VOL. 133 | NO. 135 | Monday, July 9, 2018
Memphis Real Estate Recap
New Beale Street Hotel, A Vehicle ‘Vending Machine,’ and New Life on Former Buccaneer Site
By Patrick Lantrip
380 Beale St.
Memphis, TN 38103
Project Cost: $16 million
Application Date: July 10
Owner: Miller Memphis Inc.
Tenant: TCH Memphis LLC
Details: Plans for a five-story, 120-room hotel on the northeast corner of Fourth and Beale Street go to the Center City Revenue Finance Corp. 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 St., the corner that 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 Corp.
The property is owned by Miller Memphis Inc., according to CCRFC documents, which lists a Detroit address.
According to a staff report by the CCRFC, the property currently generates $18,678 a year in city and county property taxes. TCH would make an annual payment of $80,683 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 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.
0 Appling Farms Pkwy.
Memphis, TN 38133 Application Date: Aug. 9
Owner: Belz Investment Co.
Details: Tempe, Arizona-based Carvana is planning a Memphis location for its vehicle “vending machine” service.
Founded in 2012, Carvana differs from a traditional car dealership by foregoing a surface level lot for a “Vending Machine Fulfillment Center,” where cars are delivered after they have been purchased on the company’s website.
According to paperwork submitted to the Office of Planning and Development, Carvana is planning a 5,800-square-foot building located on a 6-acre vacant parcel on Appling Farms Parkway near Interstate 40.
Carvana operates stores in Nashville, Dallas, Austin, Houston, San Antonio, Jacksonville, Orlando, Tampa, Charlotte, Raleigh, Tempe and Gaithersburg, Maryland.
Carvana is seeking modification from the Land Use Control Board to allow a maximum building height of 75 feet and a total of nine attached signs and logo placards. Under the current planned development, a maximum building height of 65 feet and five attached signs are allowed.
“These proposed conditions maintain consistency with the surrounding establishments and PD areas,” Carvana entitlements associate Christian Orr said in a letter of intent to the OPD.
Nearby businesses in the Appling Farms Business Park planned development include Main Event to the east and Great American Home Store to the west.
Kimley-Horn was listed as the project’s engineer on the LUCB application, while Belz Investment Co. was listed as the property owner of record.
The Land Use Control Board will review Carvana’s application during its Thursday, Aug. 9 meeting.
1368 Monroe Ave.
Memphis, TN 38104
Application Date: Aug. 9
Owner: Cameron Ellis
Architect: Fisher & Arnold Inc.
Details: Developer Cameron Ellis is planning to construct a quadraplex at the site of a once-popular Midtown bar.
For decades, the Buccaneer, located at 1368 Monroe, was a popular spot for locals to enjoy live music and cheap beer. The building was destroyed by a fire shortly after it closed its doors for the last time.
Ellis, doing business as Weoffer LLC, is seeking a special-use permit to build a residential quadraplex on the site.
“The neighborhood consists of a mix of this type or residential housing, retail and medical uses,” David Baker with architectural firm Fisher & Arnold Inc. maintains in a letter of intent to the Office of Planning and Development. “Our proposal is in character with the existing development patterns and land uses in the area and therefore will not be a detriment to the neighborhood.”
The Land Use Control Board will review Ellis’ application during its Thursday, Aug. 9 meeting.
254 Court Ave.
Memphis, TN 38103
Lease Amount: 7,000 square feet
Landlord: Cutler Property Group
Details: The producers of a Hallmark Channel original movie called “Christmas at Graceland” have leased 7,000 square feet of Cutler Property Group’s Crane Company building, located at 254 Court Ave. in Downtown Memphis.
The lease will run until mid-August. This is the second time a production crew has tapped Cutler Property Group for its filming needs in Memphis. The site served a similar function for CMT’s TV series “Sun Records.”
“It’s an honor that the ‘Christmas at Graceland’ producers chose to locate their offices in the Crane Co. Building,” Adam Cutler said in a release. “Since last December we have been delivering mostly individual executive offices and office suites on our lower floors at (a) rapid pace. We only just finished preparing this floor the week before the producers came to see it.”
“Christmas at Graceland” follows the story of Laurel, a business executive who reunites with an old flame while in town for work.