The City of Memphis and Renasant Bank today announced a naming rights partnership for the Memphis convention and meetings facility to be renamed the Renasant Convention Center. The naming rights partnership, which takes effect immediately, runs for 10 years, with the bank having the option to extend the naming rights via an additional two, 5-year term options. The naming rights agreement between Renasant Bank and the Memphis Convention Center was brokered by Denver-based Impression Sports & Entertainment and its partnership with Donegal Associates.
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"The beauty of having this campaign, Open on Main, and us being granted this space through the end of the year is that we really are having a solid five months of operating that we're going to be able to learn. We get to pitch the entire experience in store, custom as well as off the rack stock sizing. It's really giving us the opportunity to learn whether or not stock sizing is going to work, whether or not people see something off the rack and are called to purchase it."
– Lauren Draffin, Beg & Borrow
via the Commercial Appeal. Memphis' core is seeing an explosion of hotel projects.
In Downtown and Midtown Memphis, there are more than 2,000 hotel rooms in various stages of development from the recently completed to the newly announced.Read the full article
Planned renovations for a warehouse on Virginia Avenue West near Kentucky Street could make more room for artists amid an explosion of Downtown development projects.
Phillip and Joseph Lewis, owners of the Medicine Factory warehouse at 85 Virginia Ave. W., were approved for a $150,000 developmental loan from the Downtown Memphis Commission's Center City Development Corp. board to help fund the renovation.Read the full article
The Ravine, a $5 million project in The Edge District near Sun Studio, will feature retail and restaurant space, an amphitheater and children’s play structures and water features along the old rail corridor that runs beneath street level near High Cotton Brewing.Read the full article
"I think this is precisely the kind of grant that CCDC needs to look into doing more of," CCDC board member Ray Brown said before voting to approve the grant. "It's an astonishing building. It's an emergency situation. We have a credible developer who's turning himself into a Downtown hero, if he's not careful, and it takes us a little bit out of our comfort zone and that's a good thing."Read the full article
The Downtown Memphis Commission hosted a bus tour that spanned years of Downtown development.
“These projects are literally and inexplicably not possible without these board incentives,” said Ethan Knight, vice president of development with Development Services Group, which received a 20-year PILOT and garage funding for its expansive revitalization in the Edge District, including the Wonder Bread factory.
All in all, Downtown Memphis has $3 billion of development in the pipeline and is preparing for more projects to be announced in 2019.Read the full article
The historic Arcade Building in Downtown Memphis will be renovated and its Arcade Restaurant expanded in early 2019.
Renovations of a previously vacant commercial bay will give the restaurant new bathrooms, a lounge area with a liquor bar, a separate coffee bar and about 50 additional seats. The project expands the restaurant's second room, leaving its front room unchanged.Read the full article
The new Wiseacre brewery planned for Downtown cleared a hurdle with the approval of a 15-year payment-in-lieu-of-taxes incentive Tuesday morning.
The PILOT will save Wiseacre about 75 percent of its property tax obligation each year the incentive is in place.
Brett Roler, vice president of planning and development for the Downtown Memphis Commission, said the project will be a boon for the neighborhood. At the corner of B.B. King Boulevard and Vance Street, the brewery and taproom is expected to serve as a connection point between the South Main and South City developments.
"We know that local breweries and taprooms can really be catalytic for emerging neighborhoods and help attract people and investment into neighborhoods," Roler said before the Center City Revenue Finance Corp. unanimously approved the PILOT.Read the full article
About one block east of where the massive Union Row development ends near Union Avenue and Danny Thomas Boulevard, a separate public-private development could pick up, now that two grants worth $700,000 were approved Wednesday.
The development, named The Ravine, is a $5.7 million mixed-use urban park.
Its westernmost point begins near the corner of Madison Avenue and South Lauderdale Street. It would stretch diagonally past High Cotton Brewing Company, include an overpass over Monroe Avenue and continue for one more block to Union Avenue.Read the full article