VOL. 133 | NO. 134 | Friday, July 6, 2018
Hotel Planned For Fourth and Beale Vacant Nightspot
By Bill Dries
Plans for a five-story 120-room hotel on the northeast corner of Fourth and Beale Street go to the Center City Revenue Finance Corporation Tuesday, July 10, seeking a 15-year tax break for the $16 million project.
The proposal by TCH Memphis LLC would demolish the existing vacant nightclub at 380 Beale Street, the corner which was built originally in the 1970s as the Muhammad Ali Towne 2 Cinema.
The movie theater then became a series of nightclubs on property owned by the late George Miller, who was the original leader of the Beale Street Development Corporation.
The property is owned by Miller Memphis Inc., according to CCRFC documents, which lists a Detroit address.
The Plush and Crave nightspots in the building were just outside the formal borders of the Beale Street entertainment district and drew complaints of violence including shooting around and inside the clubs.
As Crave, the nightspot was closed under an Environmental Court order declaring it a nuisance under state law.
In recent years, Steve Adelman and J.W. Gibson, the owners of the New Daisy Theatre, had planned a renovation of 380 Beale as a nightclub Adelman called The Palace. Despite banners around the building and some evidence of preliminary work, the renovation has never been completed.
No application from TCH Memphis is included in the CCRFC agenda released Wednesday. But a staff report by the CCRFC says the property currently generates $18,678 a year in city and county property taxes. TCH would make an annual payment of $80,683 a year in lieu of taxes if granted the 15-year PILOT – or payment in lieu of taxes. Over that 15-year period, the property with the hotel on it would generate an increase of $930,067 in city and county property taxes.
Nick Patel of TCH Memphis is also the developer of a 140-room Hilton Garden Inn currently under construction on Union Avenue across from AutoZone Park where the Greyhound bus station once stood. TCH, which is also known as Turkey Creek Hospitality of Knoxville, also has plans for a Holiday Inn Express on the same block.