VOL. 133 | NO. 145 | Tuesday, July 24, 2018
Carlisle to Partner with Highwoods, Hyatt on One Beale
By Patrick Lantrip
For more than a decade the Carlisle family’s dream of their One Beale development becoming a reality always seemed just out of reach.
But when a visibly emotional Chance Carlisle finally announced Tuesday, July 24, that the on-again, off-again project first envisioned by his late father would finally break ground in January, that dream seemed as close to reality as it ever has.
“It’s a question that we have been trying to solve since 2005,” Carlisle said of the One Beale development. “It certainly hasn’t been easy, but there was never any doubt that today would come.”
Carlisle also announced several development partners for the $225 million mixed-use project that will span 5.5 acres near where Beale Street meets the Mississippi River.
For the hotel portion of the development, Carlisle will partner with Hyatt Hotels Corp. to build a four-star, 227-key Hyatt Centric hotel. Carlisle said a portion of the historic Ellis Machine Shop building at 245 S. Front St. will be used for the hotel’s 15,000-square-foot conference and meeting space.
Hyatt will own 50 percent of the hotel and has agreed to operate the hotel through a long-term management agreement.
Additionally, Carlisle will develop and manage a 227-unit residential apartment building that will have 15,000 square feet of office space and roughly 10,000 square feet of restaurant space as a part of the project’s first phase, which will carry a $130 million price tag.
Carlisle will partner with marquee Memphis chefs Andy Ticer and Michael Hudman for the riverfront restaurant concept. The pair previously partnered with Carlisle in the nearby Chisca building where they opened a Catherine and Mary’s.
“Over 14 years, a lot of pieces have come together to make this happen,” Carlisle said.
Also in phase one are plans for a 475-space parking garage that will begin construction in January along with the multifamily and hotel portions of the development.
Over the expected two-year construction process, One Beale’s first phase is estimated to produce more than 1,400 full-time construction jobs and have an economic impact of nearly $300 million. Once completed, the massive Downtown development is expected to generate $2.25 million in additional city and county tax revenue.
General contractors will be selected later in the year.
For the second phase of the project, Carlisle announced his company would be partnering with Raleigh, North Carolina-based Highwoods Properties Inc. on a 200,000- to 400,000-square-foot Class A office tower.
“This is a very important project for the region and we’re very excited to be a part of it,” Highwoods vice president Steve Guinn said. “Without question… this is the best office site in the region; it doesn’t get any better than the corner of the Mississippi River and Beale Street.”
Highwoods and Carlisle said construction of the office tower is contingent on the landing of an anchor tenant, which the two companies are in the process of working on with the Greater Memphis Chamber to obtain.