A convenience store, cafe and deli combo coming to Exchange Building
Dream Magic Daily Market will have two entrances: one on Madison Avenue and one from the lobby of the Exchange Building. (The Daily Memphian file)
Dream Magic Daily Market, a convenience store paired with a deli and cafe, is opening on the first floor of the Exchange Building.
On Wednesday, May 15, the Center City Development Corp. of the Downtown Memphis Commission approved a $30,000 Retail Tenant Improvement Grant to business owner and filmmaker Miroslav Mitic to renovate the space at 130 Madison Ave. with a three-year lease.
“As an artist-filmmaker and a businessman, I am thrilled at the prospect of Dream Magic Daily Market finding a home amidst the charming historic architecture of Downtown Memphis, in Exchange Building, a Memphis heritage and registered National Historic Place,” Mitic wrote in the application.
Mitic is writing and directing a movie based at the Exchange Building, which will start filming in October. Mitic said he asked about the space when he was here for movie purposes, and the property manager said if he wanted to, Mitic could do it.
“I’m here to make a movie, but I really like Memphis,” Mitic said. “I like the vibe of the city. I am going to make a reality show, Exchange Building: exchange experience, exchange love, exchange pleasure.”
The Dream Magic Daily Market will feature aisles of food and beverage items, cold grab-and-go sections, a cafe and deli and ample seating. (Courtesy Miroslav Mitic)
The budget to turn the 2,842-square-foot vacant space into the Dream Magic Daily Market will cost $157,000. The grant would cover 19% of the costs, with Mitic contributing the leftover $127,000.
The market will have two entrances: one on Madison Avenue and one from the lobby of the Exchange Building.
The Dream Magic Daily Market will feature aisles of food and beverage items, cold grab-and-go sections, a cafe and deli and ample seating.
The bulk of the bill comes from the electrical work and the additional drywall for the partitions, at $45,000 each.
After construction is complete, Mitic said he has a song prepared that he will sing for those at the grand opening.
The Lane Avenue Apartments will be painted white or light gray with dark accents along the roofline and the windows will be changed to double pane. (Courtesy Dane Smith)
The CCDC also approved a $25,000 Good Neighbor Grant to Dane Smith, the owner of Lane Avenue Apartments at 895 Lane Ave.
The grant will be used to renovate the exterior of the five-unit multifamily apartment complex, including exterior painting, signage, landscaping and window replacement.
The apartment complex will be painted white or light gray with dark accents along the roofline. The windows will be changed to double pane to reduce the noise for residents from the highway and increase energy efficiency.
The total project budget is $40,000. The grant will cover 62% of the cost, and the owner will contribute the remaining $15,000.
Smith said the improvements were needed to increase property value, improve energy efficiency and promote more vibrant living in the area.
Topics
Downtown Memphis Commission Center City Development Corp. Dream Magic Daily MarketSophia Surrett
Sophia Surrett is a University of Alabama graduate, where she received her B.A. in news media and M.A. in journalism and media studies. She covers small business, nonprofits, restaurant real estate, hospitality and tourism, manufacturing, and transportation and logistics.
Want to comment on our stories or respond to others? Join the conversation by subscribing now. Only paid subscribers can add their thoughts or upvote/downvote comments. Our commenting policy can be viewed here.