Tall & Urban News

If the city of Memphis will sign a letter of intent for city-owned property in the Pinch District, a group of local and national developers would work to develop a 30-plus story skyscraper. 

Bill McCrary said he, as a part of The Tower Group, alongside Craig Dandridge and others, is looking to build a mixed-use retail, hotel and condominium project at 369 and 371 N. Main St.

The project would be designed by a Memphis-born member of world-renowned architecture firm HOK. 

The piece of land in question is owned by the city of Memphis and sits east of the Bass Pro Shops at The Pyramid. The same piece of property is also listed as part of Phase 2 of Intrator's 18 Main project. At present, the city of Memphis and Downtown Memphis Commission don't have a signed development agreement with Intrator and the land has not been transferred. 

The Tower Group group presented the project to the Memphis City Council on Tuesday, 20 October. The project would be an estimated US$180 million, according to documents submitted to council. If successful in securing a letter of intent from the city, the developers would also pursue a PILOT (payment-in-lieu-of-taxes) incentive for the site. 

In interviews, McCrary and Kennieth Richardson, a senior project architect at HOK, the global firm known for its work on sports stadiums, airports and other buildings, said the project would include condominiums and a boutique hotel branded by Tyson Beckford, the Ralph Lauren model and actor. 

"We think Memphis is ready for tower condos," said McCrary, who worked to redevelop Church of God In Christ buildings Downtown and lives in East Memphis.

He also said that getting a letter of intent from the city would allow the company to secure outside equity from global investment firms. The project overview lists several potential firms, including Crown Funding and Grand Point Realty Investments. 

Richardson, who has designed skyscrapers on small footprint lots, said the project could bring a new, contemporary architectural look to Memphis. 

"This is going to be so unique....We are really going to transform Memphis... and move it to the contemporary world," said Richardson, who grew up in Whitehaven. "Memphis is a jewel on the river." 

Tyson Beckford, a friend of Richardson's, would license his name to the hotel and condominiums, Richardson said. 

Some of the nearby pieces of land are owned by Intrator. Richardson said the group would be interested in negotiating for some of Intrator's parcels and would like both projects to move forward. 

Before the pandemic, Intrator planned a massive US$1.1 billion development called 18 Main. Last year, the project received approvals for incentives that would help pay for the US$604 million first phase. Those incentives, a PILOT and a Tourism Development Zone surcharge are projected to be worth US$264 million and make up 44 percent of project costs.

That first phase would include a hotel, multifamily, and retail in multiple high-rise buildings between the St. Jude Children's Research Hospital/ALSAC campus and Bass Pro Shops at the Pyramid, giving it the chance to transform a relatively undeveloped stretch of Downtown.

Pre-pandemic, the development was expected to start construction in March 2021. Intrator could not be reached for comment Friday. 

For more on this story, go to Commercial Appeal.