Memphis Evolution: Expanding Broad Avenue
The Memphis Evolution is well underway with developments of all kinds all over town. In our upcoming June/July issue of Inside Memphis Business, we get caught up with several of these projects, from the brand new to revivals to impressive makeovers. And we get current on some that are well underway. In this week’s Tip Sheet, Aisling Maki takes a look at developments in the Broad Avenue Arts District.
A $50 million project to bring 400 apartments and 10,000 square feet of ground-floor retail and restaurant space to the Broad Avenue Arts District is in the design process.
The mixed-use project, approved in April by the Memphis and Shelby County Board of Adjustment, is a partnership between developers Bob Loeb (president of Loeb Properties) of Commerce Center LP and James Maclin of 3D Realty LLC.
The building will replace the vacant 210,732-square-foot industrial warehouse on 8.5 acres at 2452 Broad at the northwest corner of Broad and Bingham Street. The WWII-era warehouse served as a shipping center for the now-defunct railroad that ran behind it.
Broad Avenue is home to locally owned small businesses, including boutiques, art galleries and creative studios, and continues to expand with openings of establishments like The Liquor Store, a diner and bar in a one-time liquor store.
“We love Broad Avenue and the existing businesses on Broad,” Maclin says. “They’ve done a tremendous job building the street, making it a place to be, which is really wonderful. My hat goes off to those guys.”
Among the developers’ goals are improving inner-city livability by stabilizing land use patterns, preserving neighborhoods, helping to revitalize commercial areas, and improving the aesthetic image of the neighborhood. They hope the project will guide future growth and development in Binghampton.
"We’ve participated in a lot of positive change on Broad and supported the HBAAA (Historic Broad Avenue Arts Alliance), and for the past 10 years it has been clear that a redevelopment potential might become possible,” Loeb says. “When the City administration began advancing its goals of Memphis 3.0 last year, making tools available to re-densify the City, it seemed the time to redevelop was now."
The HBAAA lent its support for the Board of Adjustment to grant the zoning variance requested by the developers.
“We’ll be engaging a number of the players on Broad Avenue, as well as in the Binghampton community,” says Maclin, who added that there won’t be much movement in the project over the next few months while the partners are deep in design mode.
There were concerns from the community regarding the new building blocking views of the iconic Broad Avenue water tower, but renderings from archimania show this would not be the case.
There were also concerns about parking. Under the conditions of approval, the site will have about 400 parking spaces of its own, as well as 15 spaces on Bingham Street and 36 on Broad Avenue.
Binghampton is one of three Tax Increment Financing (TIF) districts in the county, which were approved by the Memphis and Shelby County Community Redevelopment Agency (CRA) Board, Memphis City Council and Shelby County Boards of Commissioners. The purpose of TIF districts is to increase commercial and residential development in areas where future development would be tremendously limited without public financing and development would provide substantial benefit for the public, which Maclin said is his ultimate goal.
What’s going on
- Renasant bank will hold a grand opening reception today (June 1) between 11 a.m. and 3 p.m. at the 2046 Union Avenue location in Midtown. The branch employs eight people full time and features consumer and business banking, private banking, medical banking and mortgage origination.
- Crosstown Concourse was the only Memphis-area winner of the recently announced 2018 Governor’s Environmental Stewardship Awards. The program recognizes exceptional voluntary actions that improve or protect our environment and natural resources with projects or initiatives not required by law or regulation. Crosstown Concourse was designed by the architectural, planning, and interior design firm Looney Ricks Kiss. The award comes days after the Congress for New Urbanism (CNU) Charter Awards named LRK and Crosstown Concourse grand prize winner, citing excellence in architecture and urban design.
- Corky’s Ribs & BBQ was recently awarded a TripAdvisor Certificate of Excellence. Businesses that get positive traveler reviews on TripAdvisor over the past year are awarded the honor.
- Tunica Airport is restoring regular scheduled air service thanks to a new partnership with Ashley Air and Travel. Starting July 1, service will be provided to four new markets: Atlanta, Charlotte, Orlando, and St. Pete/Tampa. Tickets are available from Ashley’s website. Ashley also offers a $599 annual travel membership, including unlimited travel on all routes served by Ashley Air for $39 each way.
- Allegiant is offering new nonstop service from Memphis to Oakland, California, International Airport. One-way fares on the new route as low as $86. The new seasonal flights will operate twice weekly.
- Fogelman Properties announced that Phase I of the Tennessee Brewery is completely leased. The mixed-use community came together in record time with leasing complete less than five months after the first units moved into the main Tennessee Brewery building. Construction on Phase II, which includes an additional 121 units, will begin early July 2018 with expected delivery in summer 2019.
- The Jordan River Health Center, a $26-plus million not-for-profit nursing and rehabilitation center, broke ground in a ceremony at The Farms at Bailey Station in Colliervilleon Thursday. The center will provide short- and long-term physical, occupational, and speech therapies in an environment designed for healing, hope, and renewal. It will have 60-private nursing suites and a 4,000-plus square-foot state-of-the-art rehabilitation and therapy center.
News from elsewhere
Innovators of the Year
Inside Memphis Business magazine has been recognizing the top thinkers and doers in the city for several years. Our sixth annual IMB Innovation Awards issue is coming in October and we want your nominations for these people and organizations that are at the forefront of evolution — tinkerers, questioners, visionaries — who keep the machine of commerce oiled.
Nominations have started to come in and we want you to send us your best and brightest candidates. Please include any pertinent biographical or business information, and why the person, business, or organization should be recognized as a leader among innovators.
Email your nomination to sparks@insidememphisbusiness.
Doug CarpenterInside Memphis Business magazine publishes a list of local Power Players every year. These are the movers and shakers in more than 30 categories who get things done in their respective fields. IMB’s current issue has the complete list. We also publish individual categories in other issues throughout the year, and we feature individual Power Players in our weekly Tip Sheet.
Today’s Power Player: Doug Carpenter
Principal, DCA, a creative communications consulting firm. Has provided business-based communications solutions for public and private sector clients for over 30 years. Instrumental in successful efforts to recruit the Grizzlies NBA franchise to Memphis, revitalize the Sears Crosstown building, reimagine the historic Tennessee Brewery, launch Big River Crossing, amplify Folk’s Folly’s legacy, and bring Explore Bike Share to Memphis, among many other campaigns and initiatives.
