There are 54 article(s) tagged One Beale:
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.
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.
The Carlisle name follows a $1.5 million donation by the developers to the $62 million Tom Lee Park redesign. It honors the late Gene Carlisle, the family patriarch who called the One Beale real estate “the best piece of dirt in Memphis.”
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:
The Center City Revenue Finance Corp. will weigh in on a One Beale financing resolution during its Sept. 13 meeting.
Inflation is taking its toll, and business travel is still below pre-pandemic levels, but the tourism sector’s recovery seems to be on track.
Among other topics, the discussion of the city’s capacity for bond debt will come into play during Tuesday morning committee sessions.
Memphis Mayor Jim Strickland says the city has offered more incentives for the proposed Grand Hyatt hotel at One Beale “than any other development in the history of the city.” He also questioned why One Beale developers didn’t go to the bond market sooner.Related story:
The standoff over terms to start construction of the third of three hotels at One Beale remains despite Thursday’s council vote.
The Thursday 4 p.m. session at City Hall comes after the city administration balked at a change in the terms of a city-funded backstop for the hotel project. The delayed Tuesday vote came as the administration got some expressions of concern from state officials.
At stake is the financing for the last of three hotels at the One Beale development that together would serve as a second convention center hotel.
The Memphis City Council meets Tuesday, July 12, at 3:30 p.m. Committee sessions start at 8 a.m. at City Hall. Items on the agenda include One Beale financing and Frayser flood plain housing.
This week’s Inked shares news on more multifamily plans for the Raymond James building, the Caption by Hyatt opening, a potential update on the former Office Depot building in the Medical District and 2021 annual report data from Memphis Tourism.
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.
Fancy’s Fish House opens this week on roughly the site of the former Captain Bilbo’s, and it promises good food, a casual atmosphere and an ‘extraordinary’ crudo.
“This is not something we have taken lightly,” said Memphis COO Doug McGowen. “The world has changed and the Loews hotel is not coming. Those are two things that have caused us to act.” City Council urges early voting expansion in county primariesRelated story:
The economic development items are part of a council agenda that could see the formal end of a city-county consolidation bid and the end of council discussion of police and fire residency requirements.
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.
After years of speculation and false starts, it seems Whataburger is getting closer to breaking into the Memphis market. Also, updates on the progress of work done at One Beale and new ownership for Chickasaw Oaks.
The Black-owned multi-family developer who partnered with Carlisle Development on part of the One Beale project and the nearby 7 Vance mixed-use development is taking Carlisle to court as the issue of minority participation in general moves back to the front burner.
The global supply-chain shortage, which first took its toll on automobile manufactures in need of semiconductor chips, eventually affected the cost of lumber. Developers like the Henry Turley Co. were left trying to keep construction projects on time and on budget.