VOL. 130 | NO. 132 | Thursday, July 09, 2015
New Hotel Planned for Downtown Memphis
By Amos Maki
Two Ohio-based development firms plan to build a new hotel on a vacant site in Downtown Memphis.
The Orlean Co. of Beachwood, Ohio, and Ceres Development LLC of Westlake, Ohio, plan on building a Cambria Suites on a 3.3-acre lot on the south side of Union across from Fourth Street, just west of Danny Thomas Boulevard.
Renderings submitted to the city-county Office of Planning and Development show a four-story, brick and glass building built close to the street. It is unclear how many rooms the hotel will include.
The Cambria Suites brand caters to business travelers. Each room offers a separate workspace, and the hotels also feature a gourmet coffee bar and a “24/7 convenience store with comfort food as well as healthy and organic snacks,” among other perks.
The site of the planned hotel includes three addresses: 267 Union, 285 Union and 283 Gayoso Ave. The properties are currently owned by Collierville-based Engraph Inc., and the Ohio firms have the properties under contract. The Shelby County Assessor’s combined 2015 appraisal for the properties is $1.5 million.
• East Memphis’ newest retail center has signed its first tenant.
Holiday Deli & Ham has inked a lease for 4,838 square feet in the shopping center under construction at 6450 Poplar Ave.
The 29,000-square-foot center, located near Poplar and International Drive, is being developed byCrown Centre LLC, which is affiliated with Fogelman Investment Co.
“We are talking to another restaurant that will be new to town as well as a few service-related tenants,” said Danny Buring of The Shopping Center Group LLC.
Buring, who represented the landlord in the lease transaction, said a new traffic light is being installed near the center.
Parrish Taylor of CB Richard Ellis Memphis, represented Holiday Deli in the deal.
• The Shops of Chickasaw Gardens has seen a surge in leasing activity.
Cricket Wireless signed a 5 1/2-year lease for 2,800 square feet at 3163 Poplar Ave. Memphis Gold Buyers signed a three-year renewal for 1,520 square feet at 3129 Poplar Ave. Meagan’s Nails also signed a lease for 2,100 square feet at 3149 Poplar Ave. Southern Security Federal Credit Unioninked a lease for 2,330 square feet at 3183 Poplar Ave.
Barry Maynard and Frank Dyer of Loeb Realty Group represented the landlord, CW Capital, in the transactions. Shawn Massey of The Shopping Center Group LLC represented Cricket in that transaction.
“The Shops of Chickasaw Gardens is seeing new life – and the fact that this center offers fantastic visibility with good ingress/egress, it was just a matter of time before we started increasing occupancy and filling this center up with good mom-and-pops, regional and national users,” said Maynard. “As the demand for good Poplar Avenue frontage space is as strong as it has been in years and there is little to no new speculative space being built, naturally occupancy up and down Poplar has been filling up.”