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VOL. 133 | NO. 95 | Friday, May 11, 2018

Convention Center Hotel Footprint Bigger Than 100 North Main

By Bill Dries

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Details of a tentative plan for a second convention center hotel at the 100 North Main Building show the conversion of the 53-year old skyscraper is just part of a plan that would have a larger footprint, taking in more Downtown real estate.

The 100 North Main Building, the tallest building in Memphis at 37 stories, is the centerpiece of a plan for a second convention center hotel that has a much bigger footprint, according to details Friday from the project developer. (Daily News/ Andrew J. Breig)

THM Memphis Acquisitions LLC, the New York City-based developer of the project added more detail to the plan Friday, May 11. The new details come the day after THM and Loews Hotel Holding Corp. signed a letter of intent with the city of Memphis and the Downtown Memphis Commission toward a binding contract all sides hope to have done by the end of this year.

The New York City-based developer also has the vacant Jefferson Plaza building on the southeast corner of Second Street and Jefferson under contract for $4 million. The contract includes the open land next to the south side of the Jefferson Plaza building where a parking garage once stood and before that the Irving Block Prison on the Civil War era.

THM executive co chair Arlene Maidman said in a written statement the company “intends to re-develop the three contiguous acres as a single mixed-used project, consisting of more than 2 million square feet of hospitality, extended stay, retail, residential, commercial and parking uses.”

The development’s footprint could also jump Second Street to take in the area that is now the Hospitality Hub program. The letter of intent dated May 8 and released last week also says the city would transfer the program for the homeless to the old Police West Precinct building at 247 Washington Ave.

In addition to the 100 North Main Building, the development would include two 30-story office towers of more than 500,000 square feet and a 467,000 square foot parking garage for more than 1,200 cars. THM has spent $12 million to date on acquiring the property next to the south side of 100 North Main up to Jefferson Avenue.

The letter of intent sets an end of 2022 date for the convention center hotel to be open for business and an end of 2020 date for the $175 million renovation of the Memphis Cook Convention Center to be completed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 90 378 5,955
MORTGAGES 91 378 6,649
FORECLOSURE NOTICES 14 45 946
BUILDING PERMITS 161 652 13,313
BANKRUPTCIES 0 1,045 4,093
BUSINESS LICENSES 33 148 2,781
UTILITY CONNECTIONS 23 88 1,741
MARRIAGE LICENSES 19 94 1,148