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VOL. 133 | NO. 155 | Tuesday, August 7, 2018

Loeb Presents Renderings of New Hotel Proposed for Overton Square

Special to The Daily News

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New renderings were released Tuesday of an Overton Square hotel tall enough – at seven stories – for rooftop bar patrons to see much of Midtown, including Overton Park six blocks to the north.

Loeb Properties distributed the images after submitting a re-zoning application to the Land Use Control Board. The planning board will consider the request for approval of the planned development next month.

The yet-to-be-named hotel will rise on 1.3 acres and fill much of the surface parking lot at the northeast corner of Cooper and Trimble. The hotel will be immediately north of Hattiloo Theatre.

Loeb Properties released images of its proposed hotel in Overton Square. (Renderings courtesy of The Renaissance Group)

The Land Use Control Board will consider the project at 10 a.m. Sept. 13 at City Hall.

Loeb Properties and its partners, boutique-hotel developer LRC2 Properties and hotel-management firm MMI Hotel Group, have described a $24 million hotel with up to 109 rooms in the revived entertainment and restaurant district.

The hotel is designed in part to support the live performance venues of Overton Square, including Playhouse on the Square, Circuit Playhouse, Hattiloo Theatre and Ballet Memphis.

The hotel also is intended to serve travelers drawn by nearby Rhodes College, Christian Brothers University and other Midtown institutions, Loeb officials have said.

The 75,000-square-foot building will offer both rooftop and ground-floor food and beverage service, including patio tables along the Cooper and Trimble sidewalks.

The hotel will be part of Marriott’s boutique “soft brand” called Tribute Portfolio.

The building’s design strives to complement Overton Squares architectural styles, according to a Loeb Properties statement.

The structure is “designed to match the Square’s unique architectural style with high-end finishes that incorporate local historic imagery,’’ the release states. “The hotel will include expressive design moments, vibrant public spaces, and a flexible food and beverage model including a rooftop bar overlooking Midtown and Overton Park.’’

The design includes arched as well as rectangular windows, and striped awning.

In addition to a restaurant and roof-top bar, the hotel will have a coffee bar.

A drop-off lane for luggage and valet service will be carved off Cooper by the entrance.

Construction would start in November and the hotel would open by the first quarter of 2020, according to the Loeb statement.

Last fall, the Economic Development Growth Engine (EDGE) of Memphis & Shelby County approved a “Community Builder’’ incentive for the project that will save the developers $6.1 million in property taxes over 15 years.

The hotel and restaurant will employ about 35 hotel workers, 25 food-and-beverage employees, and five people in management.

Overton Square’s resurgence has created some pressure on parking in recent years, and the hotel will consume more of the existing, surface-lot spaces. But the developers’ application states they commissioned a study that shows the amount of parking available still exceeds zoning requirements.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 51 328 20,960
MORTGAGES 58 387 24,132
FORECLOSURE NOTICES 6 54 3,101
BUILDING PERMITS 170 842 43,435
BANKRUPTCIES 50 288 13,468
BUSINESS LICENSES 34 90 6,712
UTILITY CONNECTIONS 16 110 7,899
MARRIAGE LICENSES 32 91 4,734