have been changes made on the north tower’s proposed plan. It will still feature 30 stories and 280 apartment homes, but Carlisle Corp. has increased the amount of commercial space to 13,200 square feet.
The developer is planning a second quarter 2016 groundbreaking and a 30-month construction timeline.
The changes come before Carlisle Corp.’s appearance at the CCRFC meeting scheduled for Tuesday, July 14.
By the Numbers: One Beale
Total cost: $160 million
Number of residential units: 280
Commercial space: 13,200 square feet
Number of hotel rooms: 255
Meeting space: 22,000 square feet
Restaurant space: 8,900 square feet
Parking garage: 544 spaces
Construction start: Q2 2016
Construction period: 30 months
One Beale, planned for the corner of Beale Street and Riverside Drive, is one of the most ambitious developments in Memphis in years. In addition to the apartments, hotel rooms and meeting space, it will house a 544-space public parking garage.
In June, Carlisle Corp. got a tentative green light to move forward with One Beale, convincing regulators that the twin skyscraper development would be a game-changer for the Memphis skyline.
The Memphis-Shelby County Land Use Control Board on Thursday, June 11, approved the plan’s broad outline.
But that day’s hearing at City Hall was just the first step in what promises to be a long march toward final approval of the $160 million project.
The developer still must gain approval from the Memphis City Council and Downtown Memphis Commission before making another appearance at LUCB. The board voted to see the final site plan after some neighbors voiced concerns over its density, blocked views and potential traffic problems and noise resulting from the new development.