Development group selected to revitalize Memphis’ tallest building
100 North Main Development Partners were the selection of 6 finalists
MEMPHIS, Tenn. (WMC) - In August, 11 proposals were submitted to take on the ambitious task of revitalizing Memphis’ tallest building at 100 North Main, which has been vacant for seven years.
A winning bid was selected Wednesday afternoon.
The Downtown Memphis Commission (DMC) announced that 100 North Main Development Partners as who it will enter exclusive negotiations with.
“Their commitment to diversity, the strong development plan, the fact that they were willing to pay the full price for the property, it showed how committed they were,” said DMC President & CEO Paul Young when asked what set them apart from the rest of the pack.
The proposal is mixed-use: apartments, hotel rooms, tens of thousands of square feet in retail and office space, an updated parking garage, and keeping the iconic rooftop restaurant.
The initial proposal is roughly $270 million.
“For almost a decade, we’ve known that this is an opportunity to reimagine that space,” said Kevin Woods, lead developer with 100 North Main Development Partners. “It’s great for the city of Memphis but particularly great for downtown Memphis.”
Woods and fellow developer Billy Orgel, who both currently serve on the board for Shelby County Schools, were in attendance at Wednesday’s meeting to accept DMC’s recommendation.
There’s still a long road ahead to seeing the building take on its former glory.
For the next six months, Woods, Orgel, and their team will be doing due diligence work to identify what parts of the building are still in good shape and what parts aren’t, to get an exact price point on what needs to be done to meet the needs that accomplish their goal.
“In the meantime, we’ll be working with that group to formalize a development agreement,” Young said. “Under which terms do we transfer the property? What things do they want from DMC and the city? What commitments do they want from us? And so, we’ll be working through those nuances of the agreement during that six-month period.”
Young isn’t ready to “plant the flag of victory” just yet but is excited about what the future holds.
He said should all go according to plan, construction should begin in roughly a year.
See the full proposal from 100 North Main Development Partners here.
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