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Demolition begins for Beale Street hotel project

By Updated: March 22, 2019 1:57 PM CT | Published: March 21, 2019 5:17 PM CT
<strong>Bryan Payne, an employee at Payne &amp; Son Excavation Contractors, uses a crane to demolish what is left of the iconic Plush Club near the west end of Beale St. in downtown Memphis.</strong> (Houston Cofield/Daily Memphian)

Bryan Payne, an employee at Payne & Son Excavation Contractors, uses a crane to demolish what is left of the iconic Plush Club near the west end of Beale St. in downtown Memphis. (Houston Cofield/Daily Memphian)

Demolition has begun for a hotel project on 380 Beale St., the former site of Memphis nightclubs and the Muhammad Ali Towne II Cinema. 

The Inn at Beale Street plans call for five stories with 120 rooms. The hotel is expected to take two years to construct.

"We've just started demo to get the site prepped and ready," said Nick Patel, principal of the project's developer TCH Memphis LLC. 

Last year, the Center City Revenue Finance Corp. approved a 15-year payment-in-lieu-of-taxes (PILOT) incentive for the $16 million hotel project by Knoxville-based TCH Memphis LLC.

According to Downtown Memphis Commission documents, the current annual city and county taxes on the property are $18,678. During the 15-year PILOT term, the developer will pay $80,683 in taxes annually, a 332 percent increase from the amount of taxes the property currently generates.

Over the course of the PILOT, the cumulative increase in taxes generated by the property would be about $930,067.

Patel also is behind the recently opened Hilton Garden Inn on the Union Avenue site that previously housed the Greyhound bus station. His company, Turkey Creek Hospitality, partnered with Chattanooga-based Vision Hospitality Group on that hotel project.

According to the Shelby County Register of Deeds, TCH Memphis LLC bought the property at 380 Beale in October 2018 for $632,600 from Detroit-based Miller Memphis LLC. The property was last appraised at $632,600 in 2018.

The 380 Beale address previously was home to both Plush Club and Club Crave and was built in 1975.

Topics

Nick Patel TCH Hospitality LLC Turkey Creek Hospitality Vision Hospitality Group
Elle Perry

Elle Perry

Elle Perry covers arts and culture and other news for the Daily Memphian. She is a native of Memphis and a two-time graduate of the University of Memphis. Elle previously worked for the Memphis Business Journal and has written for publications including The Memphis Flyer and High Ground News.


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