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VOL. 133 | NO. 104 | Thursday, May 24, 2018

One Beale Developers Present New Plan to DMC

By Patrick Lantrip

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(HBG Design)

The developer of the ambitious One Beale project has again reworked its plans and is seeking a deadline extension from the Downtown Memphis Commission to close on the nine-figure deal.

Carlisle Corp.’s latest proposal to the Center City Revenue Finance Corp. comes more than a decade after its founder, the late Gene Carlisle, first proposed the massive mixed-use project.

Financing woes during the Great Recession forced the company to adjust its plan and eventually table it altogether. But the One Beale plan was resurrected in 2015, with the CCRFC awarding Carlisle Corp. a 20-year payment-in-lieu-of-taxes incentive and a $10 million contribution toward a public parking garage.

The $160 million project was again put on hold in August 2016 after what Carlisle Corp. called a “difficult year” that included Gene Carlisle’s death.

The plan Carlisle Corp. presented the CCRFC in 2015 envisioned two high-rise towers at 245 and 263 Wagner Place containing 280 apartment units, a 225-room hotel, and a 500-space public parking garage, but the acquisition of an adjacent parcel caused the company to go back to the drawing board.

“The project was paused and redesigned once the Carlisle family was able to purchase key property on the east side of Wagner Place from the Ellis family in 2016,” a DMC staff report reads in part. “At that point, the Carlisle family modified the site plan and scope to reflect the new site.”

Now with its footprint more than doubled, Carlisle plans on developing the project in two phases, the first of which would carry a $111 million price tag.

The new plans now call for a 201-plus-room hotel with 20,000 square feet of ground floor retail space, a 227-unit apartment building with 10,000 square feet of office and 7,000 square feet of retail, and a parking garage with as many as 490 spaces.

Additionally, the former Ellis Machine Shops, located at the northwest corner or Dr. Martin Luther King Jr. Avenue and Front Street will be developed into a “future commercial use” as the Carlisles explore the financial feasibility of a possible adaptive reuse for several of the existing buildings on site.

If approved, Carlisle Corp. estimates a new closing date for phase one sometime in the third quarter, with construction anticipated to begin next April and wrap up roughly 20 months later.

Phase two of the project, which would include a Class A office building on the southwest corner of Wagner and Beale Street, will be submitted to the CCRFC in the future as a separate PILOT application. The timing and scope of the project is subject to the commitments of its anchor tenants and could range from 200,000 to 400,000 square feet.

DMC staff indicated they were in full support of the new plans and the CCRFC board will vote on the extension during its May 29 meeting.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 0 19 170
BUILDING PERMITS 28 305 3,056
BANKRUPTCIES 25 98 716
BUSINESS LICENSES 4 26 302
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0