{"id":1004092193,"date":"2014-03-04T15:00:34","date_gmt":"2014-03-04T23:00:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=243613"},"modified":"2025-02-19T05:58:51","modified_gmt":"2025-02-19T13:58:51","slug":"downtown-office-hi-rise-to-be-redeveloped-into-hotel-apartments-in-100m-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-office-hi-rise-to-be-redeveloped-into-hotel-apartments-in-100m-project\/","title":{"rendered":"Downtown Office Hi-Rise to be Redeveloped into Hotel, Apartments in $100M Project"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

\"\"<\/a>100 North Main, the iconic downtown office building formerly known as the Union Planters Building, is officially headed for redevelopment into hotels and residential housing.<\/p>\n

The property had been plagued by high vacancy rates, even in comparison to the Memphis CBD\u2019s 20 percent plus rate. As previously reported<\/em><\/a>, rumors surfaced in mid-2013 that the high-rise office building would be converted into a mixed-use project that might include office, retail, residential and hotel components.<\/p>\n

The Memphis Business Journal<\/em><\/a> broke the news that 100 North Main\u2019s ownership group, identified as One Hundred North Main LLC, announced it will be spending a little less than $100 million to completely flip the office tower into a hotel-residential asset. The LLC picked up the 792,000-square-foot structure in August 2013 for a mere $5 million from Myron Zimmerman Revocable Trust, which had paid $10 million for it in 1978.<\/p>\n

Construction is set to kick off in the second half of the year and will create 266 residential units and 171 hotel keys. The ownership group expects to sign a brand in the following two weeks to manage the hotel which will take up floors nine through 17 as well as the rooftop restaurant, a 5,600-square-foot revolving eatery.\u00a0 Floors 18 through 38 will be converted into high-end apartments, while the first eight floors will comprise parking facilities, mechanical rooms, executive office suites, hotel services and the lobby, reported the Memphis Business Journal<\/em><\/a>. The 46,000-square-foot roof will feature amenities such as green spaces, an outdoor plaza, swimming pool and lounge.<\/p>\n

Architecture Inc. has been appointed project architect, while a general contractor remains to be selected. The remaining tenants, less than 40 entities, have until June 1st<\/sup> to vacate the building.<\/p>\n

Image courtesy of Samuel Grant via Wikimedia Commons<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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