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VOL. 132 | NO. 70 | Friday, April 7, 2017

Plans Emerge for New Beale Street Hotel

By Patrick Lantrip

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A new boutique-style hotel may be coming to Beale Street in the near future.

Amit Patel and Kamlesh Patel with KNM Development want to turn three vacant parcels of land between Fourth Street and Danny Thomas Boulevard into a Vib by Best Western, according to a special permit application recently filed with the Shelby County Land Use Control Board.

Located at 404 Beale, the six-story, 101-room hotel would also have an adjacent five-level, 103-space parking garage that fronts Gayoso Avenue.

Best Western launched the Vib “urban boutique” hotel concept in October 2014 and has locations in Chicago, Miami, New York, Little Rock and Seoul, South Korea, according to its website.

Amit Patel originally purchased the property in 2014 and is the owner of several other Downtown locations, including the historic Dermon Building, which he purchased in January 2016.

In that sale, the 100,000-square-foot building went for $1.5 million and the adjacent parking lot for $310,000, according to the warranty deed.

Chris Garland with Garland Company Real Estate represented Amit Patel and told The Daily News at that time the building would be turned into a hotel after a “complete gut.”

Patel also owns property under the KNM name at 315 S. Front St. and 285 Gayoso Ave.

Efforts to reach the applicants were unreturned by press time.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
FORECLOSURE NOTICES 8 56 2,461
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314
BUSINESS LICENSES 15 125 5,303
UTILITY CONNECTIONS 17 125 6,273
MARRIAGE LICENSES 19 98 3,511