Neil StrebigMemphis Commercial Appeal
Groundbreakings can sometimes be reserved for nostalgic eyes scrolling through microfilm archives.
However, on Nov. 30, a few shovels in a trough of dirt, represented a lot more than nostalgia — it was a representation of relief.
On Thursday, city and county officials, along with 100 N. Main Development Partners, announced the beginning of Downtown Memphis' tallest building's coming back online. It's a project three years in the making. (And will take another three until complete — if all goes to plan.)
“This is what brings the character and the vibrancy to the city,” said Paul Young, Memphis mayor-elect and Downtown Memphis Commission (DMC) president and CEO.
Young acknowledged how the DMC put out a request-for-proposals on the site in 2020. The organization received 11 bids before awarding the development bid to thelocal development group, 100 N. Main Development Partners in January 2022. 100 N. Main Development is led by Kevin Woods, Billy Orgel, Jay Lindy, Michael McLaughlin and Adam Slovis.
“I would like to thank this entire team for continuing to bet on Memphis,” Memphis Mayor Jim Strickland said during the ceremony.
Strickland also announced that the city signed a 15-year lease to occupy 60,000 square feet of office space inside 100 N. Main once the building reopens.
Strickland said prior to 100 N. Main’s vacancy, he remembered the site as a "beehive of activity," and he wants to help ensure the city can be a part of that once again.
Partnerships aplentyon 100 N. Main
Along with Strickland breaking news on the site's first tenant, the development team highlighted a significant new partnership in the 100 N. Main redevelopment: 100 N. Main Development Partners is collaborating with Kansas City-based Block Real Estate Services.
Block was one of thesix finalists initially announced during the DMC’s development bid process.
“It is rare in the development world to see two competitors come together to work together,” Block chief investment officer Aaron Mesmer said.
Which is the tallest? Where does Memphis' 100 N. Main rank among Tennessee's tallest buildings?
Mesmer said the firm was discouraged after it had lost the development bid, but he received a phone call from Brett Roler, DMC senior vice president of planning and development. Mesmer said Roler told him that Block may still have a role to play in this and to stay in touch.
Today, the firm is a partner in the 100 N. Main redevelopment project.
Additionally, Woods and Strickland both thanked the Economic Development Growth Engine for Memphis and Shelby County (EDGE) for assisting in the process. In August, the EDGE board approved a $5 million commercial loan for the project. The loan will be used to help finance internal demolition, the first phase of the redevelopment timeline.
Memphis-based HBG Design and Allworld Project Management are also helping with the project. Raleigh-based Winston Hotels is managing the site’s hospitality component.
Who owns 100 N. Main?
A bit murky of a question to answer still, but the short answer is the Downtown Mobility Authority (still). The authority is an affiliate board of the DMC.
The Downtown Mobility Authority secured the 100 N. Main Building in March 2022 for $10.75 million.
In January 2023, the developers, 100 N. Main Development Partners,agreed in principal to purchase the building from the Downtown Mobility Authority for $10 million. That agreement would have 100 N. Main Development Partners purchase the building and surrounding 2 acres for $10 million. The purchase price would be split into two $5 million payments. In addition, if demolition and cleanup work began prior to the development agreement being signed, 100 N. Main Development Partners would be reimbursed $3.75 million for expenses.
On Jan. 25, 2023, theDowntown Mobility Authority approved the go-ahead for the development team to begin $7 million worth of cleanup work inside 37-story tower. That work was expected to take 12 to 14 months and be conducted within three phases. The first phase was removing trash and debris and restoring temporary power. The second phase (estimated cost worth $1.25 million) was for abatement and the removal of hazardous materials; and was expected to take six to eight months. The third phase, with an estimated cost of $4.25 million, was for interior demolition.
Part of the tentative agreement discussed in January 2023, was that if the building does sit idle and work is not completed, the building’s ownership would revert back to the Downtown Mobility Authority.
DMC chief financial officer Penelope Springer said the development agreement was signed in November, and the transition of ownership will begin.
So, when is 100 N. Main coming back online?
It’s taken about three years to get this project rolling, and Memphians can expect another three.
During Thursday's news conference, Billy Orgel said the development is aiming to have 100 N. Main reopen in January 2027.
“We have amazing days ahead of us,” Orgel said.
The scope of the project has changed marginally since 100 N. Main Development Partners has secured the bid. As the project stands now, 100 N. Main will be a mixed-use tower consisting of 8,800 square feet of restaurant space, more than 21,000 square feet of commercial space along with a hotel on the lower floors and apartments and condos on the upper levels of the tower.
100 N. Main floor breakdown
- Levels 2 to 3: Corporate apartments/meeting rooms
- Levels 4 to 8: Parking garage
- Level 8: Apartment pool/observation deck (atop the garage)
- Levels 9 to 12: Offices
- Levels 23 to 31: Apartments
- Levels 32 to 35: Condos
- Level 36: Restaurant on top floor in former Tennessee Club (and rotating restaurant area).
Given the state of the building, the garage and lower floors will be worked on first. Once secured and reinforced, work will begin on the tower. That will conclude the first phase of construction. Once the tower is completed, the second phase of construction will begin at the adjacent properties located along 78 to 88 North Main Street, which are included in the development agreement.
The 100 N. Main Building was built in 1965 and has been vacant since 2014.
“Thank you for believing in us and betting on Memphis,” Woods said.
Neil Strebig is a journalist with The Commercial Appeal. He can be reached atneil.strebig@commercialappeal.com, 901-426-0679or via X/Twitter,@neilStrebig
