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VOL. 133 | NO. 61 | Monday, March 26, 2018

EPE Expansion in Limbo, Overton Square Restaurant Sets Opening Date

By Patrick Lantrip

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3734 Elvis Presley Blvd.
Memphis, TN 38116

Project Cost: $22 million

Owner: Elvis Presley Enterprises

Details: Elvis Presley Enterprises’ expansion plans have been put on hold for the second straight month as the Economic Development Growth Engine for Memphis and Shelby County board continues to sort out if any implications will stem from approving bond financing for the Whitehaven project.

Last month, the project was delayed at the behest of Marty Regan, an attorney who spoke on behalf of the city administration, which wanted more time to review the project’s specs.

On Wednesday, March 21, board member Tom Dyer put forth a motion to delay the vote again to avoid a possible lawsuit from either EPE or the Memphis Grizzlies, which are currently embroiled in a legal dispute over EPE’s new venue.

The legal issues stem from EPE’s original plan outlined last August that called for a roughly $50 million, 6,000- to 7,000-square-foot theater and event center.

That idea drew opposition from the Memphis Grizzlies’ ownership group, Memphis Basketball LLC, which said the proposed venue would violate the FedExForum use and operating agreement.

Under the agreement, city and county governments cannot offer financial incentives for an indoor venue with more than 5,000 fixed seats.

EPE eventually withdrew that concept and submitted new plans to the EDGE board last month for 80,000 square feet of exhibit and convention space with restaurant and entertainment venues. The modified plan carries a roughly $22 million price tag, and would create an estimated 40 new permanent jobs along with 100 construction jobs.

EPE attorney James McLaren asked the board to advance the plans, but Dyer’s request for another delay won the day.

Dyer, who said a special meeting could be called before next month’s regularly scheduled EDGE meeting to vote on the modified plan, indicated he wanted to err on the side of caution.

6 Cooper St.
Memphis, TN 38104

Tenant: Hopdoddy Burger Bar

Landlord: Loeb Properties Inc.

Landlord Rep: Aaron Petree, Loeb Properties

Details: Hopdoddy Burger Bar has announced it is opening its first Memphis location on April 2 in Overton Square.

Hopdoddy works directly with farmers and ranchers around the country to source the best ingredients available. In addition to favorites like the Buffalo Bill – made with a bison patty, Frank’s Hot Sauce, bacon, blue jack cheese and “sassy sauce” – Hopdoddy will roll out new food and drink items for the first time.

New menu items include a quarter-pound burger called The Lil’ Doddy, available as a single or double burger, as well as a Breakfast Burger, available all day, made with an Angus beef, breakfast sausage and ham patty, American cheese, fried egg, potato hay and Applewood smoked bacon on a brioche bun.

A new shareable section will include combinations of the famous Hopdoddy Kennebec fries, from parmesan truffle to hot honey and sage.

The shake menu includes flavors such as s’mores, bananas foster, Oreo cookies & cream and more.

Behind the bar, Hopdoddy will roll out new cocktails such as a three-whiskey L.I.T. and the Pamplejousse. Beers from local breweries like Ghost River Brewing Co. and Wiseacre Brewing Co. will be on tap.

6100 E. Holmes Road
Memphis, TN 38141

Project Cost: $22.1 million

Tenant: Barrett Distribution Centers

Tenant Rep: Jacque Beeson, CBRE

Details: Barrett Distribution Centers received an eight-year Jobs PILOT (payment in lieu of taxes) that will allow the company to invest $22.1 million into an existing 6100 East Holmes Road facility creating 74 new jobs with an average salary of $44,217 excluding benefits.

According to its application, the Franklin, Massachusetts-based third-party warehouse and distribution center operator would spend $1.2 million on construction and site improvements, $7.4 million on manufacturing machinery and is requesting a $13.4 million Community Reinvestment Credit that would bring the total investment to $22.1 million.

The Economic Development Growth Engine for Memphis and Shelby County estimates the project will generate $3.2 million in local tax revenues during the life of the PILOT while saving Barrett about $2.9 million.

The 37.4-acre, southeast Memphis parcel currently houses an 823,212-square-foot warehouse. Barrett will only be occupying 414,500 square feet, meaning only a little more than half of the property will be included in the PILOT.

1800 N. Shelby Oaks Drive
Memphis, TN 38134

Project Cost: $11 million

Owner: Onyx Medical

Details: Onyx Medical was granted a nine-year Expansion PILOT by EDGE to grow its 1800 N. Shelby Oaks Drive facility, retaining 116 existing jobs and creating 30 net new ones.

Onyx will spend $300,000 to purchase additional land, $4.2 million on construction and site improvements, $2.5 million on manufacturing equipment and is seeking a $3.9 million Community Reinvestment Credit that would bring the total project investment to just under $11 million, according to its application.

To remain eligible for the PILOT, Onyx must maintain 146 employees with an average salary of $54,939 including overtime pay and bonuses, but excluding benefits.

EDGE estimates the expansion will generate $6.4 million in local tax revenues during the term of the PILOT while saving Onyx about $1.4 million.

Onyx’s 52,536-square-foot manufacturing facility in Shelby Oaks currently sits on 4.5 acres, but would be expand by 2 acres and 27,000 square feet, according to the submitted plans.

PROPERTY SALES 107 331 6,877
MORTGAGES 60 239 4,368
BUILDING PERMITS 190 508 16,423
BANKRUPTCIES 22 136 3,532