Loeb Properties Planning $24M Overton Square Hotel

Loeb Properties wants to build on the revival of Overton Square by adding a $24 million, 100-room hotel in the district.

The Memphis-based company and its partners – boutique hotel developer LRC2 Properties and hospitality management company MMI Hotel Group – are seeking a 15-year tax abatement to construct a 100-room boutique hotel at the southwest corner of Cooper Street and Trimble Place, south of Madison Avenue in Midtown Memphis.

According to Overton Square LLC’s application filed with the Economic Development Growth Engine for Memphis and Shelby County, the project’s owners are seeking a 15-year Community Builder payment-in-lieu-of-taxes (PILOT) incentive to build a $24.2 million hotel on the 1.3-acre lot that is currently home to a parking lot situated between the Hattiloo Theatre and Bar Louie.

Read more in the Memphis Daily News

Pottery Studio/Coffee House to Open on Highland Strip

Belltower Artisans, a pottery studio and coffee shop founded in 2016 by college students Micah Dempsey and Christopher Galbreath, has inked a deal to move into a 2,788-square-foot space in the Highland Strip.

Aaron Petree represented landlord Loeb Properties Inc. in the deal.

Belltower Artisans offers a full range of pottery classes, from “Date Night” classes to multi-week beginner, intermediate and advanced level courses.

Dempsey and Galbreath first met in art class while attending Harding Academy, where they were studying pottery making. Eventually the pair opened their first location in Minglewood Hall, before deciding to relocate to the Highland Strip to be nearer to the University of Memphis.

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Done Deals: Loeb Properties Signs Spate of Leases

 

"Loeb Properties has released a slew of recent leases that fill vacancies from Overton Square to Germantown.

• CFY Catering will be the new operator for the The Atrium, an event venue at 2105 Madison Ave. in Overton Square. Owned by Kevin andKristi Bush, CFY has another location at the Loeb Properties-owned Daybreak Shops in Bartlett. CFY’s lease begins July 1.

• Delta Health Alliance signed a 2,043-square-foot lease at 59 N. Cooper St. The nonprofit supports and operates community-based clinics and promotes health education in the Mississippi Delta.

• Elations His and Hers Boutique signed a 1,750-square-foot lease at 714 N. Germantown Parkway, in the Trinity Commons Shopping Center. Trecia Jones operates the clothing and accessories store.

• Mario’s Pool Supply signed a 1,200-square-foot lease at 1986 Exeter Road, at the Farmington Centre in Germantown. The retail shop specializes in pool supplies and accessories."

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Tenant Profile: Germantown Trainers Studio

"Susan Ritter had been a Marine and a competitive athlete. Mike Farah had been a successful corporate executive who almost worked himself into an early grave, lost 50 pounds, retired, and began competing in body building competitions.

Along the way, Ritter and Farah worked as trainers at area fitness centers, and started talking about having their own business.

Recently, Farah, 61, and Ritter, 50, opened Trainers Studio in a 1,200 square-foot space in Farmington Centre in Germantown. The complex includes a fitness center and yoga studio, plus a chiropractor, but they don’t see any of them as threats. If anything, they are complementary business models."

Read more in the Memphis Daily News

Memphis Daily News: Mary Carter Cake Decorating Center to Grow

"A venerable Memphis cake decorating and supply store is moving to a new location on Summer Avenue.

Mary Carter Decorating Center signed a 4,800-square-foot lease in Cloverleaf Shopping Center at 733 N. White Station Road.

The father-and-son team of Jim and Chris Faherty have operated the family business out of their current, 2,500-square-foot location at 3205 Summer Ave. for 55 years."

Read more in the Memphis Daily News