With Grand Hyatt paused, parking lot to take its place
Carlisle Development filed plans to build a temporary surface parking lot at the proposed Grand Hyatt site at One Beale.
There are 18 article(s) tagged Grand Hyatt:
Carlisle Development filed plans to build a temporary surface parking lot at the proposed Grand Hyatt site at One Beale.
This week’s Inked covers 2022 real estate figures, Q4 2022 industrial real estate reports and answers reader questions on the Grand Hyatt.
This week’s Inked shares news on the Hyatt and Dream Hotel merger, new Inked Memphis location and two historic Memphis locations seeking National Register of Historic Places nominations.
It’s been an ongoing issue for decades: Memphis needs full-service hotels that can accommodate large crowds. Without them, attracting conventions will remain challenging.
Internal city documents show that the Strickland administration and leaders at the state level were increasingly uneasy about the debt the city was taking on for the One Beale project — despite the economic benefits.
Chance Carlisle of Carlisle Corp. responds to Mayor Strickland’s letter on the Grand Hyatt financing stalemate.
Chance Carlise of Carlisle Corp. said there’s a $5 million funding gap that is the result of the city delaying closing the deal.
The city changed the terms of the $10 million grant/loan after running into accounting rules that would have required the city to list the amount as a long-term liability on its financial statements.
The council approved the original deal of what amounted to a $10 million advance on the city’s lease of convention meeting space in the Grand Hyatt — the third of three hotels at One Beale — in September on a 10-0 vote.
On Tuesday, Center City Revenue Finance Corp. board members approved financing for the Grand Hyatt hotel and final phase of One Beale development.
Council members had questions about whether the financing sets a precedent now that the owners of the Downtown Memphis Sheraton have plans to add several hundred rooms to the original convention center hotel. Downtown board proposes One Beale resolution for $95M in bondsRelated story:
It includes Talk Shop, a 24/7 eatery, which is a mash-up of a beer garden, coffee shop, restaurant and co-working space.
While the total value of the bonds is still undetermined, Chance Carlisle of Carlisle Corp. expects the value to be around $75 million.
Carlisle Corp. will begin construction on the Grand Hyatt in May. The developer also announced the opening of Caption by Hyatt and plans for the former Nylon Net Building site.
The 20-story, $190 million Grand Hyatt will be a centerpiece of the 5.2-acre mixed-used development at the end of Beale Street overlooking the Mississippi River.
The fourth – and final – phase of the $400 million One Beale Development includes 44,000 square feet of meeting and event space, two restaurants, a 6,500-square-foot spa, a 2,200-square-foot fitness center, and “massive rooftop infinity pool.”
One Beale’s developer unveiled the final renderings for the 20-story, $190 million Grand Hyatt Hotel. Construction is to start early next year.
Hyatt Centric’s hotel guests and patrons of its rooftop bar and riverfront restaurant will have river views despite plans to erect a taller Grand Hyatt next door.
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