In 2015 Environmental Court Judge Larry Potter ordered the owner of 100 N. Main to erect a wall around the exterior of Memphis’ tallest building.

“Concrete was raining down on people,” said Brett Roler, Downtown Memphis Commission (DMC) vice president for planning and development.

The DMC’s affiliate Downtown Mobility Authority bought the blighted property in March 2021 for $10.75 million using its PILOT extension fund.

Billy Orgel, Kevin Woods team to invest $267M in redeveloping 100 N. Main

The DMC’s investment into the 37-story tower, built in 1965, began a nationwide search for a development partner to buy the building and bring it into the present day. 

After months of interviews, DMC staff announced Wednesday, Jan. 19, its selection of a team that includes experienced Downtown developers, including Kevin Woods and Billy Orgel. 

Left vacant since 2014, the Downtown behemoth is set to undergo a $267 million renovation. 

100 N. Main Development Partners 

The development group behind the revitalization project, aptly named 100 N. Main Development Partners, wasted no time getting started, Orgel telling The Daily Memphian the team’s kickoff meeting with contractors and management was Thursday, Jan. 20, one day after the DMC’s announcement. 

And while the chosen team is already moving forward, the future of 100 N. Main could have easily fallen into the hands of another group. 

“There were plenty of great teams engaged in this project, even some that didn’t make it to the final six were really incredible,” said DMC president and CEO Paul Young of the 11 total bids received from both local and national firms. 

The core development leadership for the project includes Kevin Woods, Billy Orgel, Jay Lindy, Adam Slovis and Michael McLaughlin. 

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Woods, the Memphis market president for BlueCross BlueShield of Tennessee, has served as executive director of Memphis’ Workforce Investment Network, and he has worked with Orgel on projects like the redevelopment of the Tennessee Brewery and the planned $62 million Conwood II building in the Historic Snuff District. 

Orgel’s Tower Ventures owns more than 370 communications towers, and his penchant for preserving historic buildings in Downtown Memphis has led him and his partners on a journey that has resulted in the preservation of nine buildings that include commercial space and 850 apartments. 

Orgel’s Downtown investment includes renovation of the Stewart and Oliver Buildings on Front Street, the master-planned development for the Snuff District and several multi-family projects in Midtown.

“The Downtown Mobility Authority had confidence in our team and agreed with our vision,” Orgel said. “Kevin’s assembled group rose to the top when there were 11 people vying for this job who have amazing resumes, including some of the locals who have done spectacular things in Memphis.” 

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The team is also working with Allworld Project Management (project management); M & M Enterprises (leasing and management); Carpenter Law, PLLC (development team’s bond council); Judith Johnson & Associates (preservation consultant). 

HBG Design will lead core design leadership, and Grinder, Taber & Grinder will run core construction leadership. 

Young said one component of the team’s bid that helped them secure the project was the group’s commitment to minority investment. 

“We want to make sure that there are African Americans, other minorities and women benefitting from this level of economic activity,” Young said. “It’s something we take very serious, and we were pleased to see this team took it very serious.” 

“Every morning, from my office window Downtown, I get a chance to see 100 N. Main and its vacancy,” Woods said. “I’ve long thought about putting a team together to go after this project if the opportunity became available.” 

The future of 100 N. Main 

The existing tower will be renovated to include 180 to 210 apartments, a full-service hotel with around 200 rooms and 60,000 square feet of office space for the City of Memphis. Additionally, 38,000 square feet will be reserved for retail, restaurant and rooftop amenities. 

The development group is partnering with Winston Hotels, LLC, for the hospitality portion of the redevelopment. 

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Founded in 1991, Winston Hospitality specializes in development, repositioning and adaptive re-use projects across the U.S. and Canada. 

In its initial RFP, the DMC asked for components like housing and hotel space that would add vibrancy beyond the end of the workday. 

“When we put the RFP out, we were looking for a project that could bring 18 hours of vibrancy,” Young said. “We want people in and out of the building, to have this block activated around the clock because we believe it creates for a more dynamic Downtown.

“Having the residential aspect ensures that there’s people around the building at night, whereas if it were all office, those buildings are typically dormant during the nighttime hours. The hotel aspect would only add to that vibrancy,” Young said. 

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The DMC was also looking for a project with the potential to activate walkability as far north as the Renasant Convention Center and as far south as Court Square or even Beale Street. 

The scope of the project itself extends beyond Downtown tower. The property’s $10.75 million price tag includes nine total parcels across two acres, four smaller historic buildings, a dog park and a surfaced parking lot. 

100 N. Main Development Partners initially called for the demolition of the four smaller buildings, but they have recently proposed an alternate plan that calls for keeping those buildings intact. 

“We’d like nothing better than to keep preserving,” said Orgel, who has dedicated much of his career to doing just that. “You know, once you tear those buildings down, you’ve got to wait another 100 years for them to be a historic building with that flavor and character.” 

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Working against a turbulent market riddled with supply chain problems and volatile costs of construction materials, Orgel and Woods believe they will be able to finish work on the tower in 38 months, including 10 months of design and 28 months for construction, according to the group’s initial bid. 

The parking garage and attached apartments would take 25 months total. 

To get there, the group plans to invest about $267 million, including $180,380,250 in debt and $28,509,189 in equity. The developers will likely pursue historic tax credits, which could exceed $33 million and other incentives. 

“As the developers of 100 N. Main, we seek those who want to live, work and play Downtown as our customers,” Woods said. “We want to listen and continue to give those customers what they want 10 years from now, and that’s going to be a very active block of Downtown.”